L A K E L A N D C O M M U N I T Y M A R K E T P L A C E
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VALUATION:
Value of the storage facility is based on a recent appraisal completed on February of 2022. The appraisal will be updated
prior to funding. The appraisal was completed by Devin Palmer, B. Comm, AACI and Chris Kroker, B. Comm, AACI, both
with Ge el Appraisals in Edmonton. Since that me, the project has evolved, and the market has changed. A sa sfacto-
ry, updated appraisal will be a condi on of approval. The main increases in income are derived from a general increase
in the retail market rental rates, the introduc on of "Tote Box" storage and the car wash being owned by the borrower
rather than leased out. Decreases in income are based on a lower rental rate for the greenhouse and the C-Store Gas Bar.
The appraiser used a 6.25% cap rate. Our internal valua on shows 7.50% given the recent rise in interest rates. Vacancy
rates in the US are shown in previous Market Overview. US occupancy is in excess of 90%.
JV OPPORTUNITY
