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portion, based on comparable sales, at $10.50 per square foot,
and the other portion (the portion with the building) at $11.50
per square foot. Hulberg totaled the two portions and arrived at
a fee interest value of $5,188,000.18 This averages $11.10 per
square foot. All of Hulberg’s comparable sales were of
properties smaller than the Lafayette Property. Hulberg’s expert
witness report makes a downward adjustment in each comparable
property’s sales price (in an amount that Hulberg failed to
disclose) to account for the phenomenon that, at those sizes in
that market, smaller properties were worth more per square foot
than otherwise equivalent larger properties. At trial, Hulberg
presented adequate rebuttals to the Kidder/Kirby attacks on many
of the elements of Hulberg’s analysis.
However, we remain troubled by Hulberg’s failure to guide us
through his decision-making process, as described in the opinion
text at supra note 14. Also, we are unwilling to accept
Hulberg’s explanation at trial that his shift from $3,417,000 and
$3,618,000 valuation conclusions to his final valuation of
$3,960,000 was entirely the result of his shifting view of the
impact of environmental concerns. We have not found in the
record anything that would lead us to believe that Hulberg really
18 First portion: 179,903 sq. ft. x $10.50 per sq. ft. =
$1,889,000. Second portion: 286,886 sq. ft. x $11.50 per sq.
ft. = $3,299.000.
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