NVI Technical College Information

P ROPERTY T RANSACTION H ISTORY 6

P ROPERTY T RANSACTION H ISTORY According to public information, the last transfer of ownership occurred on October 20, 2020 for a consideration of $11,500,000 or $40.76/SF. Prior to this, in 2015 the tenant, Zenith Education Group, Inc., signed a 12-year lease to operate the subject as a technical institute which specializes in automotive training. The tenant's parent company under the entity of Store Capital Acquisitions LLC acquired the subject, which was included in a large portfolio sale of trade schools in 2015. After this acquisition, Store Capital Acquisitions LLC elected to phase out three mechanical/vehicle trade schools that came with the portfolio due to lack of knowledge in operating schools that specialize in automotive training. The subject, being one of the three trade schools was included in this phase out plan. In 2018 New Village Development 2 LLC engaged in discussions to purchase the subject properties. While discussions took place, the subject was phased out and became unoccupied in January of 2019. During this time frame, an agreement was in place that the tenant Zenith Education Group would continue to pay lease payments in the interim until the subject is sold. As of the valuation date of this report, New Village Development, LLC owns the subject properties. The subject is under a lease to tenant New Village Institute Blairsville, LLC. Note that ownership is the parent company of the tenant, under the entity of New Village Development, LLC. The Fee Simple interest has been appraised, as new ownership will own the fee simple value of the subject. The subject is not currently listed for sale or under a sales contract.

Recent Transaction Sale Date

October 9, 2020

Deed Book/Page

2020-312802 $11,500,000

Sale Price

per SF NRA

$40.76

Grantor Grantee

STORE CAPITAL ACQUISITIONS LLC NEW VILLAGE DEVELOPMENT LLC

Reportedly the building was vacant and very bad condition with substantial deferred maintenance.

Comments

There have been no other known transactions of the subject property within the three years prior to the effective date of this appraisal.

F OUR B UILDING I NDUSTRIAL C OMPLEX A PPRAISAL

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