Mr. Petersen performed a single income-capitalization analysis applicable to both fiscal years at issue. First, Mr. Petersen selected 6 purportedly comparable industrial properties. Unlike Mr. Wolff, Mr. Petersen did not analyze separately the “cold” and “dry” spaces. He also selected different purportedly comparable properties. Pertinent details of Mr. Petersen’s comparable properties are summarized in the chart below: # Location Tenant Area Date $/SF Comments Relative (sf) Term Terms to Subject property 1 1 Griffin Hua 11,216 04/2010 $9.94 11,216 sf food Similar Way, Shing, 5 yrs NNN processing Chelsea Inc. building with office space and 0-degree freezer space 2 801 Fishery 122,282 05/2007 $11.00 1-story Superior Jubilee Products 7 yrs NNN cold Dr., Int’l storage whse Peabody 3 1 General 108,869 10/2013 $9.00 1-story Similar Fibertech Mills 10 yrs NNN cold Center storage whse, (Lot #2), nearly fully Haverhill refrigerated 4 1 Preferred 103,171 07/2005 $13.91 2-story office, Superior Commercial Freezer 25 yrs (avg) loading dock and St. Sharon Services NNN mech. space, 75% freezer space with 52-ft ceiling height 5 253 State 52,133 06/2012 $9.38 “shell Inferior Williams Garden (avg) condition” - St, NNN State Garden Chelsea brought in freeze/refrig. at own cost 6 220-240 State 36,000 05/2011 $9.00 Multi-tenant Inferior Second St, Garden (avg) bldg.; “shell Chelsea NNN condition”
Mr. Petersen performed a single income-capitalization analysis applicable to both fiscal years at issue. First, Mr. Petersen selected 6 purportedly comparable industrial properties. Unlike Mr. Wolff, Mr. Petersen did not analyze separately the “cold” and “dry” spaces. He also selected different purportedly comparable properties. Pertinent details of Mr. Petersen’s comparable properties are summarized in the chart below: # Location Tenant Area (sf) Date Term $/SF Terms Comments Relative to Subject property 1 1 Griffin Way, Chelsea Hua Shing, Inc. 11,216 04/2010 5 yrs $9.94 NNN 11,216 sf food processing building with office space and 0-degree freezer space Similar 2 801 Jubilee Dr., Peabody Fishery Products Int’l 122,282 05/2007 7 yrs $11.00 NNN 1-story cold storage whse Superior 3 1 Fibertech Center (Lot #2), Haverhill General Mills 108,869 10/2013 10 yrs $9.00 NNN 1-story cold storage whse, nearly fully refrigerated Similar 4 1 Commercial St. Sharon Preferred Freezer Services 103,171 07/2005 25 yrs $13.91 (avg) NNN 2-story office, loading dock and mech. space, 75% freezer space with 52-ft ceiling height Superior 5 253 Williams St, Chelsea State Garden 52,133 06/2012 $9.38 (avg) NNN “shell condition” - State Garden brought in freeze/refrig. at own cost Inferior 6 220-240 Second St, Chelsea State Garden 36,000 05/2011 $9.00 (avg) NNN Multi-tenant bldg.; “shell condition” Inferior
18p001.docx