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Compar- Sale Sales Price per
able No. Location date price Acres sq. ft.
7 NW Imbrie Rd. at 7/00 $7,500,000 13.01 $13.23
NW Cornelius Pass Rd.,
Hillsboro, Oregon
8 SE 24th Ave at TV Hwy,2/01 7,000,000 13.22 12.16
Hillsboro, Oregon
9 NW Stucki Rd. at 2/00 8,276,240 17.67 10.75
Cornell Rd.,
Hillsboro, Oregon
10 Intersection of Scholls-12/99 2,918,158 9.3 7.20
Sherwood Rd. and
Pacific Highway,
Sherwood, Oregon
11 20260 Pacific Highway,7/00 4,473,194/24.39/ 4.22/
Sherwood, Oregon (4,373,194(12.97 (7.74
adjusted) usable) adjusted)1
12 T-S Rd., between Adams9/03 2,702,160 10.93 5.68
Ave. and Langer Dr.,
Sherwood, Oregon
13 T-S Rd. at Langer Dr.,7/04 1,500,000 3.01 11.44
Sherwood, Oregon
1 Mr. Pio adjusted the sales price of comparable 11 downward by
$100,000 to account for the land zoned for exclusive farm use.
Mr. Pio determined that comparables 7, 8, and 9 were very
high or high indicators of value due to their location and
development costs, that comparable 10 was a reasonable indicator
due to its modestly superior exposure but less desirable access,
and that comparable 11 was a reasonable indicator due to its
superior exposure but inferior zoning and less desirable access.
Comparables 12 and 13 represented the sales portions of Phase 5,
as reconfigured in 2002, to Target in 2003 and Gramor in 2004.
Mr. Pio did not accord either comparable great weight. Mr. Pio
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