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[decision to purchase] on the actual lease [arrangements].” We
conclude that the value of the retail office plaza on the
valuation date was $510,000.
In contrast to the restaurant property, however, we do not
believe that the value of the retail/office plaza should be
discounted to reflect the announced closing of the nearby General
Motors plant. The tenants of the retail/office plaza were
principally those who rented office space-–a law firm, a real
estate office, a State agency. They were the type of businesses
that operated by making appointments with clients; the volume of
their businesses was not likely to be affected by the closing of
a nearby industrial facility.
We have found that, on December 15, 1992, the restaurant
property had a value of $333,000, and the retail/office plaza had
a value of $510,000. We therefore hold that the Latina
restaurant property located at 1370 Bristol Road and the Bristol
West retail shopping plaza property located at 1388 Bristol Road
had a combined fair market value of $843,000 as of December 15,
1992. When the value of the consideration paid, a total of
$26,130, is subtracted, the value of the gift is $816,870.
In view of the foregoing and because of concessions,
Decision will be entered
under Rule 155.
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