Free Opening Brief in Support - District Court of Delaware - Delaware

Case 1 :04-cv-01551-JJF Document 354-36 Filed O9/28/2007 Page 1 of 2
% Weiser Realty Advisors LLC
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V New York, NY 1(102()·‘l299
Tet 212.812.70oo
Fax 212;:76.6811
www.weiserrealty.con1
May 4, 2007
Mr. Michael Waters
McElroy, Deutsch, Mulvaney & Carpenter, LLP
Three Gateway Center
100 Mulberry Street
Newark, NJ 07102
Re: Valuation of Two Connecticut Office Properties
Dear Mr. Waters:
At your request, Weiser Realty Advisors has estimated the market value two office properties affiliated
with Premier Education Group. One property is located in Windsor, Connecticut at 995 Day Hill Road
and consists of a single-story building with a total rentable area of 33,100 square feet on a site with a
total site area of 5.93 acres. The second property, One Summit Place, is located in Branford Connecticut
and is comprised of a single, two-story building with a total rentable area of 21,404 square feet located
on a site with a total area of 3.34 acres. Our appraisal assigmnent is to estimate the 100% market values
of the two properties as of June 1, 2002.
Our opinion as to the market value of this property has been formulated utilizing standard appraisal
methodologies and is supported in a manner such that our value conclusion is reasonable and logical.
We have utilized an Income Approach along with a Sales Comparison Approach. A Cost Approach was
not employed for reasons discussed later in this report.
Our appraisal assignment is to estimate the market value of these two properties on a free-and-clear
basis Lmder conditions as of June 1, 2002. Our valuations are reflective of a Leased Fee Interest
without regard to financing. It is our understanding that our value estimate is to be utilized in
connection with litigation proceedings. Relevant economic and market factors have been considered
as part of the valuation and the property exteriors were inspected on May 1, 2007.
Based upon our analysis, we estimate the market value of 995 Day Hill Road, as of June 1, 2002,
was:
TWO MILLION
SIX HUNDRED THOUSAND DOLLARS
($2,600,000)
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Case 1:O4—cv-01551-JJF Document 354-36 Filed O9/28/2007 Page 2 of 2
O
tl, Weiser
Mr. Michael Waters May 4, 2007
McElroy, Deutsch, Mulvaney & Carpenter, LLP Page 2
Based upon our analysis, we estimate the market value of One Summit Place, as of June 1, 2002,
was:
ONE MILLION
SEVEN HUNDRED THOUSAND DOLLARS
($1,700,000)
A complete summary of our analysis and conclusions is included in the following appraisal report.
Your attention is directed to the Assumptions and Limiting Conditions section of this report, as they
are an integral pait of the above stated estimate of value. Special attention should be paid to the
Specific Limiting Conditions, as the tenant and fmancial information provided for this assignment
was incomplete. “
Respectfully submitted,
WEISER REALTY ADVISORS, LLC
John W. Houck
Senior Managing Director