19-164ch-0284 seq 136th street and cyntheanne fishers in...at your request and authorization, cbre,...

VACANT LAND SEQ 136TH & CYNTHEANNE ROAD FISHERS,HAMILTON COUNTY, INDIANA 46037 CBRE GROUP, INC. FILE NO. 19-164CH-0284-1 GREENF IELD BANKING COMPANY

APPRAISAL REPORT

CBRE VALUATION & ADVISORY SERVICES

© 2019 CBRE, Inc.

VALUATION & ADVISORY SERVICES

8888 Keystone Crossing, Suite 1000 Indianapolis, IN 46240

T 317-269-1000 F 317-637-4404

www.cbre.com

February 14, 2019 Ms. Megan Harris GREENFIELD BANKING COMPANY 1920 N. State Street Greenfield, Indiana 46037 RE: Appraisal of: Vacant Land SEQ 136th & Cyntheanne Road Fishers, Hamilton County, Indiana CBRE, Inc. File No. 19-164CH-0284-1

Dear Ms. Harris:

At your request and authorization, CBRE, Inc. has prepared an appraisal of the market value of the referenced property. Our analysis is presented in the following Appraisal Report.

The subject represents 23.71-gross acres and 23.53-net acres (net legal drainage ditch) of unimproved agricultural land located at the southeast quadrant of 136th Street and Cyntheanne Road in Fishers, Hamilton County, Indiana. The subject is located in the path of development with a location less than two-miles east of the Interstate 69 and the Southeastern Parkway/146th Street interchange. The property is also just east of the Medical Technology Corridor, a business and medical node designated by the City of Fishers, which is still in the early stages of development. The property is irregular in shape, generally level and predominantly non-wooded. The site is located within the Britton Falls PUD, which has been designated as a future commercial area allowing primarily retail and office uses. The subject does not include utilities onsite; however, it appears water, sewer, gas and electrical service are located less than a mile from the subject given the recent residential development to the west and east. The property has been listed for sale for approximately ten years with a current asking price of $4,800,000 or $202,429 per acre, and $4.65 per square foot.

Based on the analysis contained in the following report, the market value of the subject is concluded as follows:

MARKET VALUE CONCLUSION

Appraisal Premise Interest Appraised Date of Value Value Conclusion

As Is Fee Simple Estate February 12, 2019 $3,300,000

Compiled by CBRE

© 2019 CBRE, Inc.

Ms. Megan Harris February 14, 2019 Page 2

The report, in its entirety, including all assumptions and limiting conditions, is an integral part of, and inseparable from, this letter.

The following appraisal sets forth the most pertinent data gathered, the techniques employed, and the reasoning leading to the opinion of value. The analyses, opinions and conclusions were developed based on, and this report has been prepared in conformance with, the guidelines and recommendations set forth in the Uniform Standards of Professional Appraisal Practice (USPAP), and the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute.

The intended use and user of our report are specifically identified in our report as agreed upon in our contract for services and/or reliance language found in the report. As a condition to being granted the status of an intended user, any intended user who has not entered into a written agreement with CBRE in connection with its use of our report agrees to be bound by the terms and conditions of the agreement between CBRE and the client who ordered the report. No other use or user of the report is permitted by any other party for any other purpose. Dissemination of this report by any party to any non-intended users does not extend reliance to any such party, and CBRE will not be responsible for any unauthorized use of or reliance upon the report, its conclusions or contents (or any portion thereof).

It has been a pleasure to assist you in this assignment. If you have any questions concerning the analysis, or if CBRE can be of further service, please contact us.

Respectfully submitted, CBRE - VALUATION & ADVISORY SERVICES

Timothy S. Garner Craig A. Hays, MAI Associate Managing Director Indiana Licensed Trainee Appraiser License No. TR41100030

Indiana Certified General Appraiser License No. CG40300208

Expiration Date 6/30/2020 Expiration: 6/30/2020 Phone: 317-269-1130 Phone: 317-269-1042 Fax: 317-637-4404 Fax: 317-637-4404 Email: [email protected] Email: [email protected]

© 2019 CBRE, Inc.

Certification

i Vacant Land Site, Fishers, Indiana

Certification

We certify to the best of our knowledge and belief:

1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported

assumptions and limiting conditions and are our personal, impartial and unbiased professional analyses, opinions, and conclusions.

3. We have no present or prospective interest in or bias with respect to the property that is the subject of this report and have no personal interest in or bias with respect to the parties involved with this assignment.

4. Our engagement in this assignment was not contingent upon developing or reporting predetermined results.

5. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.

6. This appraisal assignment was not based upon a requested minimum valuation, a specific valuation, or the approval of a loan.

7. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice, as well as the requirements of the State of Indiana.

8. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute.

9. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives.

10. As of the date of this report, Craig Hays, MAI has completed the continuing education program of the Appraisal Institute.

11. As of the date of this report, Timothy S. Garner has completed the Standards and Ethics Education Requirement of the Appraisal Institute for Candidate for Designation, Appraisal Institute.

12. Timothy S. Garner and Craig A. Hays, MAI have made a personal inspection of the property that is the subject of this report.

13. No one provided significant real property appraisal assistance to the persons signing this report.

14. Valuation & Advisory Services operates as an independent economic entity within CBRE, Inc. Although employees of other CBRE, Inc. divisions may be contacted as a part of our routine market research investigations, absolute client confidentiality and privacy were maintained at all times with regard to this assignment without conflict of interest.

15. Timothy S. Garner and Craig A. Hays, MAI have not provided services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment.

© 2019 CBRE, Inc.

Certification

ii Vacant Land Site, Fishers, Indiana

Timothy S. Garner Craig A. Hays, MAI Indiana Licensed Trainee Appraiser Indiana Certified General Appraiser License No. TR48100030 License No. CG40300208

© 2019 CBRE, Inc.

Subject Photographs

iii Vacant Land Site, Fishers, Indiana

Subject Photographs

Source: Hamilton County Assessor


Aerial View

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N

Subject

Subject

Hamilton Town Center

© 2019 CBRE, Inc.

Subject Photographs

iv Vacant Land Site, Fishers, Indiana

Subject Northeast Boundary Facing Southwest Subject Northern Boundary Facing South

Subject Northwest Boundary Facing Southeast Subject Southwest Boundary Facing East

Subject West Boundary Facing South Adjacent Residential Property at Southeast Corner of Cyntheanne and 136th Facing South

© 2019 CBRE, Inc.

Subject Photographs

v Vacant Land Site, Fishers, Indiana

Facing East From Southwest Boundary Facing Northeast From Southwest Boundary

Subject Western Boundary along Cyntheanne Road Facing South

Subject Northern Boundary along 136th Street Facing East

Interstate 69 From Subject Northern Boundary Hunters Run Entrance West of Subject

© 2019 CBRE, Inc.

Executive Summary

vi Vacant Land Site, Fishers, Indiana

Executive Summary

Property Name

Location

Client

Highest and Best Use

As If Vacant

Property Rights Appraised

Date of Report

Date of Inspection

Estimated Exposure Time

Estimated Marketing Time

Land Area - Net Acres 23.53 AC 1,025,010 SF

Zoning

Buyer Profile Investor-Land Speculator/ or Developer

Vacant Land

February 12, 2019

Fee Simple Estate

Retail Development

SEQ 136th & Cyntheanne Road, Fishers, Hamilton County, IN 46037

February 14, 2019

Greenfield Banking Company

12 -24 Months

12 -24 Months

Britton Falls PUD

VALUATION Total Per Acre

Land Value $3,300,000 $140,241

CONCLUDED MARKET VALUE

Appraisal Premise Interest Appraised Value

As Is Fee Simple Estate $3,300,000

Compiled by CBRE

Date of Value

February 12, 2019

STRENGTHS, WEAKNESSES, OPPORTUNITIES AND THREATS (SWOT)

Strengths/ Opportunities

The subject is located within the Cyntheanne Commercial Corridor, which has been designated by the City of Fishers as a future commercial area that will likely be utilized for big-box retail, grocery and/or office/medical office. If the City follows these plans, there are limited areas for retail development in the immediate area.

The property is located along 136th Street, just east of the Med Tech Corridor, which is in the path of future development.

The City of Fishers has experienced significant residential and commercial growth in the last ten years. Residential growth has been trending north of Southeastern Parkway toward the subject property within the last five years.

According to the City of Fishers and the Indiana Department of Transportation (INDOT), there are plans for a interstate interchange just north of the subject at Interstate 69 and Cyntheanne Road; however, the timeframe is unknown. If this interchange is constructed, it could increase traffic to the immediate area significantly.

The immediate area is experiencing increases in population, with a 15.47%, 5.66% and 3.83% annual increase from 2010 to 2018 within a one, three and five-mile radius. This trend is anticipated to continue for the near term.

© 2019 CBRE, Inc.

Executive Summary

vii Vacant Land Site, Fishers, Indiana

The subject neighborhood has an average household income of $121,430, $117,377 and $118,081 within a one, three and five-mile radius.

Weaknesses/ Threats

There is a significant amount of vacant land in the Saxony and Hamilton Town Center development, which could compete with the subject for future commercial development.

There is limited existing housing development to the north and east of the subject site. The site does not include in utilities onsite. The southeast portion of the subject site is located in a flood zone hazard. Traffic counts along 136th Street exceed 2,700 cars per day, which is well below average for

typical retail properties in the market. There is a Kroger grocery store with supporting retail uses less than three miles south of the

subject at 116th Street and Olio Road. The existing residents in the area are likely to shop at this location given its close proximity.

There is an adjacent 3.90-acre corner site at 136th Street and Cyntheanne Road not owned by the subject.

EXTRAORDINARY ASSUMPTIONS

An extraordinary assumption is defined as “an assignment-specific assumption as of the effective

date regarding uncertain information used in an analysis which, if found to be false, could alter

the appraiser’s opinions or conclusions.” 1

None noted

HYPOTHETICAL CONDITIONS

A hypothetical condition is defined as “a condition, directly related to a specific assignment,

which is contrary to what is known by the appraiser to exist on the effective date of the

assignment results, but is used for the purposes of analysis.” 2

None noted

OWNERSHIP AND PROPERTY HISTORY

Title to the property is currently vested in the name of Rangeview Land Partners, LLC, as recorded

in Hamilton County public records.

The property is currently listed for sale for $4,800,000, or $202,429 per acre or $4.65 per

square foot. According to the property contact, the subject has been under the same ownership

since 2008. The property reportedly has received interest in recent years including a grocery

store and a hospital/medical use. However, no offers have been made but the contact

anticipates the property will be purchased in the near future. Our as is market value conclusion

of $3,300,000, or $140,241 per acre is well below the listing price, which appears reasonable

1 The Appraisal Foundation, USPAP, 2018-2019

2 The Appraisal Foundation, USPAP, 2018-2019

© 2019 CBRE, Inc.

Executive Summary

viii Vacant Land Site, Fishers, Indiana

considering subject’s location in the City of Fishers within the path of future development and

physical characteristics including lack of utilities, site size, a portion of the site located in a flood

hazard area and the amount of vacant land in the immediate area. Our conclusion is further

supported by recent sales of similar land sites in the Indianapolis MSA.

To the best of our knowledge, there has been no other ownership transfer of the property during

the previous three years, nor is the property currently pending sale.

The subject has a verbal agreement with a local farmer that allows him to farm the land on an

annual basis. According to the property contact, this agreement can be terminated at any time.

Further details regarding this agreement were not provided.

EXPOSURE/MARKETING TIME

Current appraisal guidelines require an estimate of a reasonable time period in which the subject

could be brought to market and sold. This reasonable time frame can either be examined

historically or prospectively. In a historical analysis, this is referred to as exposure time. Exposure

time always precedes the date of value, with the underlying premise being the time a property

would have been on the market prior to the date of value, such that it would sell at its appraised

value as of the date of value. On a prospective basis, the term marketing time is most often

used. The exposure/marketing time is a function of price, time, and use. It is not an isolated

estimate of time alone. In consideration of these factors, we have analyzed the following:

Local comparable sales. The opinions of market participants.

The following table presents the information derived from these sources.

EXPOSURE/MARKETING TIME DATA

Exposure/Mktg. (Months)Investment Type Range Average

Comparable Sales Data 6.0 - 24.0 18.0

Local Market Professionals 12.0 - 24.0 18.0

CBRE Exposure Time EstimateCBRE Marketing Period Estimate

Source: Market Participants, Sale Comparables

12 -24 Months

12 -24 Months

© 2019 CBRE, Inc.

Table of Contents

ix Vacant Land Site, Fishers, Indiana

Table of Contents

Certification ......................................................................................................................... i

Subject Photographs ............................................................................................................ iii

Executive Summary ............................................................................................................. vi

Table of Contents ................................................................................................................ ix

Scope of Work ..................................................................................................................... 1

Area Analysis ...................................................................................................................... 5

Neighborhood Analysis ....................................................................................................... 9

Site Analysis ...................................................................................................................... 17

Zoning .............................................................................................................................. 24

Tax and Assessment Data .................................................................................................. 27

Highest and Best Use ........................................................................................................ 29

Land Value ........................................................................................................................ 31

Reconciliation of Value ...................................................................................................... 41

Assumptions and Limiting Conditions ................................................................................ 42

ADDENDA A Land Sale Data Sheets B Property Information C Client Contract D Qualifications

© 2019 CBRE, Inc.

Scope of Work

1 Vacant Land Site, Fishers, Indiana

Scope of Work

This Appraisal Report is intended to comply with the reporting requirements set forth under

Standards Rule 2 of USPAP. The scope of the assignment relates to the extent and manner in

which research is conducted, data is gathered and analysis is applied.

INTENDED USE OF REPORT

This appraisal is to be used for internal decision making purposes and no other use is permitted.

CLIENT

The client is Greenfield Banking Company.

INTENDED USER OF REPORT

This appraisal is to be used by Greenfield Banking Company, and no other user may rely on our

report unless as specifically indicated in the report.

Intended Users - the intended user is the person (or entity) who the appraiser intends will use the results of the appraisal. The client may provide the appraiser with information about other potential users of the appraisal, but the appraiser ultimately determines who the appropriate users are given the appraisal problem to be solved. Identifying the intended users is necessary so that the appraiser can report the opinions and conclusions developed in the appraisal in a manner that is clear and understandable to the intended users. Parties who receive or might receive a copy of the appraisal are not necessarily intended users. The appraiser’s responsibility is to the intended users identified in the report, not to all readers of the appraisal report. 3

PURPOSE OF THE APPRAISAL

The purpose of this appraisal is to estimate the market value of the subject property.

DEFINITION OF VALUE

The current economic definition of market value agreed upon by agencies that regulate federal

financial institutions in the U.S. (and used herein) is as follows:

The most probable price which a property should bring in a competitive and open market under

all conditions requisite to a fair sale, the buyer and seller each acting prudently and

knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this

definition is the consummation of a sale as of a specified date and the passing of title from seller

to buyer under conditions whereby:

1. buyer and seller are typically motivated;

3 Appraisal Institute, The Appraisal of Real Estate, 14th ed. (Chicago: Appraisal Institute, 2013), 50.

© 2019 CBRE, Inc.

Scope of Work


2. both parties are well informed or well advised, and acting in what they consider their own best interests;

3. a reasonable time is allowed for exposure in the open market; 4. payment is made in terms of cash in U.S. dollars or in terms of financial arrangements

comparable thereto; and 5. the price represents the normal consideration for the property sold unaffected by special

or creative financing or sales concessions granted by anyone associated with the sale. 4

INTEREST APPRAISED

The value estimated represents Fee Simple Estate as defined below:

Fee Simple Estate - Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power and escheat. 5

Extent to Which the Property is Identified

The property is identified through the following sources:

assessor’s records legal description

Extent to Which the Property is Inspected

CBRE inspected the subject land area, as well as its surrounding environs on the effective date of

appraisal.

Type and Extent of the Data Researched

CBRE reviewed the following:

applicable tax data zoning requirements flood zone status demographics comparable data

Type and Extent of Analysis Applied

CBRE, Inc. analyzed the data gathered through the use of appropriate and accepted appraisal

methodology to arrive at a probable value indication via each applicable approach to value. For

vacant land, the sales comparison approach has been employed for this assignment.

4 Interagency Appraisal and Evaluation Guidelines; December 10, 2010, Federal Register, Volume 75 Number 237, Page 77472.

5 Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015), 90.

© 2019 CBRE, Inc.

Scope of Work


Data Resources Utilized in the Analysis

DATA SOURCES

Item: Source(s):

Site DataSize Hamilton County Assessor/Legal Description

OtherZoning City of Fishers Builing and Planning DepartmentReal Estate Taxes Hamilton County Treasurer & Assessor

Data Not ProvidedEnvironmental Site AssessmentSurvey

Compiled by CBRE

APPRAISAL METHODOLOGY

In appraisal practice, an approach to value is included or omitted based on its applicability to the

property type being valued and the quality and quantity of information available. Depending on

a specific appraisal assignment, any of the following four methods may be used to determine the

market value of the fee simple interest of land:

Sales Comparison Approach; Income Capitalization Procedures; Allocation; and Extraction.

The following summaries of each method are paraphrased from the text.

The first is the sales comparison approach. This is a process of analyzing sales of similar,

recently sold parcels in order to derive an indication of the most probable sales price (or value) of

the property being appraised. The reliability of this approach is dependent upon (a) the

availability of comparable sales data, (b) the verification of the sales data regarding size, price,

terms of sale, etc., (c) the degree of comparability or extent of adjustment necessary for

differences between the subject and the comparables, and (d) the absence of nontypical

conditions affecting the sales price. This is the primary and most reliable method used to value

land (if adequate data exists).

The income capitalization procedures include three methods: land residual technique, ground

rent capitalization, and Subdivision Development Analysis. A discussion of each of these three

techniques is presented in the following paragraphs.

The land residual method may be used to estimate land value when sales data on similar parcels of vacant land are lacking. This technique is based on the principle of balance and the related concept of contribution, which are concerned with equilibrium among the agents of production--i.e. labor, capital, coordination, and land. The land residual technique can be used to estimate land value when: 1) building value is known or can be accurately estimated, 2) stabilized, annual net operating income to the property is known or estimable, and 3) both building and land capitalization rates can be extracted from the market. Building value can be estimated for new or

© 2019 CBRE, Inc.

Scope of Work


proposed buildings that represent the highest and best use of the property and have not yet incurred physical deterioration or functional obsolescence.

The subdivision development method is used to value land when subdivision and development represent the highest and best use of the appraised parcel. In this method, an appraiser determines the number and size of lots that can be created from the appraised land physically, legally, and economically. The value of the underlying land is then estimated through a discounted cash flow analysis with revenues based on the achievable sale price of the finished product and expenses based on all costs required to complete and sell the finished product.

The ground rent capitalization procedure is predicated upon the assumption that ground rents can be capitalized at an appropriate rate to indicate the market value of a site. Ground rent is paid for the right to use and occupy the land according to the terms of the ground lease; it corresponds to the value of the landowner's interest in the land. Market-derived capitalization rates are used to convert ground rent into market value. This procedure is useful when an analysis of comparable sales of leased land indicates a range of rents and reasonable support for capitalization rates can be obtained.

The allocation method is typically used when sales are so rare that the value cannot be estimated

by direct comparison. This method is based on the principle of balance and the related concept

of contribution, which affirm that there is a normal or typical ratio of land value to property value

for specific categories of real estate in specific locations. This ratio is generally more reliable

when the subject property includes relatively new improvements. The allocation method does not

produce conclusive value indications, but it can be used to establish land value when the number

of vacant land sales is inadequate.

The extraction method is a variant of the allocation method in which land value is extracted from

the sale price of an improved property by deducting the contribution of the improvements, which

is estimated from their depreciated costs. The remaining value represents the value of the land.

Value indications derived in this way are generally unpersuasive because the assessment ratios

may be unreliable and the extraction method does not reflect market considerations.

For the purposes of this analysis, we have utilized the sales comparison approach as this

methodology is typically used for vacant sites that are feasible for development. The other

methodologies are used primarily when comparable land sales data is non-existent. Therefore,

these approaches have not been used.

© 2019 CBRE, Inc.

Area Analysis


Area Analysis

The subject is located in the City of Fishers, within the northern portion of the Indianapolis MSA.

The market area is further summarized below.

Known as the Crossroads of America, Indianapolis is within a day’s drive of more than 65

percent of the country’s population, and is intersected by more segments of the interstate highway

than any other metropolitan area. Major metropolitan areas in the region include Milwaukee,

Wisconsin (278 miles northwest), Chicago, Illinois (185 miles northwest), St. Louis, Missouri (246

miles southwest), Columbus, Ohio (178 miles east) and Detroit, Michigan (298 miles northeast).

The Indianapolis Primary Metropolitan Statistical Area (PMSA) consists of a nine-county region.

The nine counties in the PMSA are Boone, Hamilton, Hancock, Hendricks, Johnson, Madison,

Marion, Morgan and Shelby. The City of Indianapolis is in Marion County.

Subject

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© 2019 CBRE, Inc.

Area Analysis


TRANSPORTATION

The Indianapolis MSA is segmented by multiple interstate highways, resulting in one of the

premier distribution hubs in the Midwest. Interstate 465, is the outer-beltway with three to four

lanes which encircles the Indianapolis MSA. Interstates 65, 70, 74 and 69 connected to the

Intestate 465. Interstate 65 is the principal interstate highway providing access south to

Louisville, Kentucky and northbound into northwest Indiana and provides linkage to Interstate 94

and the City of Chicago. Interstate 70 traverses west to St. Louis and east to Ohio, including

Dayton and Columbus. Interstate 69 extends northeast to Fort Wayne and Michigan.

Additionally, Interstate 69 will extend to southwest Indiana connecting Indianapolis to Evansville.

The Indianapolis International Airport is located on the western portion of the Indianapolis MSA.

Currently situated between US Highway 40 on the north, I-465 on the east, I-70 on the south,

and Perimeter Road on the west, the airport has undergone a $1.07 billion expansion. This

expansion was completed in November of 2008 and includes a new 40-gate midfield passenger

terminal. The airport employs about 9,000 people.

Indianapolis is home to the second largest FedEx distribution facility in the world. The facility was

originally opened 1988 at the Indianapolis International Airport and has been operated at that

location since that time. The facility totals more than 2.4 million square feet and employs more

than 800 full-time and 3,300 part-time employees.

© 2019 CBRE, Inc.

Area Analysis


INCOME

EDUCATION

EMPLOYMENT

Compiled by CBRE; Source: Esri

The area includes a total of 1,065,783 employees and has a 3.7% unemployment rate. Thetop three industries within the area are Health Care/Social Assistance, Manufacturing andRetail Trade, which represent a combined total of 39% of the population.

The area features an average householdincome of $80,429 and a median householdincome of $58,470. Over the next five years,median household income is expected toincrease by 17.7%, or $2,070 per annum.

A total of 34.0% of individuals over the age of24 have a college degree, with 21.9% holdinga bachelor's degree and 12.1% holding agraduate degree.

$58,470

$68,818

$50,000

$55,000

$60,000

$65,000

$70,000

2018 2023

MEDIAN INCOME BY YEAR

21.9%

12.1%66.0%

POPULATION BY DEGREE

Bachelor's Degree

Graduate Degree

Other

0% 2% 4% 6% 8% 10% 12% 14% 16%

Other Services (excl Publ Adm)

Finance/Insurance

Transportation/Warehousing

Construction

Prof/Scientific/Tech Services

Accommodation/Food Services

Educational Services

Retail Trade

Manufacturing

Health Care/Social Assistance

© 2019 CBRE, Inc.

Area Analysis


Economic diversity is primarily what makes the Indianapolis Region successful. The region’s

history in automotive manufacturing and pharmaceuticals is now progressing into information

technology, advanced manufacturing, life sciences, twenty-first century logistics, sports, and

motor-sports. Companies are drawn to the market because of the skilled workforce,

transportation infrastructure, progressive business incentives, and high quality of life. This

diversity creates a broad, vital, and competitive economic base for the entire region. Eli Lilly,

Wellpoint, Cummins, Salesforce, Rolls Royce represent the leaders amongst Indianapolis’ diverse

business landscape spanning pharmaceuticals, finance and insurance, energy, and

manufacturing industries. Indianapolis’ top 15 employers are as follows:

MAJOR EMPLOYERS

Rank Company# of

Employees

1 Indiana University Health 23,187

2 St. Vincent Hospitals & Health Services 17,398

3 Eli Lilly and Co. 11,334

4 Community Health Network 11,328

5 Wal-Mart Stores Inc. 8,934

6 The Kroger Co. 8,146

7 Purdue University 5,100

8 FedEx 5,000

9 Meijer 4,825

10 Roche Diagnostic Corp 4,500

11 Anthem 4,200

12 St. Francis Hospital & Health Center 4,100

13 Rolls Royce Corp. 4,000

14 Eskenazi Health 3786

15 U.S. Veterans Medical Center 3042

Source: Indianapolis Business Journal

CONCLUSION

The interaction of the environmental, social and economic forces has contributed to the

diversified economic base of Indianapolis. Job growth is considered to be the primary force that

drives housing demand, retail sales, and commercial construction, and Indianapolis is gaining

new jobs more steadily than most areas of the U.S., which should translate to stability and growth

in the local real estate markets. The area's strong pool of local talent and the state's tax-friendly

image ensure that private investments will persist unabated. Other sectors such as retail and

leisure/hospitality will ride the coattails of the high-wage industries. In addition, the area's status

as a distribution hub will promote more construction and development activities.

© 2019 CBRE, Inc.

Neighborhood Analysis



LOCATION

The subject is located in the City of Fishers, Indiana, a northeast suburban community of the

Indianapolis MSA. Fishers is located in southeast Hamilton County, approximately 18 miles

northeast of the Indianapolis Central Business District. Surrounding communities include Carmel

to the west and Noblesville to the north, Fortville and McCordsville to the south, and Pendleton to

the northeast. The subject site is situated at the southeast quadrant of 136th Street and

Cyntheanne Road.

BOUNDARIES

The neighborhood boundaries are detailed as follows:

North: Interstate 69 South: 116th Street East: State Road 13 West: Brooks School Road

LAND USE

Land uses within the subject neighborhood consist of a mix of residential, retail and agricultural

land on the periphery. The immediate area surrounding the subject is predominantly agricultural

land and single-family development, with the majority of homes constructed since 2010.

However, the 136th Street corridor is considered to be in the path of new development as

residential growth continues to move north and east Southeastern Parkway. Specifically, there

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Subject

© 2019 CBRE, Inc.



has been a number of new residential developments with 1.50-miles from the subject within the

last five years, including include a 1,500 unit Del Webb community known as Britton Falls, 800-

unit Summerbrook, 250 unit Hunters Run community, 180 unit Silverton community and 500 unit

Avalon of Fishers, 150 unit Piper Glen, 300 unit Whelchel Springs. The immediate uses

surrounding the subject are detailed below:

The MedTech Park is a 37-acre business park located along 136th Street east of Southeastern

Parkway. The park has visibility along Interstate 69, just east of the St. Vincent Fishers Hospital

and IU Health Hospital and the area is designed to attract medical and technology users. The

park is in the early stages of development. In October 2018, Central Indiana Orthopedics

announced a 50,000-square foot medical office building, with an estimated completion in 2019.

The subject site is located in the Cyntehanne Commercial Corridor, which has specifically been

designated by the City of Fishers for retail and office development known. This is one of the only

areas within a one-mile radius were retail will potentially be allowed. The following image from

the City of Fishers details the location of the Cyntehanne Commercial Corridor.

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Subject

Hamilton Town Center

Saxony

Saxony

© 2019 CBRE, Inc.



Saxony Corporate Campus

The predominant land uses in the immediate neighborhood is the Saxony Corporate Campus,

which the subject is part of the Saxony master-plan development, a 750-acre mixed-use

development includes residential, office, industrial flex/warehouse, and retail developments.

Hamilton Town Center, Indiana University Hospital Saxony and St. Vincent North Hospital are the

dominate commercial uses in the immediate area. The following is a master plan of Saxony.

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Subject

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Hamilton Towne Center, a 950,000 square foot life style center development, built in 2008, is

located to the west at the intersection of Interstate 69 and 146th Street and includes hotel,

residential, office, industrial flex/warehouse, and retail developments. Tenants include JC

Penney, Steinmart, Dick’s Sporting Goods, Bed Bath & Beyond, Borders, DSW, and an IMAX

movie theater.

The Indiana University Saxony Hospital is located at the southeast quadrant of 146th street and

Interstate 69 in Fishers. The hospital opened in December 2011 with 42-beds and includes an

intensive care unit, six operating rooms, a full emergency department, a helipad for medical

transport and a medical office complex. The hospital is Fisher's first hospital, providing access to

Indiana's top ranked healthcare system, with a primary focus on surgical services for:

cardiovascular, orthopedic and spine care, IU Health Saxony Hospital provides area residents

with the latest advancements in medical care and treatment.

The St. Vincent Fishers Hospital is located on Olio Road near Interstate 69 and 146th Street in

Fishers. The new hospital opened in April 2013 and includes a 110,000 square foot expansion

of St. Vincent Medical Center Northeast with more than 50 beds. St. Vincent Fishers Hospital is

the first hospital in Indiana, and the 17th in the nation, to register for LEED for Healthcare (LEED-

HC) certification. The hospital offers a variety of services including cardiovascular, children’s

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health, emergency care, maternity services, medical imaging, orthopedics, outpatient services,

rehabilitation, surgery and women’s health.

At 116th Street and Olio Road, Kroger constructed its new 200,000 square foot Marketplace

prototype store in 2016 and anchors the area with various supporting retail uses on the

periphery. Also along 116th Street to the west of Olio Road, Fresh Thyme Farmers Market

constructed a grocery store in 2014.

GROWTH PATTERNS

The Fishers area is one of the fastest growing areas in the Indianapolis metropolitan area.

Located just northeast of downtown Indianapolis with good access to Interstate 69, this area has

experienced a high level of residential and retail development in the past decade. Fishers

remained a slow-growing community from its inception until the mid-1980s. In 1960 the town’s

population was just 388. Growth in Fishers began a steady climb from 1990, when the total

population was just a little over 7,000 persons, to 65,287 persons in 2007. This represents an

800% increase in incorporated population in just 17 years. The town enjoyed a similar surge in

building construction activity. From 1993 through 1997, a steady increase in the number of

residential and commercial building permits was issued. The boom years of 1998 through 2005

saw over 1,200 residential permits each year and an annual average of 35 commercial building

permits over those eight years. Job growth also saw a 216% increase from 1993 to 2008.

Currently, there are multiple retail and office buildings either under construction or in the final

stages of planning within the Fishers market, with the majority of these buildings are build-to-suit

properties for single-users. These projects are further described below.

IKEA opened a 289,000-square foot store on 35 acres near Interstate 69 and 116th Street

in October 2017. The store features more than 10,000 items, 50 inspirational room-

settings, three model home interiors and a 325-seat restaurant.

Top Golf opened its first Indiana location on 116th Street near Interstate 69 in October

2017. Top Golf complexes feature golf games, food and drinks throughout the United

States and United Kingdom. The three-story, 65,000 square foot driving range complex

is expected to cost more than $18,000,000 to develop.

In December 2016, the City of Fishers announced a proposed development featuring a

culinary and entertainment center. The development, called The Yard, is a private

investment of at least $40 million planned for the southeast corner of 116th Street and

IKEA Way. The project will attract first-class amenities and local culinary entrepreneurs to

the area with greenspace, shared culinary center with retail space. Burger Study and

1933 Lounge, two concepts from the ownership of St. Elmo’s Steakhouse, are the first two

tenants to sign on with the project.

© 2019 CBRE, Inc.



Stanley Security developed of a new office building at a cost of $15.9 million dollars at

Kincaid and Sunlight drives east of Interstate 69. The building opened in 2017.

CEDIA developed of a new 40,000-square foot, three-level corporate headquarters office

building at a cost of $13.7 million dollars at Kincaid and 106th Street east of Interstate 69.

Construction began in 2017 and the building opened in 2018.

Thompson Thrift purchased a large portion of undeveloped land from 106th Street to

Sunlight Drive and east of Lantern Road for the development of two single-story office

buildings at approximately 10,000 and 15,200 square feet. Thompson Thrift is working

with Ambrose Property Group on the project and construction started in late 2017.

Thompson Thrift’s master plan is for more than 20 new buildings including retail and

office space.

ACCESS

Regional access is provided by Interstate 69, located to the north and west of the subject.

Interstate 69 connects the metropolitan area’s northeast suburbs and towns with the city of

Indianapolis. A full interchange at Interstate 69 is via 146th Street approximately two miles west of

the subject. Southeastern Parkway/146th Street is a primary north/south roadway that connects to

Interstate 69 and Fortville and 96th Street to the south. The principle east and west roadways

include 96th Street, 116th Street and 126th Street. A well-designed network of secondary and

tertiary neighborhood arterials also services the immediate area.

DEMOGRAPHICS

Selected neighborhood demographics in from the subject are shown in the following table:

© 2019 CBRE, Inc.



SEQ 136th & Cyntheanne RoadFishers, IN 46037

Population

2023 Total Population 2,088 21,733 76,739

2018 Total Population 1,827 19,348 67,676

2010 Total Population 578 12,453 50,088

2000 Total Population 87 2,908 16,648

Annual Growth 2018 - 2023 2.71% 2.35% 2.55%

Annual Growth 2010 - 2018 15.47% 5.66% 3.83%

Annual Growth 2000 - 2010 20.85% 15.66% 11.64%

Households

2023 Total Households 1,044 7,237 25,123

2018 Total Households 911 6,452 22,283



Annual Growth 2018 - 2023 2.76% 2.32% 2.43%

Annual Growth 2010 - 2018 15.09% 5.58% 3.63%

Annual Growth 2000 - 2010 21.00% 14.58% 10.59%

Income

2018 Median Household Income $108,102 $100,072 $93,827

2018 Average Household Income $121,430 $117,377 $118,081

2018 Per Capita Income $43,317 $39,119 $39,294

2018 Pop 25+ College Graduates 779 7,356 23,138

Age 25+ Percent College Graduates - 2018 72.3% 63.9% 56.7%

Source: ESRI

SELECTED NEIGHBORHOOD DEMOGRAPHICS

1 Mile Radius 3 Mile Radius 5 Mile Radius

Local demographics have experienced a steady increase in population since 2000 and this trend

is expected to continue. The neighborhood currently has a generally middle to upper level income

demographic profile with a 2018 estimated average household income of $121,430, $117,377

and $118,081 respectively, within a one, three and five-mile radius.

CONCLUSION

As illustrated, the population within the subject neighborhood has shown strong performance

since 2000 and is expected to have steady growth for the foreseeable future. The neighborhood

currently has an upper level-income demographic profile. The outlook for the neighborhood is

for good performance over the next several years. The outlook for residential and commercial

development is strong considering the demographics of the subject neighborhood, its proximity to

Hamilton Southeastern schools, as well as its location with good access to primary commuter

corridors in the northeastern portion of Indianapolis.

© 2019 CBRE, Inc.

Site Analysis


PLAT MAP


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Subject

© 2019 CBRE, Inc.

Site Analysis


Site Analysis

The following chart summarizes the salient characteristics of the subject site.

SITE SUMMARY AND ANALYSIS

Physical DescriptionGross Site Area 23.71 Acres 1,032,808 Sq. Ft.

Net Site Area 23.53 Acres 1,025,010 Sq. Ft.

Primary Road Frontage 136th Street

Secondary Road Frontage Cyntheanne Road

Excess Land Area None n/a

Surplus Land Area None n/a

Shape

Topography

Primary Traffic Counts (24 hrs.) Cyntheanne Road 2,749at 136th Street Date: 2017

Zoning District

Flood Map Panel No. & Date 18057C0257G 19-Nov-14

Flood Zone Zone AE

Adjacent Land Uses

Earthquake Zone

Comparative AnalysisVisibility

Functional Utility

Traffic Volume

Adequacy of Utilities

Landscaping

Drainage

Utilities AvailabilityWater None

Sewer None

Natural Gas None

Electricity None

Other Yes No UnknownDetrimental Easements X

Encroachments X

Deed Restrictions X

Reciprocal Parking Rights X

Source: Various sources compiled by CBRE

RatingAverage

Average

Average

Irregular

Generally Level

Britton Falls PUD

N/A

Residential, Agricultural Land

City of Fishers

Vectren

Duke Energy

Assumed adequate

Average

ProviderCity of Fishers

Assumed adequate

© 2019 CBRE, Inc.

Site Analysis


LOCATION

The subject is located at the southeast quadrant of Cyntheanne Road and 136th Street,

approximately 2.00-miles east of the Interstate 69 interchange at Southeastern Parkway/146th

Street.

LAND AREA

A survey was not provided for this appraisal. The land area size was obtained from the Hamilton

County Assessor, which includes 23.71-gross acres and 23.53-net acres. The variance of 0.18-

acres is related to a drainage ditch that is located along the eastern portion of the site. The site is

considered adequate in terms of size and utility. There is no unusable, excess or surplus land

area.

SHAPE AND FRONTAGE

The site is generally irregular and represents predominantly open agricultural land with

approximately small wooded area at the northeast portion of the site. The site has adequate

frontage along Cyntheanne Road and 136th Street.

INGRESS/EGRESS

Ingress and egress to the site is available via Cyntheanne Road and 136th Street. Cyntheanne

Road is a secondary roadway traversing the neighborhood in an east/west direction and includes

one lane in each direction. 136th Street is a secondary roadway traversing the neighborhood in a

north/south direction and includes one lane in each direction.

According to the INDOT (Indiana Department of Transportation) and a representative with the

City of Fishers Building and Planning Department, the intersection of 136th Street and

Cyntheanne Road will be under construction in 2019 for a new round-a-bout design. The project

is anticipated to be completed in late 2019. A photo of this design is detailed below.

© 2019 CBRE, Inc.

Site Analysis


TOPOGRAPHY AND DRAINAGE

The site is generally level and at street grade. The topography of the site is not seen as an

impediment to the development of the property.

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Subject

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Site Analysis


FLOOD ZONE

According to flood hazard maps published by the Federal Emergency Management Agency

(FEMA), the site is within zone X and AE flood hazard, as indicated on Community Map Panel No.

18057C0257G. FEMA defines the flood zone(s) as follows:

Zone X and C (unshaded) are areas of minimal flood hazard, usually depicted on FIRMs

as above the 500‐year flood level. Zone C may have ponding and local drainage

problems that don't warrant a detailed study or designation as base floodplain. Zone X is

the area determined to be outside the 500‐year flood and protected by levee from 100‐

year flood.

Zones AE and A1-A30 are the flood insurance rate zones used for the 1-percent-annual-

chance floodplains that are determined for the Flood Insurance Study (FIS) by detailed

methods of analysis. In most instances, Base Flood Elevations (BFEs) derived from the

detailed hydraulic analyses are shown at selected intervals in this zone. Mandatory flood

insurance purchase requirements apply. AE zones are areas of inundation by the 1-

percent-annual-chance flood, including areas with the 2-percent wave runup, elevation

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Subject

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Site Analysis


less than 3.0 feet above the ground, and areas with wave heights less than 3.0 feet.

These areas are subdivided into elevation zones with Base Flood Elevations (BFEs)

assigned. The AE zone will generally extend inland to the limit of the 1-percent-annual-

chance Stillwater Flood Level (SWEL).

The subject’s southern boundary is adjacent to Thorpe Creek and a small portion of the southeast

portion of the site appears to be located in Flood Hazard Zone AE. The subject land area

appears to be located on higher ground. However, any development of the site may require the

building improvements to be located on the northern or western portion of the site. Overall,

although the presence of Zone AE may potentially limit certain proposed layouts of future

improvements, the site shape and size appear to be suitable for multiple design configurations.

Overall, the flood hazard area does not appear to impact the development of the site.

SOILS

A soils analysis for the site has not been provided for the preparation of this appraisal. In the

absence of a soils report, it is a specific assumption that the site has adequate soils to support the

highest and best use.

EASEMENTS AND ENCROACHMENTS

There are no known easements or encroachments impacting the site that are considered to affect

the marketability or highest and best use. It is recommended that the client/reader obtain a

current title policy outlining all easements and encroachments on the property, if any, prior to

making a business decision.

COVENANTS, CONDITIONS AND RESTRICTIONS

There are no known covenants, conditions or restrictions impacting the site that are considered to

affect the marketability or highest and best use. It is recommended that the client/reader obtain

a copy of the current covenants, conditions and restrictions, if any, prior to making a business

decision.

UTILITIES AND SERVICE

Based on discussions with the property contacts, market participants and appraisal inspection, the

subject site does not include water, sewer, electrical and natural gas service. The closest utilities

were reported to be located to the west along 136th Street but the specific location and capacity of

the service is unclear. These utility services would need to be extended and the costs are

unknown at this time.

ENVIRONMENTAL ISSUES

The appraiser is not qualified to detect the existence of potentially hazardous material or

underground storage tanks which may be present on or near the site. The existence of

© 2019 CBRE, Inc.

Site Analysis


hazardous materials or underground storage tanks may affect the value of the property. For this

appraisal, CBRE, Inc. has specifically assumed that the property is not affected by any hazardous

materials that may be present on or near the property.

ADJACENT PROPERTIES

The adjacent land uses are summarized as follows:

North: Agricultural/Residential South: Agricultural East: Agricultural/Residential West: Agricultural/Residential

The adjacent properties compliment the subject use.

CONCLUSION

The site is located adjacent to predominantly agricultural land but is within an area of strong

residential growth and in the path of future development. The size of the site is typical for the

area and use, and there are no known detrimental uses in the immediate vicinity. The property

has frontage along Cyntheanne Road and 136th Street. Overall, there are no known factors,

which are considered to prevent the site from development to its highest and best use, as if

vacant, or adverse to the existing use of the site.

© 2019 CBRE, Inc.

Zoning


ZONING MAP

Source: City of Fishers Building and Planning Department

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Subject

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Zoning


Zoning

The following chart summarizes the subject’s zoning requirements.

ZONING SUMMARYCurrent Zoning Britton Falls PUD

Legally Conforming Yes

Uses Permitted Permited uses includes office uses within C-1, CommericalDistrict and permitted uses within C-2 including retail sales,restaurants, grocery, office, medical (not including hospital),indoor recreation, assisted living. Subject is locateed withinArea 5-B, which includes some restrictions.

Zoning Change Not likely

Category Zoning Requirement

Minimum Lot Area Frontage Three Acres

Minimum Lot Width 35 Feet

Minimum Setbacks

Front Yard 100 Feet (Expressways/Arterials)80 Feet (On All Other Streets)

Street Side Yard 30 Ft.

Rear Yard 30 Ft.

Required Open Space 15 Percent

Source: Planning & Zoning Dept.

The subject is located within the Britton Falls PUD and specifically within Area 5, which includes

most permitted retail and office uses within the C-1 and C-2 zoning classification. The following

image from “The Amended Britton Falls PUD Ordinance #041513) details the subject location.

© 2019 CBRE, Inc.

Zoning


According to a representative with the City of Fishers Planning and Zoning Department, the

subject is specifically located within Area 5-B, which includes some restrictions to the C-1 and C-2

zoning classifications. The following restrictions are detailed below:

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Subject

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Zoning


ANALYSIS AND CONCLUSION

The subject is site is currently zoned Britton Falls PUD, which allows for various retail and office

uses but includes some restrictions, particularly to larger retail and office developments.

Additional information may be obtained from the appropriate governmental authority. For

purposes of this appraisal, CBRE has assumed the information obtained is correct.

© 2019 CBRE, Inc.

Tax and Assessment Data



Historically, real estate in Indiana was assessed at true tax value. Prior to March 1, 2001, real

estate was assessed at one-third of the assessor's estimated value. In addition, prior to 2002,

real estate taxes in Indiana were based on a depreciated replacement basis less a credit for

replacements. The assessment was not market based. In 2002, the State of Indiana modified its

tax laws, with a shift to a market based system. Assessments in Indiana are now based on market

value-in-use. Market value-in-use is defined by the 2002 Real Property Assessment Manual &

Guidelines as follows:

“The value of property for a specified use. The concept that holds value to be inherent in a property itself; this is, the value is based on the ability of the asset to produce revenue or utility through ownership.”

Taxes in Indiana are paid one year in arrears. The 2019 tax liability is based on the 2018

assessment, which represents the physical condition of the property and market conditions that

existed on March 1, 2018. Tax bills are paid in two equal installments in May and November of

each year.

In the March 2008 Indiana Legislative Session, the Indiana House and Senate voted to approve

bill HB 1001. The bill included a proposed constitutional amendment that placed caps on the

property tax rates that can be applied to various types of property. In the November 2010

General Election a public referendum on the caps was approved by the public to allow for an

amendment placing the caps in the Indiana State Constitution. The caps are now permanently in

place, barring an additional amendment for removal. For single family residential property used

as a primary residence, the rate is capped at 1.0% of assessed value. For residential rental

properties (including apartments, nursing homes, assisted living facilities, etc), the tax rate cap is

2.0% of the assessed value. For general commercial properties, the cap is 3.0% of assessed

value. In the event that the tax rate for the taxing district exceeds the capped tax rate for the

property type, the lower of the two tax rates is used. The assessment is further broken down

within individual parcels by the nature of improvements and specific improvements within a

parcel can be taxed at differing rates. The replacement credits that previously had been used

have been eliminated.

Assessed values are not capped and are subject to annual reassessments. Beginning with the

March 1, 2015 assessment date, the “general reassessment” every four years is replaced with a

“cyclical reassessment”. That means reassessment of 25% of the tax parcels in each County for

each year of the four-year cycle. Counties must divide properties into four groups. The

reassessment begins July 1 of a year and must be completed on or before March 1 of the

following year (e.g., for the March 1, 2015 assessment date (for taxes payable in 2016)

reassessment begins July 1, 2014 and must be completed by March 1, 2015.) Counties had to

submit their cyclical reassessment plans to the State by July 1, 2013. Counties can divide

properties by class, location, etc., but for consistency and uniformity, counties will likely divide

© 2019 CBRE, Inc.



properties by class. During a cyclical reassessment, each county assessor will mail the required

notice of assessment for the 25% of the properties being reassessed.

The subject property is assessed based on the 2018 assessment of $44,400. According to a

representative with the Hamilton County Treasurer, the 2019 tax rate is not available; therefore,

the 2018 tax rate will be utilized. The 2018 tax rate of 2.2786%. However, the lower of the tax

cap and the current rate applied. In this case, the tax rate is above the cap for agricultural land

and the tax cap of 2.000% is applied when calculating the subject tax liability. The subject

includes an annual special assessment of $47 related for drainage charges known as Thorpe

Creek drainage charge as well as voter approved charges related to Hamilton Southeastern

Schools of $143 annually. These charges have been applied in the analysis.

The following summarizes the estimate of the subject’s market value, assessed value, and taxes,

and does not include any furniture, fixtures or equipment. The CBRE estimated tax obligation for

the pro forma year is also shown.

AD VALOREM TAX INFORMATION

Parcel Assessor's Parcel No. Description 2017 Pay 2018 2018 Pay 2019

1 29-12-29-000.003.000-020 Vacant Land $51,000 $44,400

Subtotal $51,000 $44,400

Assessed Value @ 100% 100%

$51,000 $44,400

General Tax Rate (per $100 A.V.) 2.000000 2.000000

General Tax: $1,020 $888

Special Assessments/Voter Approved Referendum: 190 143

Effective Tax Rate (per $100 A.V.) 2.372392 2.320946

Total Taxes $1,210 $1,031

Source: Assessor's Office

CONCLUSION

According to the Hamilton County Treasurer’s office, there are no delinquent property taxes

encumbering the subject. For purposes of this analysis, CBRE, Inc. assumes that all taxes are

current.

© 2019 CBRE, Inc.




In appraisal practice, the concept of highest and best use represents the premise upon which

value is based. The four criteria the highest and best use must meet are:

legally permissible; physically possible; financially feasible; and maximally productive.

The highest and best use analysis of the subject is discussed below.

AS VACANT

Legal Permissibility

The legally permissible uses were discussed in the Site Analysis and Zoning Sections.

Physical Possibility

The subject has an adequate shape and size, sufficient access, etc., to be a separately

developable site; however, the sight is not adequately served by utilities. There are no known

physical reasons why the subject site would not support any legally probable development (i.e. it

appears adequate for development).

Financial Feasibility

Potential uses of the site include retail and office related uses. The determination of financial

feasibility is dependent primarily on the relationship of supply and demand for the legally

probable land uses versus the cost to create the uses. With respect to the legal uses for the

subject site, the local retail and office market continues to grow. Development of new retail and

office properties has occurred in the recent past and continues to this day. Further, within the

subject market, there are proposed retail and office projects in the Fishers market. However, the

subject is located within an area with a significant supply of vacant land in the immediate area.

Therefore, the subject is likely to be developed for retail development in the near term but could

be utilized for agricultural farm land in the interim.

Maximum Productivity - Conclusion

The final test of highest and best use of the site as if vacant is that the use be maximally

productive, yielding the highest return to the land. The subject is located at the southeast

quadrant of Cyntheanne Road and 136th Street within the Area 5 of the Britton Falls PUD, which

is designated for retail and office development. The subject’s zoning classification, total site area,

shape and frontage makes it most suitable for retail development. Based on the information

presented above and upon information contained in the market and neighborhood analysis, we

conclude that the highest and best use of the subject is for retail development with an interim use

for agricultural purposes to cover holding costs. Our analysis of the subject and its respective

© 2019 CBRE, Inc.



market characteristics indicate the most likely buyer, as if vacant, would be an investor (land

speculation) or a developer.

© 2019 CBRE, Inc.

Land Value


Land Value

The following map and table summarize the comparable data used in the valuation of the subject

site. A detailed description of each transaction is included in the addenda.

SUMMARY OF COMPARABLE LAND SALES

Actual Sale Adjusted Sale Size Size Price Per PriceNo. Property Location Type Date Proposed Use Price Price 1 (Acres) (SF) Acre Per SF

1 NEQ Whitestown Pkwy. & I-65Whitestown, IN 46075

Sale Jun-18 Retail $1,658,800 $1,658,800 10.00 435,600 $165,880 $3.81

2 Perry Worth Road and Central Blvd.Whitestown, IN 46075

Sale Sep-17 Retail (Power Center) $6,057,519 $6,057,519 33.03 1,438,787 $183,394 $4.21

3 3302 State Road 32Westfield, IN 46074

Sale Sep-17 Retail $1,250,000 $1,250,000 9.19 400,316 $136,017 $3.12

4 9230 E 141st StNoblesville, IN 46038

Sale Jul-16 Retail Development $5,800,000 $5,800,000 39.53 1,721,927 $146,724 $3.37

5 13507 Parkside DrFishers, IN 46038

Sale Apr-16 Hotel $1,780,000 $1,780,000 13.91 605,920 $127,965 $2.94

6 17145 Spring Mill RoadWestfield, IN 46074

Sale Mar-16 Retail - Meijer $3,992,800 $3,992,800 32.80 1,428,768 $121,732 $2.79

Subject SEQ 136th & Cyntheanne Road,Fishers, Indiana

--- --- Retail Development --- --- 23.53 1,025,010 --- ---

1 Adjusted sale price for cash equivalency and/or development costs (where applicable)

Compiled by CBRE

Transaction

Subject

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Land Value


The sales utilized represent the best data available for comparison with the subject and were

selected from recent retail land transactions since March 2016 within the northern Indianapolis

MSA. These sales were chosen based on location, parcel size and date of transaction.

DISCUSSION/ANALYSIS OF LAND SALES

Land Sale One

This comparable represents the sale of a 10.00-acre (net) land site located at the northeast

quadrant of Interstate 65 and State Road 334/Whitestown Parkway in Whitestown, Boone

County, Indiana. The site is located within the Anson retail development and is located along

Perry Worth Road. The site is adjacent to the Shoppes at Whitestown, which is a $50 million

shopping center with 300,000 square feet of retail space in two buildings plus seven outlot sites

that will open in 2019. The property sold in June 2018 for $1,658,800, or $165,880 per acre,

or $3.81 per square foot.

© 2019 CBRE, Inc.

Land Value


Land Sale Two

This comparable represents the sale of a 33.03-acre interstate interchange land site located at

the northeast quadrant of Interstate 65 and State Road 334/Whitestown Parkway in Whitestown,

Boone County, Indiana. The site is located within the Anson retail development and is located at

Perry Worth Road, Mills Drive, and Central Boulevard with visibility to the interstate. The buyer is

planning a $50 million shopping center with 300,000 square feet of retail space in two buildings

plus seven outlot sites. A $50 million shopping center could be open in 2019. The property sold

in September 2017 for $6,057,518, or $183,394 per acre, or $4.21 per square foot.

© 2019 CBRE, Inc.

Land Value


Land Sale Three

This comparable represents the sale of a 9.19-acre retail site located at 3302 East State Road 32

in Westfield, Hamilton County, Indiana. The site is generally rectangular, utilities available to the

site and zoned LB-PD, Local Business Planned Development. The property is approximately 1.00-

mile east of US Highway 31 at the northeast quadrant of State Road 32 and Grassy Branch Road.

Westfield has been experiencing strong growth trends in terms of residential and retail uses since

2015. Traffic counts exceed 15,000 cars per day along State Road 32. There is a pad site that

were recently developed with retail strip center in 2018. The site transferred in September 2017

for $1,250,000, or $136,017 per acre, or $3.12 per square foot. The site was purchased for

retail development.

© 2019 CBRE, Inc.

Land Value


Land Sale Four

This comparable represents the sale of a 39.53-net acre site located at 9230 E 141st Street in

Noblesville, Hamilton County, Indiana. The property is irregular in shape, is generally level and

zoned PUD - Planned Unit Development. In July 2016, the property sold for a reported

consideration of $5,800,000, or $146,724 per net acre and $3.37 per net square foot. The

buyer was a local auto dealer who intended on constructing a new auto dealership on site and

selling off the remainder of the site that isn't used for the auto dealership.

© 2019 CBRE, Inc.

Land Value


Land Sale Five

This comparable represents the sale of a 13.91-acre vacant land site located at 13507 Parkside

Drive in Fishers, Hamilton County, Indiana. The site is located within the northern portion of the

Fishers Marketplace mixed-use development. The site is "L" shaped, generally level and zoned

planned development. In April 2016, the property sold for a reported consideration of

$1,780,000, or $127,965 per acre and $2.94 per square foot. The buyer planned on

constructing a water park and hotel on site.

© 2019 CBRE, Inc.

Land Value


Land Sale Six

This comparable represents the sale of a 32.80-acre vacant site located at 17145 Spring Mill

Road in Westfield, Hamilton County, Indiana. The property is located at the southeast corner of

Spring Mill Road and State Road 32 with good visibility. The site is comprised of two tax parcels

and is generally rectangular shaped, generally level, and zoned PUD, planned unit development.

The property transferred in March 2016 for a total consideration of $3,992,800 or $121,732 per

acre or $2.79 per square foot. The site was purchased for the development of a 190,000 square

foot Meijer with a 2,500 square foot convenience store/gas station.

© 2019 CBRE, Inc.

Land Value


Summary of Adjustments

Based on our comparative analysis, the following chart summarizes the adjustments warranted to

each comparable.

LAND SALES ADJUSTMENT GRID

Comparable Number 1 2 3 4 5 6 Subject

Transaction Type Sale Sale Sale Sale Sale Sale ---

Transaction Date Jun-18 Sep-17 Sep-17 Jul-16 Apr-16 Mar-16 ---

Proposed Use Retail Retail (Power Center)

Retail Retail Development

Hotel Retail - Meijer Retail Development

Actual Sale Price $1,658,800 $6,057,519 $1,250,000 $5,800,000 $1,780,000 $3,992,800 ---

Adjusted Sale Price 1 $1,658,800 $6,057,519 $1,250,000 $5,800,000 $1,780,000 $3,992,800 ---

Size (Acres) 10.00 33.03 9.19 39.53 13.91 32.80 23.53

Size (SF) 435,600 1,438,787 400,316 1,721,927 605,920 1,428,768 1,025,010

Price Per Acre $165,880 $183,394 $136,017 $146,724 $127,965 $121,732 ---

Price ($ Per AC) $165,880 $183,394 $136,017 $146,724 $127,965 $121,732

Property Rights Conveyed Similar Similar Similar Similar Similar SimilarFinancing Terms 1 Similar Similar Similar Similar Similar Similar

Conditions of Sale Similar Similar Similar Similar Similar Similar

Market Conditions (Time) Similar Similar Similar Inferior Inferior Inferiorthe improved market conditions since the date of sale

the improved market conditions since the date of sale

the improved market conditions since the date of sale

Subtotal Similar Similar Similar Inferior Inferior InferiorSize Superior Inferior Superior Inferior Superior Inferior

economies of scale as a smaller parcel

economies of scale as a larger parcel





Shape Similar Similar Similar Inferior Similar SimilarIrregular irregular shape

Frontage Superior Similar Inferior Similar Inferior SimilarI-65 visibility second-tier site Parkside Drive

Frontage

Topography Superior Superior Superior Superior Superior Superiornot located in Flood Hazard

not located in Flood Hazard




not located in Flood Hazard Located in Flood Hazard

Location Superior Superior Superior Superior Superior Superiorcurrent demand and located along Whitestown Pkwy in Whitestown

current demand and located along Whitestown Pkwy in Whitestown

current demand and location along SR 32 in Westfield

current demand and location along SR 37 in Fishers

current demand and location along SR 37 in Fishers

current demand and location along SR 32 in Westfield

136th & Cyntheanne Rd.Zoning/Density Similar Similar Similar Similar Similar SimilarUtilities Superior Superior Superior Superior Superior Superior

Onsite Onsite Close proximity Close proximity Close proximity Close proximity Not availbleHighest & Best Use Similar Similar Similar Similar Similar Similar

Total Other Adjustments - - = = + +

Overall Comparability Superior Superior Similar Similar Inferior Inferior1 Adjusted sale price for cash equivalency and/or development costs (where applicable)

Compiled by CBRE

© 2019 CBRE, Inc.

Land Value


CONCLUSION

The comparables represent recent sales of similar retail land transactions since March 2016 and

located in the northern Indianapolis MSA. The comparables have generally similar land size,

physical and locational characteristics as the subject.

The subject represents a 23.53-acre unimproved land site at the southeast quadrant of 136th

Street and Cyntheanne Road in Fishers. A portion of the subject site is located within a flood

hazard zoned AE and is within the Britton Falls PUD, with permitted uses primarily consisting of

retail and office uses. The site is irregular in shape, generally level and does not include water,

sewer, electric or natural gas service.

These comparables indicated a range of $121,732 to $183,394 per acre, with an average

$146,952 per acre. The following table summarizes the overall comparability of the comparables

to the subject.

Comp #Sale PricePer Acre

Overall Comparability

6 $121,732 Inferior

5 $127,965 Inferior

3 $136,017 Similar

4 $146,724 Similar

1 $165,880 Superior

2 $183,394 Superior

Compiled by CBRE

COMPARABLE SUMMARY

Based on the previous table, Comparables Three and Four are the most similar to the subject of

the comparable set with a range of $136,017 to $146,724 per acre given their locational

characteristics and overall adjustments.

Comparables Five and Six were considered slightly inferior to the subject with a range of

$121,732 to $127,965 per acre. Comparable Five is located in Fishers with inferior visibility and

as a 2016 transaction but superior location along SR 37 in Fishers and smaller parcel size. An

indication above this comparable appears reasonable for the subject. Comparable Six is located

in Westfield, west of State Road 32. This comparable was inferior to the subject as a 2016

transaction and larger site area but superior in terms of location and topography not in a flood

hazard area. The site was purchased for a Meijer, which has yet to be developed. An indication

above this comparable appears reasonable for the subject.

Comparables One and Two are located in the Whitestown retail market, which has experienced

strong demand in the last five years. These comparables were considered superior in terms of

© 2019 CBRE, Inc.

Land Value


location, topography and utilities onsite. These comparables indicated a range of $165,880 to

$183,394 per acre. An indication below these comparables appears reasonable for the subject.

Overall, an indication for the subject would likely fall above Comparables Five and Six, generally

inline with Comparables Three and Four and below the range of Comparables of One and Two.

Considering the size of the subject site, location in Fishers in the path of future development,

flood hazard area at the southeast portion of the site, lack of utilities on site, a value indication

between $135,000 to $145,000 per acre is reasonable. The following chart presents the

valuation conclusion:

CONCLUDED LAND VALUE

$ Per AC Subject Acs. Total

$135,000 x 23.53 = $3,176,685$145,000 x 23.53 = $3,411,995

Indicated Value: $3,300,000

(Rounded $ Per AC) $140,241

Compiled by CBRE

© 2019 CBRE, Inc.

Reconciliation of Value


Reconciliation of Value

In the sales comparison approach, the subject is compared to similar properties that have been

sold recently or for which listing prices or offers are known. The sales used in this analysis are

considered highly comparable to the subject, and the required adjustments were based on

reasonable and well-supported rationale. In addition, market participants are currently analyzing

purchase prices on other properties as they relate to available substitutes in the market.

Therefore, the sales comparison approach is considered to provide a reliable value indication.

Based on the foregoing, the market value of the subject has been concluded as follows:

MARKET VALUE CONCLUSION

Appraisal Premise Interest Appraised Date of Value Value Conclusion

As Is Fee Simple Estate February 12, 2019 $3,300,000

Compiled by CBRE

© 2019 CBRE, Inc.

Assumptions and Limiting Conditions



1. CBRE, Inc. through its appraiser (collectively, “CBRE”) has inspected through reasonable observation the subject property. However, it is not possible or reasonably practicable to personally inspect conditions beneath the soil and the entire interior and exterior of the improvements on the subject property. Therefore, no representation is made as to such matters.

2. The report, including its conclusions and any portion of such report (the “Report”), is as of the date set forth in the letter of transmittal and based upon the information, market, economic, and property conditions and projected levels of operation existing as of such date. The dollar amount of any conclusion as to value in the Report is based upon the purchasing power of the U.S. Dollar on such date. The Report is subject to change as a result of fluctuations in any of the foregoing. CBRE has no obligation to revise the Report to reflect any such fluctuations or other events or conditions which occur subsequent to such date.

3. Unless otherwise expressly noted in the Report, CBRE has assumed that:

(i) Title to the subject property is clear and marketable and that there are no recorded or unrecorded matters or exceptions to title that would adversely affect marketability or value. CBRE has not examined title records (including without limitation liens, encumbrances, easements, deed restrictions, and other conditions that may affect the title or use of the subject property) and makes no representations regarding title or its limitations on the use of the subject property. Insurance against financial loss that may arise out of defects in title should be sought from a qualified title insurance company.

(ii) Existing improvements on the subject property conform to applicable local, state, and federal building codes and ordinances, are structurally sound and seismically safe, and have been built and repaired in a workmanlike manner according to standard practices; all building systems (mechanical/electrical, HVAC, elevator, plumbing, etc.) are in good working order with no major deferred maintenance or repair required; and the roof and exterior are in good condition and free from intrusion by the elements. CBRE has not retained independent structural, mechanical, electrical, or civil engineers in connection with this appraisal and, therefore, makes no representations relative to the condition of improvements. CBRE appraisers are not engineers and are not qualified to judge matters of an engineering nature, and furthermore structural problems or building system problems may not be visible. It is expressly assumed that any purchaser would, as a precondition to closing a sale, obtain a satisfactory engineering report relative to the structural integrity of the property and the integrity of building systems.

(iii) Any proposed improvements, on or off-site, as well as any alterations or repairs considered will be completed in a workmanlike manner according to standard practices.

(iv) Hazardous materials are not present on the subject property. CBRE is not qualified to detect such substances. The presence of substances such as asbestos, urea formaldehyde foam insulation, contaminated groundwater, mold, or other potentially hazardous materials may affect the value of the property.

(v) No mineral deposit or subsurface rights of value exist with respect to the subject property, whether gas, liquid, or solid, and no air or development rights of value may be transferred. CBRE has not considered any rights associated with extraction or exploration of any resources, unless otherwise expressly noted in the Report.

(vi) There are no contemplated public initiatives, governmental development controls, rent controls, or changes in the present zoning ordinances or regulations governing use, density, or shape that would significantly affect the value of the subject property.

(vii) All required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, nor national government or private entity or organization have been or can be readily obtained or renewed for any use on which the Report is based.

(viii) The subject property is managed and operated in a prudent and competent manner, neither inefficiently or super-efficiently.

(ix) The subject property and its use, management, and operation are in full compliance with all applicable federal, state, and local regulations, laws, and restrictions, including without limitation environmental laws, seismic hazards, flight patterns, decibel levels/noise envelopes, fire hazards, hillside ordinances, density, allowable uses, building codes, permits, and licenses.

(x) The subject property is in full compliance with the Americans with Disabilities Act (ADA). CBRE is not qualified to assess the subject property’s compliance with the ADA, notwithstanding any discussion of possible readily achievable barrier removal construction items in the Report.

© 2019 CBRE, Inc.



(xi) All information regarding the areas and dimensions of the subject property furnished to CBRE are correct, and no encroachments exist. CBRE has neither undertaken any survey of the boundaries of the subject property nor reviewed or confirmed the accuracy of any legal description of the subject property.

Unless otherwise expressly noted in the Report, no issues regarding the foregoing were brought to CBRE’s attention, and CBRE has no knowledge of any such facts affecting the subject property. If any information inconsistent with any of the foregoing assumptions is discovered, such information could have a substantial negative impact on the Report. Accordingly, if any such information is subsequently made known to CBRE, CBRE reserves the right to amend the Report, which may include the conclusions of the Report. CBRE assumes no responsibility for any conditions regarding the foregoing, or for any expertise or knowledge required to discover them. Any user of the Report is urged to retain an expert in the applicable field(s) for information regarding such conditions.

4. CBRE has assumed that all documents, data and information furnished by or behalf of the client, property owner, or owner’s representative are accurate and correct, unless otherwise expressly noted in the Report. Such data and information include, without limitation, numerical street addresses, lot and block numbers, Assessor’s Parcel Numbers, land dimensions, square footage area of the land, dimensions of the improvements, gross building areas, net rentable areas, usable areas, unit count, room count, rent schedules, income data, historical operating expenses, budgets, and related data. Any error in any of the above could have a substantial impact on the Report. Accordingly, if any such errors are subsequently made known to CBRE, CBRE reserves the right to amend the Report, which may include the conclusions of the Report. The client and intended user should carefully review all assumptions, data, relevant calculations, and conclusions of the Report and should immediately notify CBRE of any questions or errors within 30 days after the date of delivery of the Report.

5. CBRE assumes no responsibility (including any obligation to procure the same) for any documents, data or information not provided to CBRE, including without limitation any termite inspection, survey or occupancy permit.

6. All furnishings, equipment and business operations have been disregarded with only real property being considered in the Report, except as otherwise expressly stated and typically considered part of real property.

7. Any cash flows included in the analysis are forecasts of estimated future operating characteristics based upon the information and assumptions contained within the Report. Any projections of income, expenses and economic conditions utilized in the Report, including such cash flows, should be considered as only estimates of the expectations of future income and expenses as of the date of the Report and not predictions of the future. Actual results are affected by a number of factors outside the control of CBRE, including without limitation fluctuating economic, market, and property conditions. Actual results may ultimately differ from these projections, and CBRE does not warrant any such projections.

8. The Report contains professional opinions and is expressly not intended to serve as any warranty, assurance or guarantee of any particular value of the subject property. Other appraisers may reach different conclusions as to the value of the subject property. Furthermore, market value is highly related to exposure time, promotion effort, terms, motivation, and conclusions surrounding the offering of the subject property. The Report is for the sole purpose of providing the intended user with CBRE’s independent professional opinion of the value of the subject property as of the date of the Report. Accordingly, CBRE shall not be liable for any losses that arise from any investment or lending decisions based upon the Report that the client, intended user, or any buyer, seller, investor, or lending institution may undertake related to the subject property, and CBRE has not been compensated to assume any of these risks. Nothing contained in the Report shall be construed as any direct or indirect recommendation of CBRE to buy, sell, hold, or finance the subject property.

9. No opinion is expressed on matters which may require legal expertise or specialized investigation or knowledge beyond that customarily employed by real estate appraisers. Any user of the Report is advised to retain experts in areas that fall outside the scope of the real estate appraisal profession for such matters.

10. CBRE assumes no responsibility for any costs or consequences arising due to the need, or the lack of need, for flood hazard insurance. An agent for the Federal Flood Insurance Program should be contacted to determine the actual need for Flood Hazard Insurance.

11. Acceptance or use of the Report constitutes full acceptance of these Assumptions and Limiting Conditions and any special assumptions set forth in the Report. It is the responsibility of the user of the Report to read in full, comprehend and thus become aware of all such assumptions and limiting conditions. CBRE assumes no responsibility for any situation arising out of the user’s failure to become familiar with and understand the same.

12. The Report applies to the property as a whole only, and any pro ration or division of the title into fractional interests will invalidate such conclusions, unless the Report expressly assumes such pro ration or division of interests.

© 2019 CBRE, Inc.



13. The allocations of the total value estimate in the Report between land and improvements apply only to the existing use of the subject property. The allocations of values for each of the land and improvements are not intended to be used with any other property or appraisal and are not valid for any such use.

14. The maps, plats, sketches, graphs, photographs, and exhibits included in this Report are for illustration purposes only and shall be utilized only to assist in visualizing matters discussed in the Report. No such items shall be removed, reproduced, or used apart from the Report.

15. The Report shall not be duplicated or provided to any unintended users in whole or in part without the written consent of CBRE, which consent CBRE may withhold in its sole discretion. Exempt from this restriction is duplication for the internal use of the intended user and its attorneys, accountants, or advisors for the sole benefit of the intended user. Also exempt from this restriction is transmission of the Report pursuant to any requirement of any court, governmental authority, or regulatory agency having jurisdiction over the intended user, provided that the Report and its contents shall not be published, in whole or in part, in any public document without the written consent of CBRE, which consent CBRE may withhold in its sole discretion. Finally, the Report shall not be made available to the public or otherwise used in any offering of the property or any security, as defined by applicable law. Any unintended user who may possess the Report is advised that it shall not rely upon the Report or its conclusions and that it should rely on its own appraisers, advisors and other consultants for any decision in connection with the subject property. CBRE shall have no liability or responsibility to any such unintended user.

© 2019 CBRE, Inc.

Sale Land - Retail/Commercial No. 1Property Name Midland Atlantic Land

Address NEQ Whitestown Pkwy. & I-65Whitestown, IN 46075

County Boone

Govt./Tax ID N/A

Land Area Net 10.000 ac/ 435,600 sf

Land Area Gross 12.340 ac/ 537,530 sf

Site Development Status Platted

Utilities All municipal available

Maximum FAR N/A

Min Land Bldg Ratio N/A

Shape Irregular

Topography Generally Level

Flood Zone Class N/A

Flood Panel No./ Date N/A

Zoning Anson PUD

Entitlement Status N/A

Transaction DetailsType Sale Primary Verification Broker & Public RecordsInterest Transferred Fee Simple Transaction Date 06/27/2018

Condition of Sale Arm's Length Recording Date 06/27/2018

Recorded Buyer MAP Anson II Land Investors LLC Sale Price $1,658,800

Buyer Type Developer Financing Cash to Seller

Recorded Seller Duke Construction LP Cash Equivalent $1,658,800

Marketing Time N/A Capital Adjustment $0

Listing Broker Bo Leffel (Cushman & Wakefield) Adjusted Price $1,658,800

Doc # N/A Adjusted Price / ac and / sf

$165,880 / $3.81

Adjusted Price/ FAR N/A

Adjusted Price/ Unit N/A

CommentsThis comparable represents a 10.00-acre (net) land site located at the northeast quadrant of Interstate 65 and State Road 334/Whitestown Parkway in Whitestown, Boone County, Indiana. The site is located within the Anson retail development and is located along Perry Worth Road. The site is adjacent to the Shoppes at Whitestown, which is a a $50 million shopping center with 300,000 square feet of retail space in two buildings plus seven outlot sites that will open in 2019. The property sold in June 2018 for $1,658,800, or $165,880 per acre, or $3.81 per square foot.

© 2019 CBRE, Inc.

Sale Land - Retail/Commercial No. 2Property Name Shoppes at Whitestown Land

Address Perry Worth Road and Central Blvd.Whitestown, IN 46075

County Boone

Govt./Tax ID N/A

Land Area Net 33.030 ac/ 1,438,787 sf

Land Area Gross 33.030 ac/ 1,438,787 sf


Utilities All municipal available

Maximum FAR N/A


Shape Irregular




Zoning PUD, Planned Unit Development


Transaction DetailsType Sale Primary Verification Periodical & Public RecordsInterest Transferred Fee Simple Transaction Date 09/29/2017

Condition of Sale Arm's Length Recording Date 10/04/2017

Recorded Buyer Realty Link Sale Price $6,057,519

Buyer Type Developer Financing Cash to Seller

Recorded Seller Duke Realty Cash Equivalent $6,057,519


Listing Broker N/A Adjusted Price $6,057,519

Doc # C0620170017011 Adjusted Price / ac and / sf

$183,394 / $4.21



CommentsThis comparable represents a 33.03-acre interstate interchange land site located at the northeast quadrant of Interstate 65 and State Road 334/Whitestown Parkway in Whitestown, Boone County, Indiana. The site is located within the Anson retail development and is located at Perry Worth Road, Mills Drive, and Central Boulevard with visibility to the interstate. The buyer is planning a $50 million shopping center with 300,000 square feet of retail space in two buildings plus seven outlot sites. A $50 million shopping center could be open in 2019. The property sold in September 2017 for $6,057,518.50, or $183,394 per acre, or $4.21 per square foot.

© 2019 CBRE, Inc.

Sale Land - Retail/Commercial No. 3Property Name Vacant Retail Site

Address 3302 State Road 32Westfield, IN 46074

County Hamilton

Govt./Tax ID 29-06-32-000-025.002-015



Site Development Status Finished

Utilities All Available

Maximum FAR N/A


Shape Rectangular


Flood Zone Class Zone X (Unshaded)


Zoning LB-PD, Local Business-Planned Development


Transaction DetailsType Sale Primary Verification Public RecordsInterest Transferred Fee Simple Transaction Date 09/14/2017

Condition of Sale None Recording Date 09/14/2017

Recorded Buyer Grassy Branch Partners LLC Sale Price $1,250,000

Buyer Type Developer Financing Not Available

Recorded Seller James D and Hames Michael Hutson Cash Equivalent $1,250,000



Doc # 2017-48343 Adjusted Price / ac and / sf

$136,017 / $3.12



CommentsThis comparable represents the sale of a 9.19-acre retail site located at 3302 East State Road 32 in Westfield, Hamilton County, Indiana. The site is generally rectangular, utilities available to the site and zoned LB-PD, Local Business Planned Development. The property is approximately 1.00-mile east of US Highway 31 at the northeast quadrant of State Road 32 and Grassy Branch Road. Westfield has been experiencing strong growth trends in terms of residential and retail uses since 2015. Traffic counts exceed 15,000 cars per day along State Road 32. There is a pad site that were recently developed with retail strip center in 2018. The site transferred in September 2017 for $1,250,000, or $136,017 per acre, or $3.12 per square foot. The site was purchased for retail development.

© 2019 CBRE, Inc.

Sale Land - Retail/Commercial No. 4Property Name Ed Martin Pointe

Address 9230 E 141st StNoblesville, IN 46038

County Hamilton

Govt./Tax ID N/A




Utilities All available

Maximum FAR N/A


Shape Irregular




Zoning PUD


Transaction DetailsType Sale Primary Verification Purchase AgreementInterest Transferred Fee Simple Transaction Date 07/01/2016


Recorded Buyer Martin Harrison Realty Noblesville, LLC Sale Price $5,800,000

Buyer Type End User Financing Not Available

Recorded Seller Ivy Knoll, LLC Cash Equivalent $5,800,000




$146,724 / $3.37



CommentsThis comparable represents the sale of a 39.53-net acre site located at 9230 E 141st Street in Noblesville, Hamilton County, Indiana. The property is irregular in shape, is generally level and zoned PUD - Planned Unit Development. In July 2016, the property sold for a reported consideration of $5,800,000, or $146,724 per net acre and $3.37 per net square foot. The buyer was a local auto dealer who intended on constructing a new auto dealership on site and selling off the remainder of the site that isn't used for the auto dealership.

© 2019 CBRE, Inc.

Sale Land - Retail/Commercial No. 5Property Name Fishers Marketplace Hotel Site

Address 13507 Parkside DrFishers, IN 46038

County Hamilton

Govt./Tax ID 29-11-30-000-014.003-006, 29-11-30-042-006.000-006




Utilities All available

Maximum FAR N/A


Shape Irregular




Zoning PUD-M


Transaction DetailsType Sale Primary Verification N/AInterest Transferred Fee Simple Transaction Date 04/19/2016


Recorded Buyer H2O Resorts, LLC Sale Price $1,780,000

Buyer Type Developer Financing Not Available

Recorded Seller ONB Realty I, LLC Cash Equivalent $1,780,000




$127,965 / $2.94



CommentsThis comparable represents the sale of a 13.91-acre vacant land site located at 13507 Parkside Drive in Fishers, Hamilton County, Indiana. The site is located within the northern portion of the Fishers Marketplace mixed-use development. The site is "L" shaped, generally level and zoned planned development. In April 2016, the property sold for a reported consideration of $1,780,000, or $127,965 per acre and $2.94 per square foot. The buyer planned on constructing a water park and hotel on site.

© 2019 CBRE, Inc.

Sale Land - Retail/Commercial No. 6Property Name Meijer Land Site

Address 17145 Spring Mill RoadWestfield, IN 46074

County Hamilton

Govt./Tax ID 29-09-02-000-001.000-015 and 29-09-02-000-001.101-015




Utilities All Municipal

Maximum FAR N/A


Shape Rectangular




Zoning PUD, Planned Unit Development


Transaction DetailsType Sale Primary Verification IRED/Public RecordsInterest Transferred Fee Simple Transaction Date 03/28/2016

Condition of Sale None Recording Date N/A

Recorded Buyer Meijer Stores, LP Sale Price $3,992,800

Buyer Type End User Financing Cash to Seller

Recorded Seller Maple Knoll Developer, LLC Cash Equivalent $3,992,800




$121,732 / $2.79



CommentsThis comparable represents the sale of a 32.80-acre vacant site located at 17145 Spring Mill Road in Westfield, Hamilton County, Indiana. The property is located at the southeast corner of Spring Mill Road and State Road 32 with good visibility. The site is comprised of two tax parcels and is generally rectangular shaped, generally level, and zoned PUD, planned unit development. The property transferred in March 2016 for a total consideration of $3,992,800 or $121,732 per acre or $2.79 per square foot. The site was purchased for the development of a 190,000 square foot Meijer with a 2,500 square foot convenience store/gas station.

© 2019 CBRE, Inc.

ADMINISTRATIVE INFORMATION OWNERSHIP Card No. of

Site Description

TRANSFER OF OWNERSHIP

Date

VALUATION RECORDAssessment Year

Reason for Change

VALUATION

LAND DATA AND CALCULATIONS

Land Type

RatingSoil ID-or-

ActualFrontage

MeasuredAcreage-or-

EffectiveFrontage

Table

EffectiveDepth

Prod. Factor-or-

Depth Factor-or-

Square FeetBaseRate

AdjustedRate

ExtendedValue

InfluenceFactor Value

Supplemental CardsTOTAL LAND VALUE

29-12-29-000-003.000-020 Rangeview Land Partners LLC 0 E 136th St 100Tax ID 1312290000003000 Printed 04/24/2018 1 1

PARCEL NUMBER29-12-29-000-003.000-020

Parent Parcel Number

Property Address0 E 136th St

Neighborhood400030 RURAL GOOD

Property Class100 Agri Vacant land

TAXING DISTRICT INFORMATION

Jurisdiction 29

Area 013 FALL CREEK

Corporation N

District 020 Fishers-Fall Creek Twp

Topography:Level

Public Utilities:Electric

Street or Road:Paved

Neighborhood:Static

Zoning:

Legal Acres:23.7100

Admin Legal 23.7100

FARMLAND COMPUTATIONS

Parcel Acreage 23.7100

81 Legal Drain NV [-] 0.179082 Public Roads NV [-]83 UT Towers NV [-] 9 Homesite(s) [-]91/92 Excess Acreage[-]

TOTAL ACRES FARMLAND 23.5310

TRUE TAX VALUE 44380

Measured AcreageMeasured Acreage 23.5310Average True Tax Value/Acre 1886

TRUE TAX VALUE FARMLAND 44380

Classified Land TotalHomesite(s) Value (+)Excess Acreage Value (+)

44400

AGRICULTURAL

Rangeview Land Partners LLC9752 Lantern RdFishers, IN 46037

Acreage 23.71, Section 29, Township 18, Range 6 01/22/2013 PINNACLE REALTY INVESTMENTS, LLC Doc #: 13-04264 $0

05/28/2008 VALENTI- HELD CONTRACTOR/DEVELOPER Doc #: 2008-27820 $1850000

11/15/2005 DB FAMILY VENTURE I, LLC Doc #: 2005-74566 $0

12/20/2004 UNDERWOOD, DOUGLAS J Doc #: 2004-85027 $0

Appraised Value

VALUATIONTrue Tax Value

LBT

LBT

03/01/2012

Value Change

449000

4490044900

044900

03/01/2013

Trend

485000

4850048500

048500

03/01/2014

Trend

565000

5650056500

056500

03/01/2015

Trend

565000

5650056500

056500

01/01/2016

Trend

540000

5400054000

054000

01/01/2017

REVAL

510000

5100051000

051000

01/01/2018

Trend

444000

4440044400

044400

1 LEGAL DITCH Br 0.1790 1.00 1610.00 1610.00 290 0 -100% 0 2 TILLABLE LAND Br 13.8700 1.28 1610.00 2061.00 28590 28590 3 TILLABLE LAND CrA 9.3060 1.02 1610.00 1642.00 15280 15280 4 TILLABLE LAND MmB2 0.3550 0.89 1610.00 1433.00 510 510

Supplemental Cards

TRUE TAX VALUE 44380

ANNX: 2007 PAY 2008 KR 07/19/2007FARM: Farm: 2005 AgLand value changeREAS: Reassessment 2002-NO CHANGE 9/28/02 CZRV17: NO CHANGES DP 08/02/16VC12: acreage corr. to match deed 23.71ac for 2012/2013 LJ 1/29/13(per transfer & mapping 1/22/13)

© 2019 CBRE, Inc.

DATE: 1/30/2019

APPRAISER:

Single Family Rental Property Condo Lot Construction

COMMERCIAL $ 1,500.00 QUOTFROM: Megan Harris [email protected]

[email protected] BANKING COMPANY1920 North State StreetGreenfield, Indiana 46140

PHONE: 317 462-1431, ext 5342

BORROWER:

PROPERTY TO BE APPRAISED:

ADDRESS:

OWNERS:

OCCUPANT:

NEW PURCHASE:

Buyers:

Sales Contract Attached:

Sale Price:

PHONE:

COMMENTS: Thanks.

Pinnacle Realty Investments, LLC

Secondary Market

23 acres raw land at 136th and Cyntheanne

Rangeview Land Partners LLC

raw land

Doug Sweet, [email protected]

CONTACT FOR INSPECTION:

APPRAISAL ORDER FORM

317-570-4400

CBRE

© 2019 CBRE, Inc.

Craig Hays, MAI Managing Director, Indianapolis, IN

Experience

Craig Hays has worked in the commercial real estate industry since 2000. Prior to joining CBRE in 2010, he spent 10 years as a Senior Appraiser with Terzo & Bologna, Inc. His work encompasses providing appraisal and consulting services to numerous local, regional, and national clients. He has completed appraisal and consulting assignments of industrial, multi-family residential, condominium, offices, retail, business park, adaptive reuse, mixed-use, senior housing, health care, former military installations, and special-use properties throughout the Midwest.

Mr. Hays provides appraisal and consulting services for a variety of commercial real estate products for financing, acquisition/disposition, property tax appeal, litigation support and asset evaluation. Clients include a broad base of property owners, investors, commercial and investment banks, insurance companies and REITS.

Mr. Hays has extensive experience providing services for multi-family properties in HUD MAP 223(f), HUD MAP 221(d)4, Federal Home Loan Mortgage Corporation (Freddie Mac), and Federal National Mortgage Associate (Fannie Mae) programs.

Professional Affiliations / Accreditations

• Designated member of the Appraisal Institute (MAI) – Member No. 432195• Hoosier State Chapter of the Appraisal Institute-Indianapolis Chapter (Past Chairman)• Urban Land Institute• Indiana Certified General Appraiser – CG40300208• Illinois Certified General Appraiser – 553.002552• Ohio Certified General Appraiser – 2016003270• Kentucky Certified General Appraiser – 5398• Michigan Certified General Appraiser - 1201073725

Education

• Bachelors of Science-Public & Environmental Affairs with minor in Economics – IndianaUniversity - Indianapolis

T + 317 269 [email protected]

101 W. Washington St Suite 1000 EastIndianapolis, IN 46204

© 2019 CBRE, Inc.

Tim Garner Associate, Indianapolis, IN

Experience

Tim Garner is an Associate Appraiser of the Valuation and Advisory Services within the Midwest Region in the Indianapolis office. Located in the CBRE Indianapolis office since 2011, Mr. Garner has provided appraisal and consulting services for a variety of investment grade commercial real estate products for financing, acquisition/disposition, property tax appeal, litigation support and asset evaluation. Prior to joining VAS, Mr. Garner was a licensed Commercial Real Estate Broker for the CBRE Industrial Services Group.

Mr. Garner provides appraisal and consulting services for a variety of property types including Retail Shopping Centers, Single-Tenant Investment Properties, Office, Medical Office, Industrial, Land Development, Residential Subdivision Development, Mixed-Use Properties, Golf Courses, Food Processing Facilities and Multi-Family.

Professional Affiliations / Accreditations

• Associate Member of Appraisal Institute

• Indiana Licensed Trainee Appraiser (#TR41100030), November 2011

Education

• University of Southern Indiana, B.S. in Business Marketing, 2004

• Appraisal Institute Uniform Standards of Professional Appraisal Practice Real Estate Appraisal Principals Real Estate Appraisal Procedures Real Estate Finance, Statistics & Valuation Modeling General Appraiser Site Valuation & Cost Approach General Appraiser Sales Comparison Approach General Appraisal Income Capitalization 1 General Appraisal Income Capitalization 2 General Appraisal Market Analysis & Highest & Best Use General Appraisal Site Valuation & Cost Approach General Appraisal Report Writing & Case Studies General Appraisal Advanced Highest & Best Use

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