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DocuSign Envelope ID:C96AFABB-155D-4309-8C5B-76691BED5397 information for comparable manufacturing facilities in the area. The appellant then explained that the sales comparison approach yielded sales prices per square foot of$81, $53, and$27 and the appellant chose the median sales price of$53 per square foot for an estimated value of$13,309,000 for the property. The cost approach yields a value of$52 per square foot for an estimated value of$12,876,100. The appellant is requesting that the County lower the valuation of the property to $13,000,000. Cyle Anderson represented the County and stated that upon review of this property by CCA, CCA weighted the sales comparison approach at 50%and the income approach at 50%for a reconciled valuation of$15,444,991. As a result of this review, Orange County recommends applying an E 11 economic market adjustment to the property for a revised valuation of$15,294,700 for the property. Discrepancies were found in the County's selection of comparable properties and the Board questioned comparable properties provided by both the County and appellant. Chris Mashburn explained due to subject property containing approximately 250,000 square feet, comparable properties similar to the subject property but not as large in square feet were the best available. Mr. Mashburn noted that in reviewing market data, CCA found two sales in Orange County that sold for$6.8 million and$6.5 million, as well as two sales in Durham County resulting in the average price per square of$63.80. Mr. Glock asserted that the first sale from Durham was a lease buyout and therefore not a fair market transaction. Mr. Glock stated that the second comparable sale was part of a portfolio transaction and wouldn't be a strong indicator of value and the third comparable sale utilized the square footage from the assessor's website whereas other data sources indicate the size of the sale is somewhat larger. Mr. Glock stated that the only sale that contained 119,000 square feet valued at$55 per square foot was relevant, and $55 per square foot is near the value the appellant is requesting. Mr. Mashburn stated that since the square footage of one comparable sale cannot be verified,that sale will be excluded and if both comparable sales provided by the appellant were included,the sales price per square foot would be $62.50. As the indicated value from the income approach remains unchanged,the value from the sales comparison approach would be at$62.50 price per sq. ft. with a reconciled value of $15,274,000 for the property. The Board reviewed all documents and information provided by the appellant and the County. After deliberation and review,Mr. Beattie made a motion to accept the new recommended value of $15,274,000. Ms. Levine seconded the motion and the motion carried. Yes: 3 Noes: 0 600 FRANKLIN SQUARE LLC PIN 9799268800.001 Dave Pawlowski appeared before the Board on behalf of the appellant to appeal the value of the property located at 1829 E. Franklin Street Unit A, Chapel Hill. The current assessed value of the property is $119,200. A list of evidence follows: