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The 46,260 SF shopping center was built in 1986 and received renovations in 1990 and 1999; adding 1,520 and 4,646 SF respectively. The subject consists of twenty-six shops and one outlot. The tenant spaces vary in size from 1,200 SF to 4,600 SF, to meet the individual needs of each lessee. It should also be noted that while a National City Bank is in close proximity to the shopping center, it is not part of the subject. The shopping center has numerous parking spaces for customers and employee parking is available behind the building.
Because the experienced appraiser (familiar with the subject's market) has no knowledge of any local institutional purchasing activity, this appraisal will be conducted under the assumption that the marginal investor is non-institutional...
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