Picture a big shopping mall, but vacant, a property (Super Regional shopping mall) of 154,000 square feet has a market value of $ 14,000,000.00 ($90.58/sf). the property is located in Riverside in the state of California. The building was built in 1992 in the IC area, and the building (shopping mall) is in good condition. The more than two years that the owner tries to sell the property for $ 15,000,000.00 and even lower the price to $ 10,000,000.00 and was not successful in selling the property. This complex is empty more than a year, it does not generate any profit for the owner. The location has good visibility, abundant parking, an identifiable location and some retail synergy however it has been an enormous challenge to sell this asset.

recently the owner of the property hired an appraiser who stated that the property can be sold for $ 5,000,000.00 and as the owner wants to get rid of this big white elephant and not pay astronomical government fees and taxes, he agrees with the value of sale (5,000,000) presented by the appraiser.

But it is not so simple, through a report containing micro and macro-economic facts must prove to the government that the property really worth $ 5,000,000 and not $ 14,000,000.

The report shall include but not be limited to:

Tenants that are leasing or taking space in this range size

Tenants that are leasing in malls in super large sizes

A “state of the market” for department stores

A “state of the market “ for big boxes anchoring malls

A summary on the shrinking department store and impact of on line retailers

 of retrofitting a space if this size and costs there of.

The objective is to prove with facts that the property worth 5 and not 14 (please include references)