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					SELF-CONTAINED APPRAISAL REPORT




          VALUATION OF

     Sierra Village Shopping Center
   6410-6460 North Blackstone Avenue
        Fresno, California 93710


          PREPARED FOR

             XXXXXXX
             XXXXXXX
             XXXXXXX
             XXXXXXX


           PREPARED BY

             XXXXXXX
             XXXXXXX
             XXXXXXX


  EFFECTIVE DATE OF VALUATION
         September 15, 2011

   DATE OF APPRAISAL REPORT
        September 18, 2011
Peter S. Cooper, MAI
Real Estate Appraiser and Consultant
1255 West Shaw Avenue, Suite 102
Fresno, California 93711
(559) 226-5025 FAX (559) 226-4523      E-mail: cooper.appraisals@sbcglobal.net




September 18, 2011


Mr. XXXXXX
XXXXXXXX
XXXXXXXX
XXXXXXXX
XXXXXXXX

                                                RE:      Market Valuation
                                                         Sierra Village Shopping Center
                                                         6410-6460 North Blackstone Avenue
                                                         Fresno, California 93710

Dear Mr. XXXXX:

In response to your recent request, I have conducted the required investigation, gathered the necessary
data, and made certain analyses that have enabled me to form an opinion of the market value of the
leased fee interest in the above captioned property.

Based on the inspection of the property and the investigation and analyses undertaken, I have formed
the opinion that, as of the effective date of the appraisal, September 15, 2011, and subject to the
assumptions and limiting conditions set forth in this self-contained appraisal report, the subject has a
market value of:


          Market Value AAs Is@ On Date of Property Inspection
          as of September 15, 2011 (Leased Fee Interest):                                     = $

          Replacement Cost-New Estimate as of September 15, 2011                              = $


The aforementioned values are subject to the value definitions, assumptions and limiting conditions
set forth in this report.




               SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710
Page ii
                Peter S. Cooper Appraisals Inc.        Fresno, CA



This appraisal has been prepared in accordance with the Federal Deposit Insurance Corporation
(FDIC) Final Rules, 12 CFR Part 323.2(f), which incorporates the following market value definition:

           "The most probable price which a property should bring in competitive and open market under all
           conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and
           assuming the price is not affected by undue stimulus."

Implicit in this definition is the consummation of a sale as of a specified date and the passing of title
from seller to buyer under conditions whereby:

1.         Buyer and seller are typically motivated;

2.         Both parties are well informed or well advised, and acting in what they consider their own best interests;

3.         A reasonable time is allowed for exposure in the open market;

4.         Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and

5.         The price represents the normal consideration for the property sold unaffected by special or creative financing or
           sales concessions granted by anyone associated with the sale.

This appraisal report conforms to the Uniform Standards of Professional Practice (USPAP) adopted by
the Appraisals Standards Board of the Appraisal Foundation and the Code of Professional Ethics and
Standards of Professional Practice of the Appraisal Institute.

The undersigned appraiser hereby certifies that he has no present or future intended interest in the
subject property, that neither the fee nor employment of this assignment was contingent upon the value
reported herein, and that the appraisal assignment was not based on a requested minimum valuation, a
specific valuation, or the approval of a loan.

This letter must remain attached to the report, which contains _______ numbered pages plus related
exhibits and Addenda, in order for the value opinion(s) contained herein to be considered valid.

The right to photocopy all or part of this appraisal is strictly prohibited, unless prior arrangements have
been made with Peter S. Cooper Appraisals Inc.

Thank you for the opportunity of serving you. If you have any questions, please feel free to call.

Sincerely,




XXXXXXXXXXXXX

XXX/rs



                SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710
Page iii
Peter S. Cooper Appraisals Inc.    Fresno, CA




                      SUMMARY OF SALIENT FACTS AND CONCLUSIONS


INTENDED USER:                                        Premier Valley Bank

APPRAISAL REPORT TYPE:                                Self-Contained Appraisal Report

LOCATION:                                             6410-6460 North Blackstone Avenue
                                                      Fresno, California 93710

PROPERTY OWNERSHIP:                                   Star Fresno Properties, LLC

DATE OF INSPECTION AND
EFFECTIVE DATE OF VALUE:                              September 15, 2011

DATE OF APPRAISAL REPORT:                             September 18, 2011

TYPE OF PROPERTY:                                     Improved Commercial

PROPERTY RIGHTS APPRAISED:                            Leased Fee Interest

ASSESSOR'S PARCEL NUMBER:                             Parcel Size APN
                                                      2.08 Acres 408-050-26
                                                      4.12 Acres 408-050-28

THOMAS BROS. MAP CODE:                                ???

CENSUS TRACT:                                         ???

ZONING:                                               The subject parcel is zoned CB6 and CB6/cz. The CB6
                                                      zoning is a heavy commercial zoning designation. A
                                                      portion of the property has the cz zoning classification.
                                                      This indicates that there are conditions of zoning that
                                                      apply to a portion of the subject property. Based on
                                                      the CB6 zoning designation, the improvements as
                                                      currently exist conform with this zoning designation.

HIGHEST AND BEST USE:                                 As If Vacant: The highest and best use of the property
                                                      as if vacant would be for its future development to a
                                                      neighborhood/community shopping center similar to
                                                      the one that has been developed on the site once
                                                      economic conditions improve to the point where it
                                                      becomes financially feasible wherein the economic
                                                      value of the project would be in excess of the cost to
                                                      develop a retail development.


SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710            Page iv
Peter S. Cooper Appraisals Inc.    Fresno, CA



                                                      As Improved: The subject development is considered
                                                      to represent the highest and best use of the site and
                                                      there is no economic or legal justification to remove the
                                                      improvements and redevelop the parcel to an
                                                      alternative use.

                                                      The building improvements are of fairly new
                                                      construction and there was no need for remodeling,
                                                      renovation, or repairs. The improvements should be
                                                      left in their Aas is@ condition since they represent the
                                                      highest and best use of the site and contribute a value in
                                                      excess of the land value as if vacant.

PARCEL AREA:                                          The parcel contains 6.20 acres or 270,072 square feet of
                                                      land area.

PARCEL CHARACTERISTICS:                               The parcel is a rectangular-shaped site. The subject
                                                      property is improved with off-sites that consist of
                                                      concrete curbs, gutters, sidewalks and street lighting.
                                                      The off-site improvements are installed along all of the
                                                      street frontages. The entire site is developed with the
                                                      building improvements as well as asphalt paved
                                                      parking areas, parking lot lighting, concrete curbing,
                                                      landscaping with automatic sprinkler systems, and
                                                      concrete approach aprons to the property from the
                                                      street alignments.

BUILDING COVERAGE:                                    The total building area amounts to 58,368 square feet.
                                                      Based on the total site area of 270,072 square feet, the
                                                      building coverage amounts to 31.6%. This is a fairly
                                                      typical building coverage for most commercial
                                                      developments in the city of Fresno.

PARKING RATIO:                                        There is an adequate number of parking stalls on the
                                                      site. Based on a count of the parking, the index
                                                      amounts to approximately 4.0 cars per 1,000 square
                                                      feet of gross leasable area.




SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710             Page v
  Peter S. Cooper Appraisals Inc.     Fresno, CA



  BUILDING SIZE:                                           The following table shows the square footage for each
                                                           of the buildings developed within the center:

                                          Building Areas
Blackstone Address       Building S.F.        Building Depth                      Building Use

      6460                   19,838                60'-70'                   Multi-tenant shop space

      6450                   51,760                 170'               Single tenant AMF Bowling Lanes

      6420                   10,483                  85'                  Single tenant DMV office use

      6410                   3,287                   40'              Single tenant - Arby=s fast-food tenant

      Total                  85,368


  YEAR BUILT:                                              According to the Fresno County Tax Assessor=s
                                                           Office, the buildings were completed in 1986.

  EFFECTIVE AGE:                                           20 Years

  TOTAL ECONOMIC LIFE:                                     50 Years

  REMAINING ECONOMIC LIFE:                                 30 Years

  CONSTRUCTION FEATURES:                                   All of the buildings are of Class AC@ (concrete tilt-up)
                                                           construction. Basic construction is concrete exterior
                                                           walls with storefront entry systems and wood built-up
                                                           roof systems. The roof systems on all of the buildings
                                                           are of a wood panelized system with plywood
                                                           sheathing and built-up roof coverings. All of the roof
                                                           systems are supported by wood or light steel
                                                           framework.

  FLOOD INSURANCE
  RATE MAP ZONE:                                           The subject property is located in Flood Zone AX@ as
                                                           indicated by Community Panel #06019C1565H, dated
                                                           February 18, 2009. This is not considered to be a
                                                           designated flood hazard area.

  SEISMIC SPECIAL STUDIES ZONE:                            No

  SALES OF SUBJECT PROPERTY
  WITHIN PAST THREE YEARS:                                 The subject property has been under the current
                                                           ownership over the past three years. The property is
                                                           not listed for sale.



  SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710                  Page vi
Peter S. Cooper Appraisals Inc.    Fresno, CA




GROSS POTENTIAL
ANNUAL INCOME:                                        $850,323

VACANCY:                                              $85,032

EFFECTIVE GROSS INCOME:                               $765,291

OPERATING EXPENSES:                                   $81,624

NET OPERATING INCOME:                                 $683,667

NOI/SF/YR:                                            $8.01

OVERALL CAPITALIZATION RATE:                          9.50%

VALUE INDICATIONS:

Market Value AAs Is@ On Date of Property
Inspection as of September 15, 2011
(Leased Fee Interest):

    Sales Comparison Approach                         = $7,230,000
    Cost Approach                                     = N/A
    Income Approach                                   = $7,470,000

    Reconciled Value Estimate                         = $7,300,000

Replacement Cost-New Estimate
as of September 15, 2011:
    6460 North Blackstone Avenue                      =   $1,800,000
    6450 North Blackstone Avenue                      =   $3,525,000
    6420 North Blackstone Avenue                      =   $ 955,000
    6410 North Blackstone Avenue                      =   $ 410,000

EXPOSURE TIME:

- AAs Is@ Market Value                                                                         8-10 Months
MARKETING TIME:

- AAs Is@ Market Value                                                                         8-10 Months

APPRAISAL CONDITIONS:

Extraordinary Assumption(s):                          None.

Hypothetical Condition(s):                            None.

SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710        Page vii
Peter S. Cooper Appraisals Inc.    Fresno, CA




                           ASSUMPTIONS AND LIMITING CONDITIONS

    1. No survey was made of the property and the dimensions are those taken from the maps in the office of
       the County Assessor.

    2. Unless otherwise specifically noted in the body of the report, it is assumed that title to the property or
       properties which are identified as the subject of the report are clear and marketable and there are no
       recorded or unrecorded matters or exceptions to title that would adversely affect marketability or
       value. Peter S. Cooper Appraisals Inc. has OR has not examined title and makes no representations
       relative to the condition thereof.

    3. No separation of land and building values may be used for any other purpose than that delineated
       elsewhere in this report.

    4. Neither all nor any part of the contents of this report shall be conveyed to the public through
       advertising, public relations, news, sales or other media without the written consent and approval of the
       author, particularly as to the valuation conclusion, the identity of the appraiser or appraisers, or firm
       with which it is connected, or any reference to the American Institute of Real Estate Appraisers or to
       the MAI or RM designations.

    5. No right to expert testimony is included with this report and the fee for this appraisal does not include
       payment for pre-trial conferences or taking of depositions.

    6. No responsibility is assumed for matters legal in nature.

    7. No survey or soil tests of the land have been made by the appraiser or appraisers.

    8. Possession of this report or any copy thereof does not carry with it the right of publication, nor may the
       same be used for any purpose by anyone except the employer of the appraiser or appraisers, without the
       previous written consent of the appraiser or appraisers and, in any event, only in its entirety.

    9. The information and data reported in this appraisal have been obtained from sources which are deemed
       to be reliable. They are believed to be correct, but cannot be guaranteed by the appraiser or
       appraisers. This condition applies generally throughout the appraisal report and specifically to square
       footage calculations and descriptions of comparable properties.

   10. The appraiser or appraisers have no personal interest or bias with respect to the subject matter of this
       appraisal or the parties involved.

   11. This appraisal report sets forth all of the limiting conditions (imposed by the terms of the assignment or
       by the appraiser or appraisers) affecting the analyses, opinions and conclusions contained in this
       report.

   12. No one other than the appraiser or appraisers whose signature appears on the Certification page of
       this appraisal report prepared the analyses, conclusions and opinions concerning real estate that are set
       forth in this appraisal report.

   13. The appraiser or appraisers have no expertise with respect to toxic wastes, hazardous materials or
       undesirable substances. Proper inspections of the property by qualified experts are an absolute
       necessity to determine whether or not there are any current or potential toxic wastes, hazardous

SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710              Page viii
Peter S. Cooper Appraisals Inc.    Fresno, CA



         materials or undesirable substances in or on the property. The appraiser or appraisers have not made,
         nor will make, any representations, either express or implied, regarding the existence or nonexistence
         of toxic wastes, hazardous materials or undesirable substances in or on the property. Problems
         involving toxic wastes, hazardous materials or undesirable substances can be extremely costly to
         correct. It is the responsibility of the client or recipient of this report to retain qualified experts to deal
         with the detection and correction of such matters.

   14. This report and all matters contained herein were prepared for the sole and exclusive benefit of the
       client specified herein, and is intended for his use only. Neither all, nor any part of the contents of this
       report, or copy thereof, shall be used for any purpose by anyone but the client specified herein nor shall
       it be conveyed or disseminated by anyone to the public through advertising, public relations, news,
       sales or other media, without the express written consent and approval of the appraiser or appraisers.
       No one, except the client specified herein, may rely on this report for any purpose. Any person or
       entity who obtains or reads this report, or a copy thereof, other than the client specified herein,
       expressly assumes all risk of damages to himself or third persons arising out of reliance thereon or use
       thereof and waives the right to bring any action based on the appraisal, directly or indirectly, and the
       appraiser or appraisers shall have no liability to any such person or entity. In short, those who did not
       pay for this report cannot rely upon it.

   15. The Americans with Disabilities Act (ADA) became effective January 26, 1992. A compliance
       survey and analysis of this property was not prepared to determine whether or not it is in conformity
       with the various detailed requirements of the ADA. It is possible that compliance survey of the
       property, together with a detailed analysis of the requirements of the ADA, could reveal that the
       property is not in compliance with one or more of the requirements of the Act. If so, this fact could
       have a negative effect upon the value of the property. Since the appraiser or appraisers have no direct
       evidence relating to this issue, the appraiser or appraisers did not consider possible noncompliance
       with the requirements of ADA in estimating the value of the property.

         Real estate brokers indicate that there has not been a pricing discount for properties that were out of
         compliance with the ADA requirements at this point in time. However, this could change depending
         on the property type and investment size, and the potential costs to bring a property in compliance.

   16. The projections of income and expenses, including the reversion at time of resale used in any
       discounted cash flow analysis presented within the appraisal report, are not predictions of the future.
       Rather, they are the best estimate of current market thinking of what future trends will be. No
       warranty or representation is made that these projections will materialize. The real estate
       market is constantly fluctuating and changing. It is not the task of the appraiser or appraisers to
       estimate the conditions of a future real estate market, but rather to reflect what the investment
       community envisions for the future, and upon what assumptions of the future investment decisions are
       based.

   17. The conclusions of this report are estimates based on known current trends and reasonably foreseeable
       future occurrences. These estimates are based partly on property information, data obtained in public
       records, interviews, existing trends, buyer-seller decision criteria in the current market, and research
       conducted by third parties, and such data are not always completely reliable. Peter S. Cooper Real
       Estate Appraisals, Inc., and the undersigned are not responsible for these and other future occurrences
       that could not have reasonably been foreseen on the effective date of this assignment. Furthermore it
       is inevitable that some assumptions will not materialize and that unanticipated events may occur that
       will likely affect actual performance. While we are of the opinion that our findings are reasonable
       based on current market conditions, we do not represent that these estimates will actually be achieved,



SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710                    Page ix
Peter S. Cooper Appraisals Inc.    Fresno, CA



         as they are subject to considerable risk and uncertainty. Moreover, we assume competent and
         effective management and marketing for the duration of the projected holding period of this property.

   18. All prospective values presented in this report are based on estimates and forecasts which are
       prospective in nature and are subject to considerable risk and uncertainty. In addition to the
       contingencies noted in the preceding paragraph, several events may occur that could substantially alter
       the outcome of our estimates such as, but not limited to changes in the economy, interest rates, and
       capitalization rates, behavior of consumers, investors and lenders, fire and other physical destruction,
       changes in title or conveyances of easements and deed restrictions, etc. It is assumed that conditions
       reasonably foreseeable at the present time are consistent or similar with the future.




SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710            Page x
Peter S. Cooper Appraisals Inc.          Fresno, CA




                                                TABLE OF CONTENTS


           Title Page
           Letter of Transmittal
           Salient Facts
           Assumptions & Limiting Conditions
           Contents

<< Table of Contents will generate here >>

           Addenda

           Certification Statements
           Qualifications of the Appraisers
           Assignment Engagement Letter
           Environmental Checklist
           Grant Deed
           Assessor=s Parcel Map
           Flood Map
           Rent Comparable Photos
           Subject Photos




SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710   Page xi
      Peter S. Cooper Appraisals Inc.    Fresno, CA



                                    SELF-CONTAINED APPRAISAL REPORT


I.   PROPERTY LOCATION AND DESCRIPTION:

     The property under appraisal is the Sierra Village Shopping Center that is located at the northeast
     corner of North Blackstone and East Sierra Avenues, Fresno, California. The property is more
     specifically identified as 6410-6460 North Blackstone Avenue, Fresno, California, 93710.

     The property is situated in the northerly sector of Fresno and is positioned along the east line of North
     Blackstone Avenue, a major commercial thoroughfare that extends through the central sector of the
     city.

     The property under appraisal consists of a neighborhood type shopping center that contains a total
     gross leasable area of 85,368 square feet. The property is divided into four buildings, one which is
     the major tenant building that is occupied by AMF Sierra Lanes bowling alley. This building
     contains 51,760 square feet. There is an in-line multi-tenant shop building that contains 19,838
     square feet that currently has a vacancy of 4,042 square feet or 20.4% of the multi-tenant building.
     There are two other buildings within the center. One a 10,483 square foot building occupied by the
     State of California DMV and an outpad building containing 3,287 square feet that is leased and
     occupied by Harveys.

     The building improvements were constructed in 1986 and are considered to have an effective age of 20
     years and are in average condition. The buildings are of average quality, Class AC@ (concrete tilt-up)
     construction. The Arby=s fast-food facility is of average quality, Class AD@ (wood frame/stucco)
     construction. The building and on-site improvements are considered to be in average condition.
     The following is an overview of the land and building areas associated with Phase II of the
     development:

                                                   Project Overview
         Blackston
         e Avenue                                       Bldg.                                         Vacancy
          Address             Building Type             S.F.                     Tenants                S.F.

           6460           In-Line Shop Building        19,838              Misc. Shop Tenants          4,042

           6450               Major Tenant             51,760      AMF Sierra Lanes (Bowling Alley)     ---

           6420         Single Tenant Jr. Anchor       10,483                     DMV                   ----

           6410        Outpad - Fast-Food Building      3,287                    Arby=s                 ---

                     Total Gross Leasable Area                                   85,368
                           Total Vacancy                                                              4,042
                       Overall Vacancy Rate                                                           4.7%
                   Vacancy Rate - Shop Space Only                                                     20.4%

        Site Area - 6.20 AC or 270,072 S.F. / Bldg Cov. = 31.6% / Parking Index = 4.0 cars /1,000 SF of G.L.A.



     SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710                Page 1
 Peter S. Cooper Appraisals Inc.    Fresno, CA



       II.    PURPOSE OF THE APPRAISAL:

              The purpose of the appraisal is to provide the client, XXXX, with a self-contained appraisal report on
              the Sierra Village Shopping Center located at 6410-6460 North Blackstone Avenue, Fresno,
              California, 93710. The appraisal is to provide the client with an Aas is@ market value on the date of
              property inspection which was September 15, 2011. The date of inspection represents the effective
              date of the value of the property.

              The appraisal is to be used by the client for mortgage loan underwriting purposes and for no other use.


      III.    SCOPE OF WORK:

              The appraisal assignment is to provide the client with an Aas is@ market value of the leased fee interest
              in a neighborhood shopping center known as Sierra Village that is anchored with a 51,760 square foot
              bowling alley that is leased to AMF Sierra Lanes. The lessee is a national owner of bowling alleys
              throughout the United States. In addition to the bowling alley, the center has one multi-tenant inline
              building, a smaller single tenant building occupies by the State of California DMV, and an outpad
              improved with an Arby=s fast-food facility.

              The effective date of value was the date of inspection, which was September 15, 2011. In addition to
              the Aas is@ market value of the leased fee interest, the client has also requested a replacement cost-new
              value for the building improvements to assist with hazard and flood insurance analysis.

              To provide the various valuation scenarios, the appraiser has considered the three traditional
              approaches to value; namely, the Sales Comparison, Cost, and Income. Of these three approaches,
              the appraiser has used just the Sales Comparison and Income Approaches to value. The Cost
              Approach was considered, however, based on the subject property=s age and condition and current
              market conditions, it is the appraiser=s opinion that a Cost Approach is not considered to be a
              meaningful valuation methodology. This has also been supported by interviews with several real
              estate brokers who are involved in the marketing of commercial properties. It was their opinion that
              buyers of commercial properties would not place any relevance on the Cost Approach unless the
              property was of proposed construction or of special purpose construction. A prospective buyer for
              the subject property would base his or her acquisition decision on the income-earning ability of the
              asset supported by comparable sales. Since market participants give little to no weight to the Cost
              Approach, the absence of this valuation methodology is not considered to weaken the credibility of the
              final opinion of value.

              The following is a discussion of these valuation methodologies:

              Sales Comparison Approach:

                      The Sales Comparison Approach involved the use of a quantitative adjustment method which
                      uses percentage and dollar adjustments to develop an adjusted unit price that is applied to the
                      subject property=s total rentable area to form an opinion of value for the retail property.



SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710         Page 2
 Peter S. Cooper Appraisals Inc.    Fresno, CA




              Income Approach:

                      A direct capitalization method has been employed to develop an economic value for the
                      property at stabilized occupancy. The gross income was developed by multiplying the rentable
                      area of the buildings by the projected market rents and contract rents. All of the gross income
                      reported for the subject property was based on triple-net leases. From the gross income, a
                      deduction was made for vacancy and credit loss to develop an effective gross income. From
                      this figure was deducted the nonreimbursable operating expenses to develop a net income for
                      capitalization purposes. The net income was capitalized by an overall capitalization rate that
                      was derived from comparable sales and investor surveys.

              After completing the two approaches to value they were correlated into a final Aas is@ market value of
              the leased fee interest in the real property.

              The first step in the appraisal process was to inspect and analyze the subject property and the
              surrounding environs. The economic and demographic information regarding the county and city of
              Fresno and was obtained from a number of sources. These include Planning Departments of the
              County and City of Fresno, State of California, Departments of Finance and Employment, and a recent
              demographic report prepared by Claritas. Data regarding the physical and economic make up of the
              subject neighborhood was also obtained from a physical inspection and interviews with commercial
              real estate brokers.

              The appraiser has also relied on updated costs, current lease information, and other pertinent
              documentation regarding the project that was provided by the client and the property owner.

              Fresno County Assessor=s records were used to determine assessed values and the tax rate for the
              subject property. The Fresno County Assessor=s Parcel Map was reviewed to determine the size of
              the subject site. The City of Fresno=s Planning Department was contacted to obtain current zoning
              information and to review the development entitlements for the subject property based on their site
              plan review file. An updated preliminary title report was not provided for review, however, the
              appraiser was provided access to an older report.

              A highest and best use analysis was prepared in order to determine the highest and best use of the site
              as if vacant and as improved.

              After considering the economic and physical status of the subject property, the available market data,
              and the client=s intended use, the two approaches to value were used in the valuation process were
              reconciled into a final opinion of value.

              The appraisal report has been prepared so as to comply with the requirements of:

              1.      Title XI of the federal Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA).

              2.      The Uniform Standards of Professional Appraisal Practice (USPAP) including the Ethics and Competency
                      Provisions as promulgated by the Appraisal Standards Board of the Appraisal Foundation.



SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710                  Page 3
 Peter S. Cooper Appraisals Inc.    Fresno, CA



              3.      The Federal Deposit Insurance Corporation (FDIC) appraisal standards which include compliance with the
                      Uniform Standards of Professional Appraisal Practice.

              4.      The Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute.

              5.      The engagement letter dated August 13, 2010, between the client, Premier Valley Bank, and the appraiser,
                      Peter S. Cooper, MAI.

              The foregoing sections of this appraisal report provide the information and necessary data as well as
              the analysis of this information in order to perform a credible Aas is@ market value of the property as
              of September 15, 2011 for the leased fee interest in the property.


      IV.     APPRAISAL REPORTING OPTIONS:

              The most recent edition of the Uniform Standards of Professional Appraisal Practice (USPAP) states
              that under Standards Rules 2-2 and 8-2 each written real property appraisal report must be prepared
              under one of the following three formats: Self-Contained Appraisal Report [Standards Rules 2-2(a)
              and 8-2(a)], Summary Appraisal Report [Standards Rules 2-2(b) and 8-2(b)], or Restricted Use
              Appraisal Report [Standards Rules 2-28), 8-28), and 10-2(b)].

              After discussing the various reporting options with the client, it was mutually agreed that a
              Self-Contained Appraisal Report was to be completed and is defined as:

                     Self-Contained Report: A written report intended to comply with the reporting requirements
                      set forth under all Standards Rule 2-2 (a) of the Uniform Standards of Professional Appraisal
                      Practice for a Self-Contained Appraisal Report.


       V.     INTENDED USER:

              This appraisal report has been prepared for the intended user, XXXXX


      VI.     INTENDED USE OF THE APPRAISAL:

              This appraisal report is intended to be used by the client for mortgage loan underwriting purposes
              and/or credit decisions by Premier Valley Bank and/or participants and for no other use.


     VII.     PREVIOUS APPRAISAL OF THE SUBJECT PROPERTY:

              The property which is the subject of this appraisal was previously appraised May 18, 2006 by Peter S.
              Cooper, MAI.




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    VIII.     CONDITIONS OF THE APPRAISAL:

              Definition of Hypothetical Condition: that which is contrary to what exists but is supposed for the
              purpose of analysis.

                      Comment: Hypothetical conditions assume conditions contrary to known facts about
                      physical, legal, or economic characteristics of the subject property; or about conditions
                      external to the property, such as market conditions or trends; or about the integrity of
                      data used in an analysis. (USPAP 2010-2011, The Appraisal Foundation, 2010, Definitions, pg. U-2)

              There are no hypothetical conditions associated with this appraisal.

              Definition of Extraordinary Assumption: an assumption, directly related to a specific assignment,
              which, if found to be false, could alter the appraiser=s opinions or conclusions.

                      Comment: Extraordinary assumptions presume as fact other wise uncertain
                      information about physical, legal, or economic characteristics of the subject property;
                      or about conditions external to the property, such as market conditions or trends; or
                      about the integrity of data used in an analysis. ( (USPAP 2010-2011, The Appraisal Foundation,
                      2010, Definitions, pg. U-2)

              There are no hypothetical conditions associated with this appraisal.


      IX.     COMPETENCY STATEMENT:

              Peter S. Cooper, MAI, has the necessary education and experience to be able to perform an appraisal
              on a portion of a community shopping center such as the subject property to meet the competency
              provisions of USPAP adopted by the Federal Deposit Insurance Corporation (FDIC) and the Appraisal
              Institute.


       X.     DATE OF INSPECTION AND EFFECTIVE DATE OF VALUE:

              On September 15, 2011, the appraiser inspected the subject property and this date is also considered to
              be the effective date of value.


      XI.     DATE OF APPRAISAL:

              The date of the appraisal is September 18, 2011. This represents the date the appraisal was written
              and is indicated on the letter of transmittal. This date is not necessarily synonymous with the date of
              inspection nor the effective date of value.




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     XII.     VALUATION SCENARIOS:

              Depending upon the nature of the appraisal assignment, estimates of market values at certain points in
              time may be required. Based on the appraisal requirements of the client, the scope of work discussed,
              and the physical and economic characteristics of the property, the following are the valuation
              scenarios used in this self-contained appraisal report:

              Leased Fee Analysis:

                     Market Value AAs Is@ On Date Of Property Inspection as of September 15, 2011.
                     Replacement Cost-New as of September 15, 2011.

              The following is a description of the valuation scenarios:

                     Market Value AAs Is@ On Date Of Property Inspection

                      Market value of a property in the condition observed upon inspection and as it physically and
                      legally exists without hypothetical conditions, assumptions or qualifications as of the effective
                      date the appraisal is prepared.

                      For proposed projects, the Aas is@ value represents the current market value of the vacant
                      site.

                     Replacement Cost-New

                      The replacement cost-new is to assist the client with hazard and flood insurance analyses and
                      does not represent market value.


    XIII.     MARKET VALUE DEFINITION:

              This appraisal has been prepared in accordance with the Office of the Comptroller of the Currency
              under 12 CFR, Part 34, Subpart C-Appraisals, 34.42 Definitions (f), dated August 24, 1990, which
              incorporates the following market value definition:

                      "The most probable price which a property should bring in a competitive and open market under all
                      conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and
                      assuming the price is not affected by undue stimulus."




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              Implicit in this definition is the consummation of a sale as of a specified date and the passing of title
              from seller to buyer under conditions whereby:

              1.      Buyer and seller are typically motivated;

              2.      Both parties are well informed or well advised, and acting in what they consider their own best interests;

              3.      A reasonable time is allowed for exposure in the open market;

              4.      Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and

              5.      The price represents the normal consideration for the property sold unaffected by special or creative financing or
                      sales concessions granted by anyone associated with the sale.

              The values reported in this appraisal are stated in terms of typical market financing, on terms generally
              available in the community at the specified time and typical for the property type and its locale. The
              values represent a normal consideration to be expected for the property, unaffected by special
              financing amounts and/or terms, services, fees, costs, or credit incurred in the transaction. Attempts
              were made to verify the financing terms on all market data used in this appraisal report, although, in
              some cases, this data was unavailable. If such data was found to have financing terms different than
              that currently available for the subject property, the data was adjusted for cash equivalency to the
              terms which are considered to be currently available for the subject property or other similar
              developments.


    XIV.      PROPERTY RIGHTS APPRAISED:

              The property rights appraised are those of the leased fee interest. Leased fee is defined as follows:

                      "An ownership interest held by a landlord with the right of use and occupancy
                      conveyed by lease to others. The rights of the lessor (the leased fee owner) and
                      leased fee are specified by contract terms contained within the lease." (The Dictionary of
                      Real Estate Appraisal, 3rd Edition, Chicago: Appraisal Institute, 1993, page 204).



     XV.      PERSONAL PROPERTY:

              Identifiable portable and tangible objects which are considered by the general public as being
              "personal", e.g. furnishings, artwork, antiques, gems, jewelry, collectibles, machinery and
              equipments; all property that is not classified as real estate (USPAP, 1994 edition). Personal
              property includes movable items that are not permanently affixed to, and part of, the real estate.

              This appraisal reflects the value of the real property rights and does not include any contributing value
              of furniture, fixtures or equipment utilized in the operation of the property or any goodwill that may be
              associated with the real estate.




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    XVI.      LEGAL DESCRIPTION:

              The appraiser was not provided with a title report, thus, a legal description could not be provided.
              According to the Fresno County Assessor=s Maps, the property is described as being in the South Half
              of the West Half of Lot 204 in Perrin Colony No. 2 (amended) recorded in Plat Book 4, Page 68 of
              Fresno County Records.

              The property is also identified as Fresno County Assessor's Parcel Numbers listed below:

                                        Parcel Size                        APN
                                        2.08 Acres                         408-050-26
                                        4.12 Acres                         408-050-28


   XVII.      STATEMENT OF OWNERSHIP:

              Fresno County Assessor=s Records shows title to the property is vested in Star Fresno Properties,
              LLC.


  XVIII.      PROPERTY ADDRESS:

              6410, 6420, 6450, and 6460 North Blackstone Avenue
              Fresno, California 93710


    XIX.      REAL PROPERTY TAXES:

              Article XIIIA of the California Tax and Revenue Code states that "properties shall be taxed on their
              full cash assessed value as of March 1, 1975," the base year lien date. Beyond this date, assessments
              may be increased only 2 percent per year until the property is sold, substantial new construction
              occurs, or the use of the property is significantly changed. In such cases, the property assessment
              may be increased to current market levels.

              The 2010/2011 fiscal year is the most recent year for which assessed valuation and property tax
              information is available. On the following page is a table which breaks down of the assessments and
              real estate taxes that affect the subject property.


     XX.      PROPERTY HISTORY:

              The subject property has been under the current ownership over the past three years. The property is
              not listed for sale.




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    XXI.      AREA ANALYSIS:

              Fresno County Data:

              Location:

              Fresno County is located in the great southern San Joaquin Valley of Central California. The San
              Joaquin Valley extends from Stockton in the north to Bakersfield in the south, a distance of 227 miles.
              It is bounded on the west by the Coast Ranges, on the east by the Sierra Nevada Mountains, on the
              south by the Tehachapi Range, and on the north by the Sacramento Valley.

              Since 1950, Fresno County has ranked as the first county in the nation for annual gross value of
              agricultural production. Fresno is the sixth largest county in California, extending from the Coast
              Ranges in the west across the Central San Joaquin Valley, to the crest of the Sierra Nevada in the east,
              a distance of 138 miles. Approximately half of the county is mountainous. The valley floor is 50 to
              60 miles wide, consisting largely of prime alluvial soils. The Fresno Slough, a trough at the low point
              of the valley floor between the east and west sides, formerly served as a natural drainage system for
              runoff flood waters from the mountains. Besides the Kings and San Joaquin Rivers, the man-made
              California Aqueduct and the Friant-Kern Canal traverse the county, supplementing and recharging
              groundwater supplies that have been heavily over drafted in some areas.

              About 40% of the county is contained within national forests and Kings Canyon National Park.
              Two-thirds of the county remains in a natural or semi-natural condition and the remaining one-third is
              extensively developed for agriculture and industry and supports most of the population. The east side
              of the valley is in relatively small farm holdings, but the more arid west side is characterized by large
              land holdings. Parcelization of farmland for rural residential development in the Fresno-Clovis area
              and in the foothills on the Valley=s east side.




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              Area Economics:

              Population: The most recent population data for Fresno County was released January 1, 2010 by the
              California Department of Finance and represents data for year-end 2009. Fresno County has a
              population of 953,761 residents with most of the population residing in the cities of Fresno and
              Clovis that share a common jurisdictional boundary. The city of Fresno, the county seat, has
              502,303 residents while the city of Clovis, the county=s second largest city, has 96,868
              residents. Historically, between 65%-70% of the county=s population live within the the
              Fresno-Clovis Metropolitan Area (FCMA), which includes both cities as well as unincorporated
              neighborhoods within and adjacent to these communities. The combined population of the next three
              largest communities in the county, Reedley, Sanger and Selma, was 75,326 residents.

              Over the last decade, Fresno County grew by19.3%, while the city of Fresno grew by 17.5% and the
              city of Clovis grew by 41.1%.

              Population projections published by the California Department of Finance in July 2009 forecast a
              27% population growth for Fresno County over the next eleven years. By 2020, Fresno County is
              forecast to have a population of 1,201,792 residents. Assuming the FCMA continues to capture about
              65% of the county=s total population, approximately 780,000 people will reside within the urban
              area of Fresno and Clovis.

              Employment: The economic base of the Fresno County is a mix of government, farming and
              services. According to the California State Employment Development Department, wage and
              salary employment in all industry sectors in Fresno County totaled 327,000 workers in November
              2010. Government comprise the largest share with 20% of the workers. Other major employment
              sectors include retail and wholesale trade (15% of total wage and salary workers), financial activities
              and professional/business services (12.6%), educational and health services (12.5%) and
              manufacturing (7.6%). While agricultural is the major export industry of the county in terms of
              gross dollars, this sector employs 14% of workers.




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              Over the last two decades the labor force in Fresno County has grown from 313,000 workers in
              1990 to 442,500 workers in November 2010. Because of the region=s agricultural base and the
              seasonality of work in this industry, unemployment in the county usually averaged between 10% and
              15% each year over the last 20 years. The lowest period of unemployment was between 2005 and
              2007 during the recent housing boom when the county=s annual unemployment averaged between
              8.0% to 9.0%. Fresno and surrounding countries in the San Joaquin Valley tend to have higher
              unemployment levels than the much larger and more economically diverse regions in southern and
              northern California. Below is a summary of the three-year employment trend in Fresno County.
              The level of unemployment is forecast to remain high locally and in the state and across the nation as
              the economy struggles to recover from the recession.



                                              Three-Year Trend Civilian Unemployment Rate
                                                             Nov           Nov         Nov      Oct         Nov
                                     Sector                  2007          2008        2009     2010        2010
                          United States                     4.7%          6.9%         9.4%     9.0%        9.3%
                          California                        5.5%          8.3%        12.0%    11.9%       12.4%
                          Fresno County                     8.9%          11.9%       15.9%    15.7%       16.9%
                          Civilian Labor Force             416,300       433,500      434,40   443,500    442,500
                          Fresno Co.                                                    0

              Though agriculture is a major industry in Fresno County and the economic base for the region, many
              other industry sectors help complement and stabilize the economy.




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              Some of the larger private and public employers in Fresno County include the following:


                                      MAJOR EMPLOYERS IN FRESNO COUNTY
                                                                                                    Number of
                     Major Employer B Private                                 Activity              Employees

                Community Medical Centers                      Health care                            6,000
                Kaiser Permanente                              Health care                            2,603
                Pelco                                          Manufacturing video security           2,150
                Saint Agnes Medical Center                     Health care                            2,031
                Quinn Group, Inc.                              Manufacturing                          1,178
                Foster Farms                                   Food processing - poultry              1,100
                AT&T                                           Telecommunications                     1,000
                Cargill Meat Solutions                         Meat production                         999
                Zacky Farms                                    Food processing - poultry               975
                Aetna                                          Insurance                               950
                Harris Ranch Beef Company                      Meat production                         700
                Sun-Maid Growers of California                 Raisin & dried food processing          600
                The Nelson Group                               Automotive sales                        515
                Guarantee Real Estate                          Real estate sales                       491
                Fresno Truck Centers                           Transportation sales                    460
                Sunrise Medical                                Home care & mobility products           450
                Lyons Magnus                                   Food processing                         420
                Guardian Industries                            Float glass manufacturing               365
                Educational Employees Credit Un                Financial institution                   359
                Producers Dairy Foods                          Dairy product processing                350
                Turner Security Systems                        Security services & alarm response      338
                Securitas Security Services USA                Security services & alarm response      325
                Anlin Industries                               Manufacturing windows & doors           310
                The Fresno Bee                                 Newspaper publisher                     307
                Grundfos Pumps & Manufacturing                 Manufacturing water pumps               276

                        Major Employer B Public

                Internal Revenue Service                       Federal government                      NA
                Fresno Unified School District                 Education                              11,500
                County of Fresno                               County government                      6,500
                City of Fresno                                 City government                        3,780
                Clovis Unified School District                 Education                              3,370
                California State University, Fresno            Education                              1,671
                State Center Comm. College Dist.               Education                              4,155
                VA Central Calif. Health Care Syst             Health care                             897
                Fresno County Office of Education              Education                               759
                San Joaquin Valley Air Pollution Ctrl Distr.   Air quality                             306

                Source: Fresno County Economic Development Corporation




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              The Business Forecasting Center at the University of the Pacific Eberhardt School of Business,
              publishes a quarterly economic report, California & Metro Forecast 2010-2015, forecasting
              population, employment, and income trends in California and ten metropolitan areas from
              Sacramento to Fresno including the San Francisco Bay Area. In the most recent publication,
              January 2011, they project a long slow economic recovery for California with the state=s real
              gross product averaging a modest 2.8% annual increase through 2014.            Non-farm payroll
              employment in 2011 is forecast to grow 1% for the state and less than one-half percent for the
              Central Valley region. As the economy continues its slow recovery over the next four years, annual
              non-farm payroll employment growth will average between 1.9% and 2.3% for the state and region.

              With 26,600 jobs lost in the recession in Fresno County or 8.9% the non-farm payroll jobs, the
              Business Center forecasts it will take until the second half of 2015 before jobs recover their 2007
              peak. Annual job growth will return in 2011 at a modest 0.8% and will be led by professional and
              business service sector, other service sector , manufacturing sector and construction sector. As the
              economy continues to recover, job growth will rise 1.9% in 2012 and 2.3% in 2013. Despite
              increasing payrolls in 2011, the unemployment rate will increase to17.2%, as more people enter the
              labor force than are hired. Though unemployment levels will begin to fall after 2011, it will remain
              above 14% for the next several years.

              Sales Tax: The State Board of Equalization has reported taxable sales in retail outlets of
              $7,648,213,000 in 2009 for Fresno County.        Fresno and Clovis are the largest cities in the county
              and capture the bulk of the retail activity in the county. In 2009, the City of Fresno had
              $4,846,469,000 in taxable sales and the City of Clovis had $1,118,537,000.              The difference
              between the sales for Fresno County and the total for Fresno and Clovis is attributable to the sales
              generated in other cities in the county. The economic recession that began in 2007 has lead to a
              decline in sales tax revenue over the last few years. With the collapse of the housing market bubble
              and rising unemployment, consumers cut back on their spending. On the following page is a chart
              which shows the taxable retail sales in Fresno County over the last 20 years. Between 1999 and
              2009 taxable sales increased an average of 4% per year. The cities of Fresno and Clovis
              experience similar rates of growth over the same period.      In the city of Fresno taxable retail sales
              rose by 4.5% while taxable retail sales rose by 4.6% sales in Clovis.




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                                       SUMMARY OF FRESNO COUNTY TRENDS
                            Population     Average Number    Average      Taxable                   Per Capita
                Year         Fresno          Employedb      Unemploy-   Retail Sales c               Personal
                End          County a     Farm     Non-Farm ment Rate
                                                                      b
                                                                          (1000's)                   Incomed
                 1990       667,490       52,700      244,500         11.7%        $4,023,360 $16,928
                 1991       686,000       59,600      227,300         13.5%        $4,002,240 $17,023
                 1992       706,100       47,900      230,200         15.6%        $4,089,075 $17,539
                 1993       722,600       51,500      233,600         15.5%        $4,181,708 $18,036
                 1994       735,200       56,900      237,200         14.3%        $4,345,645 $18,105
                 1995       746,500       58,200      243,500         14.1%        $4,426,605 $18,563
                 1996       760,900       62,000      246,800         13.4%        $4,566,730 $18,874
                 1997       776,200       60,300      249,800         13.6%        $4,738,673 $19,059
                 1998       786,779       58,700      253,500         14.3%        $4,821,425 $19,839
                 1999       799,407       56,300      262,000         13.6%        $5,338,431 $20,662
                 2000       812,368       55,600      270,600         10.4%        $5,857,841 $21,508
                 2001       828,881       48,700      275,900         10.7%        $6,110,890 $22,592
                 2002       847,413       46,600      282,000         11.5%        $6,513,761 $23,492
                 2003       866,466       46,200      282,700         11.8%        $7,048,496 $24,399
                 2004       883,650       46,000      286,900         10.5%        $7,730,818 $25,225
                 2005       899,514       46,400      294,300          9.0%        $8,556,886 $26,052
                 2006       917,515       46,500      203,600          8.0%        $9,058,802 $27,081
                 2007       931,098       48,100      306,400         10.0%        $8,776,111   n/a
                 2008       942,298       48,900      303,000         10.5%        $7,872,783   n/a
                 2009       953,761       47,200      286,600         15.1%        $7,648,213   n/a
              a
                California Department of Finance (as of Jan. 1st of 2010 for year end 2009)
              b
                California Employment Development Department: Labor Market Information Division
              (Benchmark March 2010)
              c
                State Board of Equalization and California Retail Survey, 2010
              d
                State Employment Development Department (Fresno County)


              Agricultural Production: The total gross production value of Fresno County agricultural
              commodities in 2009 was $5,374,175,000. This represents a 4.5% decrease from the 2008
              production value. Increases were seen in vegetable crops, seed crops, nursery products, and Apiary
              and pollination products. Although some commodities have increased in value, other commodities
              have decreased. According to the Agricultural Commissioner, Ms. Carol N. Hafner, the outlook for
              2010 is one of uncertainty. The production capability to produce and sustain domestic food and fiber
              production is being impacted by the downturn in the economy and the drought. Ms. Hafner states,
              AAlthough the water allotments improved, the guarantee of water and much of the cost of producing
              a crop is beyond the control of the grower.@

              Agriculture continues as the major industry in Fresno County and is a driving force in the county=s
              economy. According to the Fresno County Department of Agriculture, every dollar received by
              Fresno County producers results in the economic extension benefit of $3.50 to the total economy of
              the county.

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              The following table shows the Fresno County=s ten leading crops for Year 2009.


                                   FRESNO COUNTY'S 10 LEADING CROPS
                                          2009            2009            2008       1999      1989
                    Crop                  Rank        Dollar Value        Rank       Rank      Rank
                    Grapes                     1      $667,638,000           1          1        1
                    Tomatoes                   2       614,736,000           5          4        3
                    Poultry                    3       504,509,000           3          2       +
                    Almonds                    4       500,940,000           2          8       14
                    Cattle &                   5       301,882,000           6          7        5
                    Calves                     6       297,720,000           4          5        4
                    Milk                       7       187,044,000          10         12        8
                    Nectarines                 8       173,521,000           8         15       10
                    Oranges                    9       171,606,000           7          9       11
                    Peaches                   10       150,791,000           9          6       16
                    Garlic
                     Top Ten Total                    $3,570,387,00
                                                                  0
                    + Not previously combined for ranking purposes.

                    Note: Data provided by the County of Fresno Department of
                    Agriculture, 2009 Agricultural Crop & Livestock Report.


              Public Transportation:          Fresno, a designated United States Port-of-Entry, is a hub of
              transportation facilities of all kinds, connecting Central California to designations anywhere in the
              world.

              With two municipal airports, Fresno provides facilities for both private and commercial aviation
              services. Allegiant Air, American Airlines, American Eagle, American West Express, United
              Express, Delta/Sky West, and Horizon Air operate regularly scheduled flights from the Fresno
              Yosemite International Airport. Both the Burlington Northern Santa Fe and Union Pacific Railroads
              have extensive freight terminal facilities. Amtrak also serves the Fresno market. Greyhound bus line
              has a terminal in Fresno, in addition to Fresno Area Express, which provides local metropolitan area
              bus service. Dozens of trucking firms provide service of every description to all parts of the
              country.




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              Community Facilities: The Fresno area provides all of the service and supply, cultural and
              recreational facilities of a large metropolitan area, including police and fire protection; public
              elementary; junior high and high schools; one public junior college; one state university; 16 private
              schools; medical and dental facilities; churches; a library system; motels; restaurants; and numerous
              shopping facilities.

              Climate: The county climate varies from subtropical to alpine. Fresno County's mean maximum
              temperatures average from 55 degrees Fahrenheit in January to 99 degrees Fahrenheit in July.
              Precipitation ranges from an average of only 6 to 7 inches in the Westlands District, which is in the
              shadow of the Coast Ranges, to over 50 inches in parts of the Sierra Nevadas. Foggy periods are
              frequent in the valley during the winter months; however, the year-round sunshine more than offsets
              winter foggy periods.




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              Fresno-Clovis Metropolitan Area Data:

              The cities of Fresno and Clovis are located in the north-central portion of the Fresno County and share
              common boundaries along North Willow Avenue and the approximate alignment of Dakota Avenue.
              Though the two communities remained physically separated for most of the last century developing
              their own styles and personalities, they have grown together over the 25 years and now account for the
              largest population center in the San Joaquin Valley outside of the Sacramento area. The
              construction of several major highways (Freeways 41,168 and 180) in the urban area over this period
              supported this growth. The cities utilize common employment centers with residents of both cities
              commuting across town to work. Aside from jobs, the cities share common shopping,
              entertainment, cultural and recreational venues, as well as schools, hospitals and other regional
              services.

              City of Fresno:

                      The city of Fresno was incorporated in 1885 and is the county seat of Fresno County. Located
                      near the center of the state, Fresno is 184 miles south of San Francisco and 222 miles north of
                      Los Angeles. According to the California Department of Finance, the city of Fresno had a
                      population of 502,303 residents as of January of 2010 and is ranked the sixth largest city by
                      population in the state of California. This reflects an increase of 15% since the 2000 Census
                      was taken which reported a population of 435,109. With economic recession of the past
                      two, the rate of population has growth has slowed in the state and in county. The city of
                      Fresno=s population increased 1.4% between January 1, 2009 to January 1, 2010 which is
                      same rate as Fresno County and above the state=s growth for this period of 1.0%.

                      The central business district of Fresno is located in the original sector of the city, generally
                      located between the Santa Fe and Southern Pacific Railroad tracks and between Monterey and
                      Divisadero Streets. This core area contains many City, County, State and Federal
                      administrative offices. During the city=s growth in the late-1960's and 1970's, development in
                      the northerly direction pulled retailers away from the central business district to more modern
                      and functional shopping centers located in nearby residentially developed areas.

              City of Clovis:

                      The city of Clovis grew up around San Joaquin Division of Southern Pacific Railroad that was
                      developed to serve farming, livestock, mining and timber interests in the valley and the
                      nearby mountains. Sitting at the base of the Sierra Nevada foothills Clovis has long been
                      known as the AGateway to the Sierras.@ The community was founded in 1891 after the
                      arrival of the railroad and the competition of the 42-mile long Shaver lumber flume and the
                      40-acre Clovis saw mill and finishing plant.




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                      Clovis has experienced very rapid growth over the past 30 years and has been one of the fasting
                      growing smaller communities in the state of California. Between 1970 and 1980, Clovis grew
                      from a rural town of 13,856 people to 33,021 residents in 1980. By 1990, the community had
                      grown to 50,323 residents (a gain of 17,300 people) and to 68,468 residents at the 2000 census
                      (a gain of 18,145 people). Over the last decade, the population has exploded. As of January
                      1, 2010, the city is estimated to have a population of 96,868, an increase of 28,400 people or
                      41.5% since the 2000 census. The annual rate of growth for Clovis over this period has
                      averaged 4%.

              In addition to the central business district of each community there are two regional shopping centers
              in north Fresno, Fashion Fair at Shaw Avenue and First Street and River Park at Blackstone and Nees
              Avenues, and one in Clovis, Sierra Vista Mall at Shaw and Clovis Avenues. Numerous community
              and neighborhood centers are located throughout the metropolitan area.

              As evident from the agricultural influence in Fresno County, the economic base of Fresno- Clovis
              area is similarly oriented; however, many industries help complement and stabilize the economy.
              Major industrial and/or manufacturing firms include The Gap, Pelco Industries, Bayly Corporation,
              Duncan Enterprises and P.P.G. Industries. Several of the largest non-manufacturing employers
              include the Internal Revenue Service, Community Hospital and Medical Center, California State
              University-Fresno, the City of Fresno, University Medical Center, Saint Agnes Medical Center,
              Pacific Bell, and Pacific Gas and Electric Company.




SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710      Page 18
 Peter S. Cooper Appraisals Inc.    Fresno, CA



                                SUMMARY OF TRENDS - CITIES OF FRESNO & CLOVIS
                                                                 Building Permitsc         Building Permits -
                                                                      - Fresno                    Clovis
                                                                Single          Multi       Single      Multi
                   Year       Fresno City     Taxable Salesb    Family         Family      Family      Family
                   End        Populationa        (1000's)       (units)        (units)      (units)    (units)
                   1990         350,672         $2,704,716       2,031          1,297          --         --
                   1991         367,200         $2,655,118       1,875           535           --         --
                   1992         378,200         $2,665,848       2,271           569           --         --
                   1993         385,900         $2,745,973       1,915           234           --         --
                   1994         391,500         $2,782,163       1,803           184           --         --
                   1995         395,500         $2,858,643       1,454           504           --         --
                   1996         400,900         $2,858,683       1,625           282          366          2
                   1997         406,900         $2,955,097       1,323           182          280         17
                   1998         411,611         $3,006,271       1,365           139          390        160
                   1999         427,652         $3,337,248       1,459           294          362         16
                   2000         435,109         $3,665,810       1,397            49          507          0
                   2001         443,034         $3,863,836       1,588           109         1,036         0
                   2002         451,565         $4,158,346       1,134           179         1,319         0
                   2003         458,170         $4,502,934       1,516           783         1,380        54
                   2004         464,784         $4,920.482       2,085          1,033        1,430       437
                   2005         471,479         $5,411,282       2,247          1,147        1,310         0
                   2006         481,035         $5.643,638       1,792           183          655          0
                   2007         486,116         $5,495,981       2,043           847          623        151
                   2008         495,913         $4,950,428        887            192          415         16
                   2009         502,303         $4,846,469       1,009            22          571          0
                   2010            -                 -            712            192          387          0
                a
                  California Department of Finance (as of January 1st of 2010 for year end 2009)
                b
                  State Board of Equalization and California Retail Survey, 2010
                c
                  Fresno City Planning Department/Quarterly Housing Report (CSUF)/Construction Industry
                Research Board, U.S. Census Department

              Housing in the Fresno-Clovis area has kept pace with past population growth. Over the last 25 years
              new single family construction has averaged between 2,000 and 2,500 units per year in the
              metropolitan area. At the height of the building boom of the last decade new home construction
              soared to 3,500 units in 2004-2005. Since the collapse of the housing market, building activity has
              declined to one-third the levels of these peak years. New residential construction is concentrated on
              the fringes of the metropolitan area. The more active new home markets are in northeast and
              southeast Clovis, east Fresno, west Fresno and northwest Fresno. Northeast Fresno has been an
              important new home market area, but this district is nearing building out with only a few residential
              projects remaining. A number of local and national homebuilders offer new production homes
              with current prices in the $175,000 to over $350,000 range. According to the California Association
              of Realtors, the median home price for new and existing homes sales in Fresno County in October
              2010 was $155,000, a 10.4% drop from October 2009 median price of $173,000 and a 20% from
              October 2008 with a median price of $217,525.

SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710    Page 19
 Peter S. Cooper Appraisals Inc.    Fresno, CA



              There are four school districts that serve residents of the metropolitan area. Four school districts
              have jurisdiction within the city limits of Fresno: Fresno, Central, Sanger and Clovis. Most
              educational facilities in the city of Fresno are administered by the Fresno Unified School District,
              which administers 93 elementary and junior high schools and eight high schools. Clovis Unified
              School District administers 41 schools in the northwest quadrant of the metropolitan area. The
              jurisdiction of this district includes the city of Clovis and rural areas north and east of town,
              neighborhoods in northeast Fresno (north of Herndon Avenue and east of Van Ness Extension) and
              east Fresno (south of Kings Canyon and east of Clovis/Fowler Avenue). Central Unified School
              District administers 22 schools in the western (west of Freeway 99) and northwest areas of the city.
              Sanger Unified School Districts serves residents in the southeast corner of Fresno (south of Kings
              Canyon and east of Clovis/Fowler Avenue). Though there are nearby elementary schools to serve the
              neighborhood, students in higher grades must travel to Sanger for middle and high school.

              Post graduate instructional institutions in the metropolitan area include Fresno Community College,
              a state junior college, which has a main campus in central Fresno and recently built satellite campus
              in northeast Fresno; Pacific College, an accredited denomination university; and San Joaquin
              College of Law, an accredited private college of law. California State University-Fresno, is a
              four-year accredited institution offering Master of Arts & Science in many fields of study with an
              enrollment of approximately 25,000 students. Several other institutions offer associate and
              bachelor degrees, specialized master degrees, or certification programs.       These institutions and
              trade schools include Heald College, Galen College of Medical and Dental Assistants, Lyles
              Colleges of Beauty, Manchester Beauty College, Sierra Valley Business College; ITT Technical
              Institute, Kaplan College, Milan Institute, University of Phoenix, DeVry University and Alliant
              International University.




SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710    Page 20
 Peter S. Cooper Appraisals Inc.    Fresno, CA



              Other cultural and recreational resources in the metropolitan area include over 750 churches, 12
              public libraries, one major newspaper, 88 radio stations, 16 television channels received directly, 1
              cable television system, 3 regional parks, over 50 neighborhood parks/playgrounds, a nationally
              renowned zoological garden, three public golf courses, and five movie theater complexes. In
              addition, there is a Fresno Arts Center, The Fresno Philharmonic Orchestra, the Fresno Musical
              Club, Junior Museum of National History, Fresno Arts and Culture Events, Meux Home Museum,
              Legion of Valor Museum, Forestiere Underground Gardens, Saroyan Theater; and a regional ballet
              company. For the sports enthusiasts and music venues, there is the Chukchansi AAA Baseball
              stadium, Fresno Convention & Entertainment Center, and the Save Mart Center.
              Transportation facilities include truck, bus, rail and air. Thirty-one interstate and 75 intrastate
              carriers have terminals in the Fresno-Clovis area providing overnight delivery to Los Angeles, San
              Francisco, Sacramento, Reno and San Diego. Greyhound provides passenger bus service. The
              Fresno County Rural Transit Agency provides public transportation in each incorporated city within
              the county. Access to major highways is good, with the north/south Highways of 99 and 41 and the
              east/west Highway of 180 extending through the city. Interstate 5 is approximately 40 miles to the
              west. The Union Pacific and Burlington Northern Santa Fe Railroads offer freight transportation,
              while Amtrak provides passenger service. The Fresno Yosemite International Airport handles all
              commercial air transporting and is served by Allegiant Air, American Airlines/American Eagle,
              United Express, Delta Airlines/Sky West, and Alaska Airlines/Horizon Air. Chandler Municipal
              Airport serves general aviation needs as well as private and company aircraft.

              The Fresno-Clovis area should continue to grow at least moderately, if not faster, than the state as a
              whole over the near term. The central state location provides many advantages to industry which,
              together with agriculture, makes the area economically stable.  As the local economy strengthens
              and slowly recovers from the recession, business and employment opportunities will expand over the
              next two to three years.




SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710     Page 21
 Peter S. Cooper Appraisals Inc.    Fresno, CA



              Neighborhood Data:

              The subject property is situated in a major commercial district that extends along the North Blackstone
              Avenue corridor between Shaw Aveneu on the south and Herndon Avenue on the north. The subject
              is situated at the northeast corner of North Blackstone and East Sierra Avenues.

              Blackstone Avenue is a six lane, divided major arterial that extends from the downtown central
              business district to the northerly environs of Fresno. Blackstone Avenue is a heavily developed strip
              commercial thoroughfare that is developed with smaller, lower quality, commercial improvements
              that are located just north of the central downtown business district of Fresno. On North Blackstone
              Avenue at the northeast corner of Shields Avenue is a large enclosed mall known as Manchester
              Center. This was the first enclosed mall that was developed in Fresno and was the driving force for
              moving the retailers from the downtown area to the northerly sector of Fresno. Commercial
              developments continue to be constructed along the Blackstone Avenue corridor with the newest and
              largest retail developments existing at the southwest and southeast quadrants of Blackstone and Nees
              Avenues. The major developments in this area include the River Park regional mall, Villaggio
              Center, and the Lowe=s and Sam=s Club center. There are other major retailers in this area which
              include Kohls , Home Depot, and Costco.

              In the immediate vicinity of the subject property, there are commercial developments that consist of
              automobile agencies, automobile repair facilities, smaller single tenant and multi-tenant commercial
              improvements, and some neighborhood shopping centers. Some of the car dealerships in the area
              include Audi, Toyota, Chrysler, Honda, Chevrolet, and GMC. Some of the major retailers in the
              immediate area include Smart N= Final, Burlington Coat Factory, Big 5 Sporting Goods, Food Maxx,
              Trader Joes, Orchard Supply Hardware, Costco, and Home Depot.

              The traffic volume in the vicinity of the subject property is in excess of 43,000 cars per day.

              On the east and west of the Blackstone Avenue corridor properties consist primarily of residential
              developments along with some multifamily projects located along the major arterials.

              Approximately one block east of Blackstone Avenue is Freeway 41, a major freeway system that
              extends through the northerly sector of Fresno and parallels Blackstone Avenue. There are a number
              of major east/west streets that intersect Blackstone Avenue, namely, Shaw, Barstow, Bullard, Sierra,
              and Herndon Avenues. These streets provide east/west access to and from the residential districts
              that surround the Blackstone Avenue and Freeway 41 corridors.

              The commercial district along Blackstone Avenue is within the city limits of Fresno and the properties
              are served by all normal city and public utilities. All of the streets serving the district are asphalt
              paved and City maintained, while Freeway 41 is maintained by Caltrans.




SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710       Page 22
 Peter S. Cooper Appraisals Inc.    Fresno, CA



              In summary, the subject neighborhood is considered to be an intensively developed commercial
              district that is located along the east and west lines of Blackstone Avenue. All of the parcels along
              this corridor for the most part are 100% developed and there is little to no vacant land available for
              development. The trend throughout the immediate area is considered to be fairly stable although
              many of the commercial developments along the Blackstone Avenue corridor have been negatively
              impacted by the recessionary economy that has existed over the last several years. It is anticipated
              that rents and property values will continue to remain fairly flat with the possibility of some slight
              declines in some properties if economic conditions do not improve. However, the general area has a
              substantial amount of top main retail businesses that are situated along the Blackstone Avenue
              corridor which creates a very strong commercial synergism throughout the area. Thus, it is the
              appraiser=s opinion that the subject=s neighborhood and the commercial district along the Blackstone
              Avenue corridor will continue to be a dominant commercial district over the foreseeable future.




SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710     Page 23
 Peter S. Cooper Appraisals Inc.    Fresno, CA



   XXII.      SITE DESCRIPTION:

              Location:

                      The property under appraisal is the Sierra Village Shopping Center that is located at the
                      northeast corner of North Blackstone and East Sierra Avenues, Fresno, California. The
                      property is more specifically identified as 6410-6460 North Blackstone Avenue, Fresno,
                      California, 93710.

                      The property is situated in the northerly sector of Fresno and is positioned along the east line of
                      North Blackstone Avenue, a major commercial thoroughfare that extends through the central
                      sector of the city.

              Thomas Bros. Map Code, Census Tract and A.P.N.:

                      T.B.M.C.:         1252 A4???
                      C.T.:             42.05???
                      A.P.N.:           408-050-26 and 28

              Size and Shape:

                      The parcel contains 6.20 acres or 270,072 square feet of land area.              The parcel is a
                      rectangular-shaped site.

              Off-Site Improvements:

                      The subject property is improved with off-sites that consist of concrete curbs, gutters,
                      sidewalks and street lighting. The off-site improvements are installed along all of the street
                      frontages.

              On-Site Improvements:

                      The entire site is developed with the building improvements as well as asphalt paved parking
                      areas, parking lot lighting, concrete curbing, landscaping with automatic sprinkler systems,
                      and concrete approach aprons to the property from the street alignments.

              Adjoining Properties:

                      North:            To the north of the subject are various strip and freestanding retail commercial
                                        improvements as well as some commercial developments.
                      South:            South of the subject along the Blackstone Avenue corridor, the improvements
                                        consist of various retail and commercial improvements.
                      East:             East of the subject property is Freeway 41 and further to the east are single
                                        family residential developments.
                      West:             West of the subject property along the Blackstone Avenue corridor are
                                        commercial improvements and further to the west are residential subdivisions.


SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710         Page 24
 Peter S. Cooper Appraisals Inc.    Fresno, CA




              Utilities:

                      All municipal and public utilities are in the immediate area. These services and providers
                      include:

                      Utility                    Provider
                      Water                      City of Fresno
                      Sewage Disposal            City of Fresno
                      Trash Collection           City of Fresno
                      Electricity                Pacific Gas and Electric Company
                      Natural Gas                Pacific Gas and Electric Company
                      Cable Television           Comcast
                      Telephone                  AT&T
                      Flood Control              Fresno Metropolitan Flood Control District
                      Police and Fire            City of Fresno

              Topography/Drainage:

                      The subject property is level to grade and has been graded so the excess water runoff drains to
                      on-site catch basins where it is delivered to a storm drainage system operated by the Fresno
                      Metropolitan Flood Control District.

              Soils Condition:

                      The appraiser has not reviewed a soils report, however, soils in the area are of a sandy loam
                      texture and considered to be suitable for building purposes.

              Easements:

                      The appraiser has not been provided with a title report, thus, no comments can be made with
                      regards to what easements impact the subject property. This appraisal assumes that the only
                      easements affecting the site are for public utility purposes.

              Covenants, Conditions and Restrictions (CC&R=s):

                      The appraiser has not been provided with any information regarding CC&R=s. this appraisal
                      assumes that there are no restrictions, conditions, or covenants that would limit the
                      marketability of the subject property.

              Streets:

                      The subject property has frontage along the east line of North Blackstone Avenue and along
                      the north line of East Sierra Avenue. All of the streets are asphalt paved and City maintained.

                      The intersection of Blackstone and Sierra Avenues is fully signalized.




SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710      Page 25
 Peter S. Cooper Appraisals Inc.    Fresno, CA



              Access and Exposure:

                      The property has good access from Blackstone and Sierra Avenues. The multi-tenant shop
                      building has been developed so that the tenants face in a southerly direction and do not have
                      good exposure to Blackstone Avenue. Along the easterly portion of the property is the major
                      tenant building, which houses the bowling alley, has reasonable good exposure from
                      Blackstone Avenue. The DMV building is somewhat restricted from view from Blackstone
                      Avenue but does have good access and visibility from Sierra Avenue. The building with the
                      highest visibility and identity is the Arby=s fast-food facility which is directly at the corner of
                      Blackstone and Sierra Avenues.

                      Overall the project has fair to average exposure and traffic circulation throughout the parking
                      area. Access to the property is considered to be average to good.

              Zoning:

                      The subject parcel is zoned CB6 and CB6/cz. The CB6 zoning is a heavy commercial zoning
                      designation. A portion of the property has the cz zoning classification. This indicates that there
                      are conditions of zoning that apply to a portion of the subject property. Based on the CB6
                      zoning designation, the improvements as currently exist conform with this zoning designation.

              Building Improvements and Site Coverage:

                      The total building area amounts to 58,368 square feet. Based on the total site area of 270,072
                      square feet, the building coverage amounts to 31.6%. This is a fairly typical building
                      coverage for most commercial developments in the city of Fresno.

              Parking:

                      There is an adequate number of parking stalls on the site. Based on a count of the parking, the
                      index amounts to approximately 4.0 cars per 1,000 square feet of gross leasable area.

              Environmental Conditions:

                      Toxic or Hazardous Waste: The appraiser has no expertise with respect to toxic wastes,
                      hazardous materials or undesirable substances. Proper inspections of the property by
                      qualified experts should be undertaken at the client's request to determine whether or not there
                      are any current or potential toxic wastes, hazardous materials or undesirable substances in or
                      on the property. The appraiser has not made, nor will make, any representations, either
                      express or implied, regarding the existence or nonexistence of toxic wastes, hazardous
                      materials, or undesirable substances in or on the property. Problems involving toxic wastes,
                      hazardous materials, or undesirable substances can be extremely costly to correct. It is the
                      responsibility of the client or recipient of this report to retain qualified experts to deal with the
                      detection and correction of such matters.




SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710           Page 26
 Peter S. Cooper Appraisals Inc.    Fresno, CA



                      Earthquake Hazard: The subject is not located in a special study zone as set forth by the
                      Alquist-Priolo Special Studies Zones Act of December 22, 1972, which went into effect
                      March 7, 1973. This act pertains to properties that are located in active earthquake areas.

                      Significant Natural, Cultural, Recreational or Scientific Value: The subject property is not
                      located in an area that has any natural, cultural, recreational or scientific significance.

                      Flood Hazard:     The subject property is located in Flood Zone AX@ as indicated by
                      Community Panel #06019C1565H, dated February 18, 2009. This is not considered to be a
                      designated flood hazard area.

                      Wetlands: The subject property is not located in an area designated as a wetlands area.




SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710    Page 27
 Peter S. Cooper Appraisals Inc.    Fresno, CA



  XXIII.      IMPROVEMENTS DESCRIPTION:

              The following is a brief discussion of the building improvements:

              Building Age:

                      According to the Fresno County Tax Assessor=s Office, the buildings were completed in 1986.
                      Thus, the chronological age would be 25 years. Based on an inspection of the buildings, it is
                      the appraiser=s opinion they have an effective age of 20 years.

              Building Size:

                      The following table shows the square footage for each of the buildings developed within the
                      center:

                                                                   Building Areas
                         Blackstone Address       Building S.F.        Building Depth                      Building Use

                                6460                  19,838                60'-70'                   Multi-tenant shop space

                                6450                  51,760                 170'               Single tenant AMF Bowling Lanes

                                6420                  10,483                 85'                   Single tenant DMV office use

                                6410                  3,287                  40'               Single tenant - Arby=s fast-food tenant

                                Total                 85,368


              Foundation and Flooring:

                      All of the buildings have reinforced perimeter concrete foundation systems with concrete slab
                      flooring placed over sand fill and compacted soil.

              Building Shell:

                      All of the buildings are of Class AC@ (concrete tilt-up) construction. Basic construction is
                      concrete exterior walls with storefront entry systems and wood built-up roof systems.

              Roof:

                      The roof systems on all of the buildings are of a wood panelized system with plywood
                      sheathing and built-up roof coverings. All of the roof systems are supported by wood or light
                      steel framework.




SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710                      Page 28
 Peter S. Cooper Appraisals Inc.    Fresno, CA



              Interior Finish:

                      Multi-Tenant Retail Building - 6460 North Blackstone Avenue:

                      The multi-tenant retail building is divided into eight tenant areas that range in size from 1,271
                      square feet to 5,841 square feet.

                      The typical interior improvements for the shop space consists of a combination of wall-to-wall
                      carpeting and resilient floor coverings. The interior demising walls are taped, textured, and
                      painted sheetrock and the ceilings are suspended acoustical tile ceiling systems with
                      flush-mounted fluorescent lighting fixtures. Some of the ceilings are of painted sheetrock.

                      The interiors are designed to meet the tenant=s requirements.

                      The Billiard space in Unit 114 is generally open space which has a combination of vinyl tile
                      flooring and carpeting with painted sheetrock walls and a suspended acoustical tile ceiling
                      system. All of the interiors are painted a rather dark color. There are fluorescent lighting
                      fixtures that are suspended from the ceiling over each of the billiard tables. The billiards
                      parlor also has a bar area.

                      The other modules are generally designed for retail and/or office uses.

                      The overall condition of the interiors within the multi-tenant building is considered to be fair to
                      average.

                      Arby=s - 6410 North Blackstone Avenue:

                      Arby=s is a freestanding fast-food facility containing 3,287 square feet. The interiors are a
                      combination of vinyl tile flooring, ceramic tile in the food preparation areas, painted sheetrock
                      walls and acoustical ceilings. The building has been developed to meet the requirements of
                      Arby=s restaurants. This building has a drive-through facility. The overall condition of the
                      interiors is rated as average.

                      DMV - 6420 North Blackstone Avenue:

                      This building is occupied by the State of California Department of Motor Vehicles. This
                      building has been demised into a larger open seating area, various private offices, open clerical
                      office areas, storerooms, and rest rooms. The interior finishes consist of some carpeting and
                      resilient floor coverings; taped, textured, and painted sheetrock walls; and suspended
                      acoustical tile ceiling systems.




SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710         Page 29
 Peter S. Cooper Appraisals Inc.    Fresno, CA



                      AMF Sierra Lanes - 6450 North Blackstone Avenue:

                      This building is totally occupied by the Sierra Lanes bowling alley. The interior finishes are
                      typical of a standard bowling facility. The floor plan is divided into a reception area, cocktail
                      lounge, bowling lanes, a small kitchen area, a meeting room, rest rooms, and a pro shop.

                      The basic interior finishes consist of carpeting; resilient floor coverings; taped, textured, and
                      painted sheetrock walls; suspended acoustical tile ceiling systems; and painted sheetrock
                      ceilings. Lighting throughout the building is by fluorescent and incandescent fixtures. The
                      bowling lanes are finished with hardwood flooring.

                      The rest rooms are finished with ceramic tile flooring and wainscoting and painted sheetrock
                      walls and ceilings. The overall condition of the bowling alley is considered to be average.

                      Conclusion:

                      The overall condition of the interiors of the various buildings is considered to be average with
                      some of the shop spaces showing some wear and tear and others considered to be in average to
                      good condition. The bowling alley appears to be adequately maintained and does not show
                      any deferred maintenance.

                      The Department of Motor Vehicles has recently remodeled their building and according to the
                      property manager, they expended approximately $380,000 for tenant improvements. It
                      appears that Arby=s has also remodeled their facility.

              HVAC:

                      All of the buildings are heated and cooled by roof-mounted, dual-pack refrigeration and
                      forced-air heating units. The interior temperatures are thermostatically controlled.

              Electrical:

                      All of the buildings have fluorescent and incandescent lighting fixtures. There is ample
                      electrical outlets distributed to each of the buildings and throughout each module within the
                      multi-tenant buildings.

              Plumbing:

                      In the multi-tenant building, each of the tenant spaces has a rest room that appears to be
                      handicap compliant in the unites that were inspected. The bowling alley has two sets of
                      men=s and women=s rest rooms. These rest rooms are finished with ceramic tile flooring and
                      wainscoting and sheetrock walls and ceilings. The men=s rest rooms have a total of 17
                      fixtures and the women=s have a similar fixture count. Te locker areas have vinyl tile floor
                      coverings. The overall condition of the rest rooms is considered to be average.




SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710        Page 30
 Peter S. Cooper Appraisals Inc.    Fresno, CA



              Fire Protection:

                      All of the buildings are sprinklered for fire protection with a wet pipe system.

              On-Site Improvements:

                      On-site improvements include asphalt paved parking areas, concrete walkways, concrete
                      approach aprons, parking lot lighting, and landscaping that is irrigated by an underground
                      automatic sprinkler system.

              Americans With Disabilities Act (ADA):

                      It appears that the buildings meet current ADA requirements.

              Personal Property:

                      No personal property has been included in the appraised value.

                      Based on a review of the AMF Sierra Lanes lease, it appears that the tenant owns all of the
                      FF&E that is associated with this building. If the tenant vacates, they are required to remove
                      all of the tenant improvements and return the building to a shell condition.

              Improvements Rating:

                      Construction Quality: According to the Marshall Valuation Service definition, the quality of
                      construction is rated as average, Class AC@ construction. The Class AC@ indicates a masonry
                      type of construction.

                      Architectural Appeal: The project has average architectural appeal and adapts to the various
                      commercial improvements that have been developed along the Blackstone Avenue alignment.

                      Functional Utility: The various floor plans within the multi-tenant shop building is
                      considered to be suitable for retail and office tenants. The existing improvements can be
                      easily reconfigure to accommodate the tenants= needs.

                      The Arby=s fast-food facility has been designed to meet their requirements but if they did
                      vacate the property it probably could be used by another fast-food tenant. More than likely if
                      the tenant vacated the building would be removed and the site redeveloped with a national
                      fast-food brand.

                      The building occupied by the DMV could easily be converted to another government or back
                      office tenant or to a retail user.

                      The major tenant building could be converted to other uses such as a discount grocery store, a
                      fitness gym, an entertainment use, a church/religious center, a private school, a call center, a
                      government office, or a retail use.


SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710       Page 31
 Peter S. Cooper Appraisals Inc.    Fresno, CA



                      Condition: The improvements are in new condition upon completion of construction.

                      Depreciation: The subject property is estimated to have an effective age of 20 years and a
                      total economic life of 50 years. This indicates a total accrued depreciation of 40%. The
                      estimated remaining economic life is 30 years.       The improvements do not suffer any
                      functional or economic obsolescence.


  XXIV.       RETAIL MARKET OVERVIEW:

              The first section of the Market Analysis presents historical taxable retail sales information for the city
              of Fresno over the past 7 years. The second section deals with a retail market survey prepared by
              CB Richard Ellis for the Fresno/Clovis metropolitan area.

              Historical Taxable Retail Sales

              The historical taxable sales in the city of Fresno have been listed in the following table:

                                     Annual Retail Sales - City of Fresno - Unadjusted Dollars

                                                                    Total Sales                 Annual
                                             Year                    ($000s)                   % Change

                                             2004                   $4,920,482                    ---
                                             2005                   $5,411,282                  9.9%
                                             2006                   $5,643,638                  4.3%
                                             2007                   $5,495,981                  -2.6%
                                             2008                   $4,950,428                  -9.9%
                                             2009                   $4,343,089                 -12.27%
                                             2010                   $4,456,469                 +2.61%

                                      Source: California Retail Survey 2011 Edition


              The retail sales began to show strong increases beginning in 2004 through 2006. For the year ending
              2007, the retail sales began to decline and going into 2008, there was a substantial drop off in sales.
              The downward trend continued through 2009. The loss in sales revenue was due to the recessionary
              economy that started in 2006/2008. The sales reported for 2010 show an increase of 2.6% from the
              prior year indicating the consumer has been returning to the retail stores.

              According to a Eureka California Retail Survey, the city of Fresno has a performance rank 3, which is
              the measure of sales growth over the most recent reporting period. This ranking is at the state
              averages. Over the past 10 years, the growth persistence index shows a rating of 55.6%. This index
              attempts to identify those retail markets that have a consistent ability to grow faster than the state as a
              whole, based on a year-by-year performance. Markets with indexes ranging from 35% to 59% are
              characterized as average and perform fairly closely to the statewide average growth rates over a

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              10-year period. Other indexes reported for the city of Fresno indicate that Fresno=s retail market is at
              or slightly above state averages with regards to retail sales growth rates.

              With a continued weak economy, it is anticipated that retail sales throughout the city of Fresno will
              continue to remain fairly flat over the next several years. The retail sales will not begin to gain any
              strength until employment improves.

              Fresno Retail Overview

              A retail market overview prepared by CB Richard Ellis for the 2nd quarter of 2011 was reviewed by the
              appraiser. The report indicates that the Fresno retail market experienced a slight decline in market
              conditions in the first half of 2011. The vacancy rate reported at the close of 2010 was 11.2% for the
              Fresno market. At the end of the first half of 2011, the vacancy rate reported was 11.0%, a slight
              decrease.

              There has been some leasing activity. The most note worthy was the lease negotiated with Dick=s
              Sporting Goods in the Arbor Fair Shopping Center on West Shaw Avenue. Dick=s took 50,000
              square feet of a vacant Mervyns store building and the space has recently been open for customers.
              Some of the other larger space deals that has taken place is Ramos Furniture Home Store that moved
              into a 30,000 square foot building on Blackstone Avenue, Garcias Market who leased 23,220 square
              feet, and
              and Buffalo Wild Wings that occupied 20,880 square feet within a building on East Shaw Avenue.

              Although the tenant activity has picked up over the past six months, lease terms and rents continue to
              remain flat due to the large amount of vacant space that remains available in the market. As a result,
              the backfilling of current vacant space is necessary before any significant change in rental rates can be
              expected.

              However, lower lease rates have decreased the barrier for tenant entry. Tenants that previously could
              not enter the market due to costly triple-net rents plus common area maintenance charges can now
              enter and position themselves in better locations.

              Looking forward it is expected that anchor vacancies currently on the market will remain, but there is
              an increased interest from landlords and national tenants to backfill existing jr. anchor vacancies in
              well established submarkets and in well located centers. For the remainder of 2011, the Fresno market
              should continue to stabilize if the national market continues to remain on a positive track.




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              The following is an overview of the retail market that was surveyed by CB Richard Ellis for the Fresno
              and Clovis markets:

                                                       Retail Market Survey - 2nd Quarter 2010

                                Net Rentable                           Vacancy      Under Construction   Average Asking Lease
                   Submarket     Area S.F.           Vacancy S.F.      Rate %              S.F.             Rate $/SF/MO
                   Northwest          7,052,988         670,034          9.5%                  0                 $.90

                   Northeast1         2,193,780         186,471          8.5%                  0                $2.20

                   Southwest          3,932,293         460,078         11.7%                  0                 $.95

                    Southeast         2,666,942         333,368         12.5%                  0                 $.85

                     Clovis           2,848,710         410,214         14.4%                  0                $1.05

                Market Total       18,694,713          2,060,165        11.0%                  0                $1.19

               Source: CB Richard Ellis
               1
                Subject=s Submarket



              The subject property is located in the Northeast Submarket which according to the survey is one of the
              stronger markets since it is experiencing an overall vacancy rate of 8.5% and the average asking rent is
              at $2.20 per square foot per month triple-net versus the other submarkets that range from $.85 to $1.05
              per square foot per month triple-net.

              Conclusion

              Based on the conversations with various commercial real estate brokers in the Fresno area and a
              review of the market survey prepared by CB Richard Ellis and a market survey prepared by
              Taranomics, it is the appraiser=s opinion that the subject property will be able to maintain a stabilized
              occupancy that should remain around 90%.

              The multi-tenant shop building should be able to maintain a fairly good occupancy assuming that the
              vacant space can be backfilled within a reasonable length of time at market rents ranging from $1.30 to
              $1.40 per square foot per month triple-net. The owner will have to provide some lease concessions
              such as free rent and possibly tenant improvements. However, this section of the center should
              continue to remain at a fairly reasonable occupancy level.

              With respect to the DMV building, this tenant has a long term lease, however, there is a go dark clause
              in the lease after the fourth year. If the DMV vacates this building, it is the appraiser=s opinion that it
              could be backfilled by another back office or retail tenant.

              The major tenant building would present some challenges to release this space if AMF decided to
              close this facility. If this tenant were to vacate, the time frame to re-lease the space could take 12-24
              months.



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              With respect to the Arby=s facility, the most probable event would be to remove the building and
              either ground lease the pad or do a build-to-suit with a national fast-food tenant. To attract a
              non-major brand fast-food operator, the rent would have to be significantly reduced.

              In conclusion the subject property is located in a very strong retail/commercial corridor serving the
              north Fresno area and based on the current tenant mix, the subject property should be able to generate
              rents at the lower to midrange of rents being generated for space on the Blackstone Avenue corridor
              and should also be able to maintain an occupancy level of 90% or higher.

              With respect to the investment characteristics of the subject property, it is the appraiser=s opinion that
              considering the current tenant mix, the lease terms, and the rental rates that the investment market
              would classify this property as a Class AC+@ or AB@ investment grade asset. Thus, an investor would
              require a higher risk rate which would result in a higher capitalization rate than for better quality core
              retail properties.


   XXV.       HIGHEST AND BEST USE:

              The term "Highest and Best Use," as used in this report is defined as follows:

                      "The reasonably probable and legal use of vacant land or an improved property, which is physically
                      possible, appropriately supported, financially feasible, and that results in the highest value. The four
                      criteria the highest and best use must meet are legal permissibility, physical possibility, financial
                      feasibility, and maximum profitability." (The Dictionary of Real Estate Appraisal, 5th Edition,
                      Chicago: Appraisal Institute, 2010, page 73)

              The above definition applies specifically to the highest and best use of land or sites as though vacant.
              When a site contains improvements, the highest and best use may be determined to be different from
              the existing use. The existing use will continue unless and until land value in its highest and best use
              exceeds the sum of the value of the entire property in its existing use and the cost to remove the
              improvements.

              In determination of the highest and best use of both the land as though vacant and property as if
              improved, four criteria must be met. They are as follows:

              1.      Legal Permissibility: Zoning restrictions are highly important factors when considering
                      potential uses. If a particular use is restricted by law to a property, the property is not
                      available for that particular use.

              2.      Physical Possibility: This criterion will take into consideration size, shape, area and terrain
                      of the parcel.

              3.      Financial Feasibility: Those uses that meet the preceding criteria will be analyzed further to
                      determine which uses will produce a positive return above operating expenses, financial
                      obligation and capital amortization. At this point in time, the appraiser will consider the
                      supply and demand forces which influence the possible uses.



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              4.      Maximum Productivity: Those uses which produce a positive rate of return are analyzed
                      further to determine which will produce the highest rate of return.

              The site under analysis has been developed with a community shopping center that contains 245,210
              square feet of gross leasable area. In analyzing the site as to its highest and best use as if vacant and as
              improved, the four criteria as outlined above have been considered. Each of these criterion will be
              discussed as follows:

              Highest and Best Use As If Vacant:

              1.      Legal Permissibility: The subject site is zoned CB6. This is a heavy commercial zoning
                      designation. This zoning allows for all types of commercial uses including restaurants,
                      service stations, wholesale and retail food stores, drug stores and major big box retailers. The
                      zoning would not allow for single family, multifamily and light industrial uses. General
                      office uses could be conducted within this zoning designation.

              2.      Physical Possibility:         Considering the subject site=s location, size, topography and
                      availability of utilities, it would be physically possible to construct a community shopping
                      center on the site.

              3.      Financial Feasibility: Due to the recessionary economy and the downturn in the housing
                      market throughout the Fresno/Clovis metropolitan area, there has been a sharp decline in any
                      shopping center developments. Weak consumer spending, high unemployment rates, and
                      stagnant wage growths will continue to hold down retail growth curtailing most new retail
                      developments.

                      The declining retail rental rates, higher vacancy rates, and the slower absorption of space and
                      higher risk rated returns required by investors is making any proposed retail development
                      infeasible. Thus, it is the appraiser=s opinion that it would not be financially feasible to
                      develop the subject property with any retail space until economic conditions substantially
                      improve.

              4.      Maximum Productivity: The maximum return to the land would be generated by eventually
                      developing the property with a major retail development. However, due to the current
                      economic conditions it is the appraiser=s opinion that attempting to develop the property with
                      a retail development at this point in time would not generate the greatest return to the land.

              Conclusion:     The highest and best use of the property as if vacant would be for its future
              development to a neighborhood/community shopping center similar to the one that has been
              developed on the site once economic conditions improve to the point where it becomes financially
              feasible wherein the economic value of the project would be in excess of the cost to develop a retail
              development.




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              Highest and Best Use As Improved (Developed):

              1.      Legal Permissibility:           The subject property as developed meets the test of legal
                      permissibility.

              2.      Physical Possibility: By the existence of the building improvements on the site, the property
                      meets the test of physical possibility.

              3.      Financial Feasibility: The subject property is achieving rents at the mid- to upper-end of the
                      rental range for non-investment grade retail space located along the North Blackstone Avenue
                      corridor. The center is currently at stabilized occupancy and generating rents sufficient to pay
                      all operating costs and provide an equity investor a return of his or her equity investment.
                      Thus, the property meets the test of financial feasibility.

              4.      Maximum Productivity:           The greatest net return to the land is being generated by the existing
                      development.

              Conclusion: The subject development is considered to represent the highest and best use of the site
              and there is no economic or legal justification to remove the improvements and redevelop the parcel to
              an alternative use.

              The building improvements are of fairly new construction and there was no need for remodeling,
              renovation, or repairs. The improvements should be left in their Aas is@ condition since they
              represent the highest and best use of the site and contribute a value in excess of the land value as if
              vacant.


  XXVI.       VALUATION METHODOLOGY:

              There are three generally accepted approaches available in the valuation of real property. They are
              the Sales Comparison, Cost and Income Approaches. In appraisal practice, an approach to value is
              included or omitted based on its applicability to the property type being valued and the quality of
              information available.

              The Final Estimate of value considers the result of each approach used in this report. If more than one
              approach has been found applicable to the subject property, a correlation of indicated values will be
              performed to establish a final value.

              The appraiser has used the Sales Comparison and Income Approaches to value to form an opinion of
              the subject property=s various valuation scenarios. The Cost Approach was not use as one of the
              valuation methodologies. In discussions with various real estate brokers, it was their opinion that an
              investor would not give any weight to this valuation approach. They would place the greatest weight
              on the Income Approach followed by the Sales Comparison Approach when making their acquisition
              decision. The absence of the Cost Approach is not considered to weaken the final opinion of values
              that were based on the Sales Comparison and Income Approaches to value.



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              Sales Comparison Approach:

                      DEFINITION: "A set of procedures in which a value indication is derived by comparing the property
                      being appraised to similar properties that have been sold recently, applying appropriate units of
                      comparison, and making adjustments to the sale prices of the comparables based on the elements of
                      comparison. The sales comparison approach may be used to value improved properties, vacant land,
                      or land being considered as though vacant; it is the most common and preferred method of land
                      valuation when comparable sales data are available. (The Dictionary of Real Estate Appraisal, 5th
                      Edition, Chicago: Appraisal Institute, 2010, page 175)

              The Sales Comparison Approach to value utilizes sales of comparable properties, adjusted for
              differences, to indicate a value for the subject property. This is done for both land and improved
              property. Valuation is often accomplished using a unit of comparison such as price per square foot,
              price per unit, gross or net rent multipliers. Adjustments are applied to the unit of comparison from
              the comparable sales, and the unit of comparison chosen for the subject is then used to yield a total
              value.

              Income Approach:

                      DEFINITION: "A set of procedures through which an appraiser derives a value indication for an
                      income-producing property by converting its anticipated benefits (cash flows and reversion) into
                      property value. This conversion can be accomplished in two ways. One year's income expectancy can
                      be capitalized at a market-derived capitalization rate that reflects a specified income pattern, return on
                      investment, and change in the value of the investment. Alternatively, the annual cash flows for the
                      holding period and the reversion can be discounted at a specified yield rate." (The Dictionary of
                      Real Estate Appraisal, 5th Edition, Chicago: Appraisal Institute, 2010, page 99)

              This approach can be computed by two different methods. One is the Direct Capitalization Method,
              wherein the format is to determine the income producing capacity of the property on a stabilized basis
              by estimating market rent, making deductions for vacancy and collection losses and building
              expenses, then directly capitalizing the net income at a market derived rate to arrive at an indication of
              value. The overall capitalization rate is an income rate which represents the relationship between net
              income and value as determined in the market.

              The other is the Yield Capitalization Method, which uses the discounting procedure to convert future
              benefits, net cash flows and reversion, to a present value on the premise of a required level of profit or
              rate of return on invested capital.

              Depending upon the property type and investment qualities of the property, either one or both of these
              methods may be used in the Income Approach section of the appraisal.




SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710                      Page 38
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 XXVII.       SALES COMPARISON APPROACH TO VALUE:

              Improved Properties:

              The appraiser has conducted a sales search throughout the general area for recent sales of similar
              sites that could be used in establishing a value for the subject.

              The sales were compared to the subject and adjustments were made with respect to property rights
              conveyed, financing, conditions of sale, date of sale, location, and physical characteristics.

              The following is a brief discussion of these transactions:




SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710   Page 39
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BUILDING DATA SHEETS – DUE TO CONFIDENTIALITY, I CANNOT LIST THESE HERE!!!




SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710   Page 40
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              Summary and Reconciliation of the Building Sales:

              On the following page is a table outlining the four improved property sales. The market data was
              compared to the subject and adjustments were made with respect to property rights conveyed,
              financing, conditions of sale, expenditures after sale, date of sale, location, building size, building age
              and condition, quality of construction, and the quantity, quality, and durability of the income stream.
              The accompanying adjustment grid shows the various adjustments. Each of the elements of
              comparison will be discussed as follows:

              Property Rights Conveyed: The property rights being appraised for the subject property are those of
              the leased fee estate. All of the sales involved the transfer of leased fee interests, therefore, no
              adjustments were warranted.

              Financing:       The sales were all-cash transactions, thus, no adjustments were warranted.

              Conditions of Sale: All of the sales were considered to be arm=s length transactions, therefore, no
              adjustments were warranted.

              Expenditures After Sale: Sales 1, 2, and 4 did not require any expenditures after sale. Sale 3 is
              not at stabilized occupancy. In order to analyze the sale assuming it was stabilized, the appraiser has
              estimated the lease-up costs which include rent loss, leasing commissions, tenant improvements, and a
              developer=s profit. The total cost was estimated at $100,000 which should be added back to the price
              paid for the property indicating a total sales price of $5,100,000. This equates to a total adjusted sales
              price of $186.48 per square foot.

              Market Conditions/Date of Sale: The sale dates ranged between July of 2003 and August of 2009.
              All of the sales were considered to be current transactions, therefore, no adjustments were warranted.

              Location: The subject property is considered to be located in a major strip commercial district
              serving Fresno. Sales 1 and 2 are located in the Sacramento area in locations that were considered to
              be stronger than the subject; thus, a downward adjustment of 10% was applied to each of these
              transactions.

              Sale 3 was located in Merced and this location is considered to be superior to the subject requiring a
              downward adjustment of 10%.

              Sale 4 was located in the city of Porterville in an area that is considered to be weaker than the subject=s
              location, thus, an upward adjustment of 10% was applied.

              Building Size: Sales 1, 2, and 4 did not require any adjustment for size. Sale 3 was 27,350 square
              feet of gross leasable area which is smaller than the subject property. A smaller commercial property
              will tend to sell on a higher per unit price. This is considered to be a superior feature, thus, a downward
              adjustment of 10% was applied.

              Building Age and Condition: The subject property is estimated to have an effective age of 25
              years and is in fair to average condition.


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              Sales 1, 2, and 3 were all considered to be superior requiring downward adjustments ranging from 5%
              to 20%. Sale 1 is considered to be the most superior, thus, a much greater downward adjustment was
              applied to this transaction.

              Sale 4 is considered to be inferior to the subject as to age and condition requiring an upward
              adjustment of 5%.

              Quality of Construction:           The subject property is of average quality, masonry construction.

              Sales 1 and 2 were considered to be substantially superior to the subject as to quality of construction
              requiring downward adjustments of 15% to 20%.

              Sale 3 was slightly superior as to quality of construction, thus, a downward adjustment of just 5% was
              applied.

              Sale 4 was considered to be inferior as to quality of construction requiring an upward adjustment of
              5%.

              Quantity, Quality, and Durability of the Income Stream: The quantity, quality , and durability
              of the income stream generated from the subject property is considered to be fair to average. The
              current net operating income on a per square foot per year basis estimated for the subject property is
              $8.07 per square foot assuming a stabilized occupancy.

              Sales 1, 2, and 3 were all generating much higher net incomes on a per square foot per year basis and
              were considered to have a stronger tenant mix. Thus, the sales were adjusted downwards by 10% to
              25%.

              Sale 4 was generating a net income of just $6.01 per square foot per year and had a weaker tenant mix
              than the subject property, thus, an upward adjustment of 5% was applied to this sale.

              Conclusion: After making the various adjustments, the indicated unit prices for the subject property
              ranged from a low of $78.10 per square foot to a high of $102.56 per square foot of gross leasable area.
              The midpoint of the range was indicated at $87.51, adjusted to $87.50 per square foot of gross leasable
              area. Multiplying this unit price times the subject=s total gross leasable area of 85,368 square feet
              indicates a value of $7,469,700, adjusted to $7,470,000.

              Hence, the following:

              Price Per Square Foot Method - Leased Fee Interest:

              Subject - 85,368 SF @ $87.50/SF                                                            = $7,469,700

              Adjusted to                                                                                = $7,470,000




SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710         Page 42
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XXVIII. INCOME APPROACH TO VALUE - LEASED FEE INTEREST:

              The Income Approach has also been used in the valuation of the subject property. This approach
              reflects the subject's income producing capabilities. The Income Approach is based on the
              assumption that value is created by the expectation of benefits to be derived in the future.
              Specifically estimated is the amount an investor would be willing to pay to receive an income stream
              plus reversion value from a property over a period of time. The two common valuation techniques
              associated with the Income Approach are the Direct Capitalization Method and the Discounted Cash
              Flow Analysis (or Yield Capitalization Method).

              To form an opinion of the economic value of the property by the Income Approach, the appraiser has
              used just the Direct Capitalization Method which will be discussed as follows:

              Direct Capitalization Method:

              Direct Capitalization is the method utilized to convert a single year's estimate of income into a value
              indication. In direct capitalization, a precise allocation between return on and return of capital is not
              made, because investor assumptions or forecasts concerning the holding period, pattern of income,
              or changes in value of the original investment are not simulated in this method. Direct capitalization
              is most appropriate when analyzing a stable income stream and in estimating the reversion at the end
              of a holding period.

              Using this method requires the following steps:

              1.      Estimate the total gross potential income from all sources that a competent owner should be able to generate from
                      a property based on existing and/or market rents.

              2.      Deduct an estimate of vacancy and credit loss to arrive at an effective gross income.

              3.      Deduct operating expenses from the estimate of the effective gross income. The result is an estimate of
                      stabilized net operating income to be used for the capitalization process.

              4.      Develop an overall capitalization rate.

              5.      Divide the net operating income by the overall capitalization rate, which results in a value estimate at stabilized
                      occupancy.

              6.      Adjust the stabilized value to account for "as is" condition if applicable.

              Each of these steps will be discussed as follows:

              Potential Gross Income:

              The Sierra Village Shopping Center contains a total gross leasable area of 85,368 square feet. As of
              the effective date of value, the center had 4,042 square feet vacant indicating a vacancy rate of 4.7%.
              Thus, the center is considered to be at stabilize d occupancy. On the following page is a rent roll
              showing the specifics of each of the tenants= leases.




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              The various buildings will be discussed in more detail following the table that shows each building=s
              gross leasable area, its percentage of the total project, current vacancy rate, and the range of current
              contract rents:

                                                Recap of Occupancy and Contract Rents

                   Bldg.
                 Address on         Gross                                                                         Range of
                 Blackstone        Leasable            Bldg. Type          % of Total     Current Vacancy -    Contract Rents -
                  Avenue           Area S.F.            Tenant               GLA            Vacancy Rate         $/SF/MO

                     6460           19,838        In-Line Shop Space         23.2%         4,042 SF - 21.2%      $.54 - $1.54
                                                     Shop Tenants                                                 Triple-Net

                     6450           51,760        Major Tenant Bldg.         60.6%             0 - 0%           $.32 Triple-Net
                                                  AMF Bowling Lanes

                     6420           10,483             Jr. Anchor            12.3%             0 - 0%               $1.85
                                                          DMV                                                    Full-Service

                     6410            3,287             Fast-Food              3.9%             0 - 0%          $2.45 Triple-Net
                                                        Arby=s



              6460 North Blackstone Avenue - Multi-Tenant Shop Building:

              The multi-tenant shop building contains 19,838 square feet of gross leasable area. The building is
              situated at the most northerly end of the property and is perpendicular to Blackstone Avenue. The
              shop space entrances face in a southerly direction onto the main field of parking. As of the appraisal
              date, there were two vacancies in this building that totaled 4,042 square feet or 21.2% of the gross
              leasable area in this structure. The tenant mix in this building ranges from a billiard=s parlor, several
              retail businesses, and an insurance office. The rental rates range from $.54 to $1.54 per square foot
              per month triple-net with the average rent at $1.35 per square foot per month triple-net. According
              to the leasing agent, the owner of the property is asking $1.50 per square foot per month for the two
              vacant spaces. The leasing agent feels that the space will eventually lease between $1.25 and $1.40
              per square foot per month triple-net.

              The remaining terms of the various leases within the multi-tenant building ranges from 13 months to
              45 months. Most of the tenants have remaining terms between 30 and 48 months. Most of the
              tenants have rental increases over their lease terms. All of the leases are structured on a triple-net
              lease basis.

              6450 North Blackstone Avenue - Major Tenant Building:

              This building contains 51,760 square feet and is located at the most northeasterly section of the
              shopping center development. The building is leased to AMF bowling lanes. The building has been
              occupied as a bowling alley since the shopping center was originally developed. This building
              represents 60.6% of the total center. The current rent being generated from this space is $.32 per

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              square foot per month triple-net. The lease expires in approximately 33 months. There are fixed
              rental increases over the remaining term of the lease. The lease is structured on a triple-net lease
              basis.

              The tenant, AMF Bowling Center, is the world=s owner and operator of bowling centers employing
              more than 10,000 people throughout the United States. The company leases over 300 bowling centers.
              The appraiser was not provided with any financial information on the lessee, however, considering the
              company=s involvement in the bowling industry, it is the appraiser=s opinion this tenant should be
              treated as a knowledgeable and credit worthy operator.

              The lease is structured on a triple-net lease basis and has rental increases throughout the remaining
              term of the lease which will expire June 30, 2014 or in approximately 33 months. The appraiser did
              not _______ that there are not anymore options to extend the lease. The lease indicates that if the
              tenant surrenders the property to the landlord that the tenant is required to remove any and all
              alterations, improvements, fixtures, and equipment affixed to the premises by the tenant including all
              bowling and kitchen fixtures and repair and restore the premises their original condition as of the
              delivery date. All of this is to be completed at the tenant=s expense. Thus, the landlord is entitled to
              receive a vanilla shell building if the tenant elects to vacate the premises.

              6420 North Blackstone Avenue - DMV Jr. Anchor Tenant Building:

              The freestanding building at 6420 North Blackstone Avenue is a 10,483 square foot single tenant
              building that is occupied by the DMV. The building is designed for the DMV and the tenant has just
              remodeled the interiors at an expense of approximately $382,000. This building represents
              approximately 12.3% of the total gross leasable area. The DMV signed an 8-year lease with four
              years firm that commenced July 1, 2010. The full term would expire June 30, 2018 and the early
              termination would be as of June 30, 2014. The current rent is $1.85 per square foot per month on a
              full-service basis. The rent has fixed increases adjusted every two years over the 8-year lease term.
              The lease is structured on a full-service lease basis.

              6410 North Blackstone Avenue - Arby=s Fast-Food Building:

              Arby=s is a fast-food tenant that leases a 3,287 square foot outpad building that is situated directly at
              the corner of Blackstone and Sierra Avenues. The tenant signed a 30-year lease commencing in 1985
              with a termination as of September of 2015. There is 48 months left on the lease. The rent is
              currently at $2.45 per square foot per month triple-net. The lease steps to $2.55 per square foot per
              month triple-net as of October 1, 2012. The tenant is in their first 10-year option period. They have
              one remaining 10-year option to renew.




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 Peter S. Cooper Appraisals Inc.    Fresno, CA



              The lease for Arby=s is signed by RTM Restaurant Group. This is the largest franchise group in the
              United States, operating more than 1,000 restaurants in 24 states. The company is the nation=s
              largest franchiser of Arby=s restaurants with some 770 units. A review of the lease indicates that the
              RTM Restaurant Group subleased this facility to another operator , however, they are still responsible
              for the rent and all common area charges.

              A review of the sales volume since 2004 through 2010 indicates that the average annual sales amounts
              to $1,087,292. This equates to approximately $330 per square foot per year. Based on the most
              recent Owners and Cents of Shopping Centers location of receipts and expenses for shopping center
              operations, food service tenants in the United States open in shopping centers average medium sales
              per square foot of $324.38. Thus, the sales indicated from the subject=s operations appear to be
              within industry averages. However, the sales volume being generated from the business operations
              does not meet or exceed the break point sales volume of $1,610,000 which is developed by dividing
              the percentage rent of 6% into the total gross annual rent of $96,640. Thus, the tenant was not able to
              generate sales to generate any overage rents.

              In order to determine whether or not the contract rents for the various tenants within the shopping
              center are at market levels and also what a market rent would be for the vacant space located in the
              multi-tenant building, the appraiser has conducted a rental survey for the various tenant types located
              within the subject property.

              Each of the tenant groupings will be discussed as follows:

              SHOP SPACE RENT COMPARABLES:

              On the following page is a shop space rent comparable table outlining the specifics of the various rent
              comparables. The following is a discussion of these comparables:

              Rent Comparables 1, 2, and 3 - California Closets (#1), Uniform Shops (#2), and Nail Salon (#3),
              130 West Nees Avenue, Fresno:

                      These three rent comparables are located in a strip retail center located at the northwest corner
                      of North Blackstone and West Nees Avenues. The center contains a total of 29,940 square
                      feet of gross leasable area and was constructed in 1990. The buildings are of average quality,
                      Class AD@ (wood frame/stucco) construction. The improvements are in average condition.

                      The property is located across the Blackstone and Nees Avenues intersection from River Park,
                      a large regional open air center serving the Fresno/Clovis metropolitan area. The center is
                      also located directly to the north of the shopping center, a good quality life style center.

                      The building was a theater which was converted to general retail space. The building has an
                      effective age of 30 years and is in average condition. The building is of average quality, Class
                      AC@ (masonry) construction. The building is a freestanding commercial structure.

                      The property fronts Barstow Avenue and is located to the east of Blackstone Avenue.


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                      California Closets have recently leased 1,600 square feet in an end cap space in one of the
                      multi-tenant buildings facing Nees and Blackstone Avenues. The tenant signed a three-year
                      lease commencing September 1, 2011 at a rent of $2.00 per square foot per month triple-net for
                      the first year. The rent steps to $2.65 per square foot per month for the remaining two-year
                      period.

                      Uniform Shops also recently signed a lease in September of 2011 for 2,220 square feet. The
                      tenant signed a five-year lease at a beginning rent of $1.50 per square foot per month triple-net.
                      The rent remains flat for one year and then has annual increases at $.05 per square foot per
                      month per year. This lease was structured on a triple-net lease basis and then has annual
                      increases of $.05 per square foot per month per year. The lease is structured on a triple-net
                      lease basis.

                      A third recent lease to have been signed in this center is for a nail salon who will occupy 2,100
                      square feet and will not take possession until November 1, 2011. The tenant signed a
                      five-year lease at a beginning rent of $1.50 per square foot per month triple-net. The lease
                      remains flat for two years and then steps to $1.60 per square foot per month triple-net for the
                      remaining term. The lease is structured on a triple-net lease basis.

              Rent Comparables 4 and 5 - One Hour Martinizing (#4) and Bullard U-Save Liquor (#5),
              NEC of Bullard and Palm Avenues, Fresno:

                      The two leases that have been used as rent comparables, One Hour Martinizing and Bullard
                      U-Save Liquor, are located in a neighborhood center situated at the northeast corner of Bullard
                      and Palm Avenues. The center is approximately 30 years of age and is in average condition.
                      The buildings are of average quality, Class AD@ construction. The center has an anchor
                      tenant, Rite Aid, but was occupying a new building until they decided to close that facility and
                      move to another location. The building is vacant and available for lease.

                      The One Hour Martinizing signed an 11-year lease beginning October 1, 2011. The tenant
                      occupies 2,400 square feet and signed a lease at $1.45 per square foot per month triple-net.
                      The lease increases annually based on a CPI. The lease was structured on a triple-net lease
                      basis.

                      The Bullard U-Save Liquor store has been in the center for a number of years. They
                      negotiated a new lease commencing August 1, 2009 at a rate of $1.50 per square foot per
                      month triple-net for 2,400 square feet. The lease remains flat for three years and then has
                      fixed increases over the remaining term.

              Shop Space Rental Adjustments:

              The appraiser has prepared a quantitative adjustment grid which is on the following page. The rent
              comparables were compared to the subject and adjustments were made for various elements of
              comparison such as the lease structure, market conditions, location, quality of construction, tenant
              improvement finishes, size of space, visibility and access, and whether or not the center had an anchor
              tenant.

SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710        Page 47
 Peter S. Cooper Appraisals Inc.    Fresno, CA




              Each of these will be discussed as follows:


                                                       Shop Space Rental Adjustments

                Lease Structure:      All of the leases were structured on a triple-net lease basis, therefore, no
                                      adjustment was warranted.

                Date of Lease:        All of the leases were considered to be current transactions, therefore, no
                                      adjustments were warranted.

                Location:             Rent Comparables 1, 2, and 3 are considered to have a much superior location
                                      since they are located directly at the corner of two major arterials and the center
                                      situated directly cater-corner from a regional shopping center facility known as
                                      River Park. The appraiser has made a downward adjustment of 15% due to the
                                      superior location.

                                      Rent Comparables 4 and 5 were considered to be similar as to location.

                Building              The subject property is of average quality, Class AC@ or masonry construction.
                Quality:
                                      All of the rent comparables were considered to be slightly superior as to quality
                                      of construction, therefore, a downward adjustment of 5% was applied.

                Age and               The subject property is estimated to have an effective age of 20 years and is in
                Condition:            average condition.

                                      Rent Comparables 1, 2, and 3 were considered to be similar.

                                      Rent Comparables 4 and 5 were slightly superior requiring a downward
                                      adjustment of 5%.

                Tenant                The tenants have standard retail finishes. All of the rent comparables were
                Improvement           considered to have similar tenant improvements, therefore, no adjustments were
                Finishes:             warranted.

                Size of Space:        The in-line space ranges from 100 to 5,000 square feet.

                                      All of the rent comparables were considered to fall within this same size range,
                                      therefore, no adjustments were warranted.

                Visibility and        The subject property has average visibility and access.
                Access:
                                      Rent Comparable 1 is considered to be much superior since it is located in a
                                      multi-tenant building located directly at the corner of Blackstone and Nees
                                      Avenues, thus, a downward adjustment of 15% was applied.

                                      Rent Comparables 2 and 3 were considered similar/

SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710           Page 48
 Peter S. Cooper Appraisals Inc.    Fresno, CA



                                                       Shop Space Rental Adjustments

                                      Rent Comparables 4 and 5 were also located in front of Palm Avenue exposure
                                      which is superior to that of the subject; thus, a downward adjustment of 5% was
                                      applied.

                Anchor                The anchor tenant in the subject property is the bowling alley. It is the
                Tenants:              appraiser=s opinion that the rent comparables did not have a similar ..... Pete -
                                      Please complete this section!!!


                                      Rent Comparables 1 and 2 are considered to have similar co-tenancies. Rent
                                      Comparables 3 and 4 are considered to have a superior co-tenancies, thus, a
                                      downward adjustment of 10% was applied.

              Conclusion of the Shop Space Rental Adjustments:

              After making the various adjustments, the indicated rental rates for the major tenant building ranged
              from a low of $.22 to a high of $.46 per square foot per month triple-net. The mid-part of the range
              was indicated at $.34 per square foot per month triple-net. Thus, the current contract rent of $ .32 per
              square foot per month is considered to be at market levels.


              MAJOR TENANT SPACE RENT COMPARABLES:

              On the following page is a table entitled AMajor Tenant Rent Comparables@ outlining the specifics of
              four rent comparables. These comparables include Yung=s Hobby Town, 994 Store, Dick=s Sporting
              Goods, and Kohls. The appraiser was unable to find any bowling alley rent comparables, therefore,
              as a substitute, the appraiser has used general retail tenants who have leased spaces ranging from
              15,345 square feet to 75,088 square feet.

              The following is a discussion of the major tenant comparables:

              Rent Comparable 1 - Yung=s Hobby Town, 102 East Barstow Avenue, Fresno:

                      Hobby Town leased 15,345 square feet for a term of five years commencing March 1, 2011 at
                      a beginning rent of $3,500 per month or $.23 per square foot per month triple-net. The rent
                      has fixed annual increases over the five-year lease term. The lease was structured on a
                      triple-net lease basis.

                      The building was a theater which was converted to general retail space. The building has an
                      effective age of 30 years and is in average condition. The building is of average quality, Class
                      AC@ (masonry) construction. The building is a freestanding commercial structure.

                      The property fronts Barstow Avenue and is located to the east of Blackstone Avenue.

SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710         Page 49
 Peter S. Cooper Appraisals Inc.    Fresno, CA




              Rent Comparable 2 - 994 Store, 4170 West Shaw Avenue, Fresno:

                      A 22,960 square foot space within a 57,270 square foot building was leased to a 994 Store for
                      a period of 10 years commencing April 1, 2011. The beginning rent was $.50 per square foot
                      per month triple-net. The rent steps to $1.07 per square foot per month triple-net commencing
                      in the sixth year of the lease. The tenant has two 5-year options to renew at fixed rental
                      increases. The lease was structured on a triple-net lease basis.

                      The building contains a total of 57,270 square feet and has an effective age of 10 years.   It is
                      in average condition and is of average quality masonry construction.

              Rent Comparable 3 - Dick=s Sporting Goods, 3380 West Shaw Avenue, Fresno:

                      A vacated Mervyn=s building that contained 82,400 square feet was demised into two spaces,
                      one of 50,000 square feet that was leased to Dick=s Sporting Goods for a period of 10 years.
                      The lease commenced April 1, 2011 at a beginning rent of $43,750 per month or $.85 per
                      square foot per month. The lease was structured on a triple-net lease basis. The rent remains
                      flat over the 10-year term. The tenant has two 5-year options to renew and the rent increases
                      by $.50 per square foot per year every five years over the option periods.


                      The Mervyn=s building has an effective age of 15 years and was in average condition when the
                      lease was negotiated. The building is of average quality construction. The tenant also
                      received a tenant improvement allowance of $40.00 per square foot.

                      The building is part of a larger shopping center that is anchored by Home Depot and Smart N=
                      Final.

              Rent Comparable 4 - Kohl=s, 1000 Shaw Avenue, Clovis:

                      Kohl=s leased a vacated Mervyn=s building that contained 75,088 square feet. The building
                      contained 75,088 square feet and is part of the Sierra Vista Mall Shopping Center which
                      contains a total of 690,000 square feet. The building has an effective age of 15 years and was
                      in average to good condition at the lease date. The building is of average quality, Class AC@
                      construction. Other major tenants in this center Target, Sears, and a 16-screen theater.

                      Kohl=s signed a lease for 19 years that commenced January of 2010. The beginning rent is
                      $32,851 per month or $.4375 per square foot per month. The lese remains flat over the initial
                      19-year lease term. There are three 5-year options to renew and the rent increases 10% at each
                      option. The lease was structured on a triple-net lease basis.

                      The building is a ground leased parcel, however, the rent includes the building and ground
                      leased rental expense. Thus, the rest of the rent of $32,851 per month represents the rent for
                      land and the building improvements.

SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710       Page 50
 Peter S. Cooper Appraisals Inc.    Fresno, CA




              Major Tenant Space Rental Adjustments:

              On the following page is a rent adjustment grid showing the adjustments made to each of the rent
              comparables. The adjustments consisted of the lease structure, market conditions, location, and
              various physical and locational factors.

              Each of these will be discussed as follows:


                                                   Major Tenant Space Rental Adjustments

               Lease Structure:                    All of the rent comparables were structured on triple-net leases,
                                                   therefore, no adjustments were warranted.

               Date of Lease:                      The lease dates ranged from January of 2010 through April of 2011.
                                                   No adjustments were warranted.

               Location:                           Rent Comparables 3 and 4 were considered to have superior locations to
                                                   the subject, thus, a downward adjustment of 10% was applied.

               Building Quality:                   Rent Comparables 2, 3, and 4 were considered to be superior as to
                                                   quality of construction requiring a downward adjustment of 10%. Rent
                                                   Comparable 1 is considered to be similar.

               Age and Condition:                  The subject property is estimated to have an effective age of 20 years
                                                   and is in average condition. Rent Comparables 2, 3, and 4 were
                                                   considered to be superior requiring downward adjustments ranging from
                                                   5% to 15%. Rent Comparable 3 was considered to be much superior to
                                                   the subject as to age and condition.

                                                   Rent Comparable 1 was considered to be similar.

               Tenant Improvement                  The rental rate for the subject property assumes it is in a vanilla shell
               Allowance:                          condition. Since all of the interior bowling equipment is owned by the
                                                   tenant, no rental value has been assigned to the FF&E or any other
                                                   special features within the building.

                                                   The comparables are considered to be similar to the subject assuming a
                                                   vanilla shell condition, therefore, no adjustments were warranted.

               Size of Space:                      The subject property contains 51,760 square feet. Rent Comparables 1
                                                   and 2 were smaller than the subject which is considered to be a superior
                                                   feature, thus, a downward adjustment of 5% was applied. Rent
                                                   Comparables 3 and 4 ranged between 50,000 and 75,000 square feet
                                                   which is similar to the subject, therefore, no adjustment was warranted.

               Visibility and Access:              The subject is considered to have fair to average visibility and access.
                                                   Rent Comparables 1, 3, and 4 were considered to be similar. Rent

SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710           Page 51
 Peter S. Cooper Appraisals Inc.    Fresno, CA



                                                   Major Tenant Space Rental Adjustments
                                                   Comparable 2 is considered to have superior visibility and access, thus,
                                                   a downward adjustment was applied.

               Anchor Tenants:                     Rent Comparables 1 and 2 are considered to have similar co-tenancies.
                                                   Rent Comparables 3 and 4 are considered to have a superior
                                                   co-tenancies, thus, a downward adjustment of 10% was applied.

              Conclusion of the Major Tenant Space Rental Adjustments:

              After making the various adjustments, the indicated rental rates for the major tenant building ranged
              from a low of $.22 to a high of $.46 per square foot per month triple-net. The mid-part of the range
              was indicated at $.34 per square foot per month triple-net. Thus, the current contract rent of $ .32 per
              square foot per month is considered to be at market levels.


              U.S. GOVERNMENTAL AGENCY RENT COMPARABLES:

              The appraiser has conducted a survey for leases of governmental agencies and freestanding buildings.
              On the following page is a comparable rent table outlining the specifics of the leases.

              The following is a discussion of these rent comparables:

              Rent Comparable 1 - State of California DMV, 2103 Shaw Avenue, Clovis:

                      A freestanding 13,000 square foot building was constructed on a build-to-suit basis for the
                      State of California for a DMV office. The property is located in the community of Clovis.
                      The lease commenced July 1, 2007. The lease terms were 15 years with a firm term of 10
                      years. The rent commenced at $3.30 per square foot per month on a full-service basis. The
                      rent has stepped increases over the 15-year term. The building was of average quality, Class
                      AD@ construction. Analysis of the lease indicates that the beginning rent amounted to $3.30
                      per square foot per month.

              Rent Comparable 2 - U.S. Social Security Administration,
              S/S of Olive Avenue, W/O Peach Avenue, Fresno:

                      A 13.250 square foot, single-story office building constructed on a build-to-suit basis for the
                      United States Social Security Administration was leased for a term of 10 years with 6 years
                      firm. The lease for the SSA commenced June 1, 2009 at a beginning rent of $42,996 per month
                      or $3.24 per square foot per month. The lease was structured on a full-service basis. The
                      lease has fixed increases over the term of the lease. The building was new construction and
                      considered to be of average quality, Class AD@ construction.




SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710          Page 52
 Peter S. Cooper Appraisals Inc.    Fresno, CA



              Rent Comparable 3 - State of California Dept. of Corrections, 250 AG@ Street, Fresno:

                      A 12,510 square foot, single-story building of average quality, Class AD@ construction was
                      leased to the State of California commencing May 1, 2008 at a beginning rent of $2.69 per
                      square foot per month on a full-service basis. The lease was signed for a 20-year term with 5
                      years firm. The rent increases at 2.5% per year. The lease was structured on a modified
                      gross basis wherein the tenant pays utilities and the landlord pays all other operating expenses.
                      The full-service rent equivalency was $2.89 per square foot per month.


              U.S. Governmental Agency Rental Adjustments:

              On the following page is a rent adjustment grid showing the adjustments made to each of the rent
              comparables. The comparables were compared to the subject and adjustments were elements of
              comparison such as the lease structure; market conditions; location; building type and quality; age
              and condition; tenant improvement allowance; size of space; and visibility, access, and parking.

              Each of these will be discussed as follows:


                                            U.S. Governmental Agency Rental Adjustments

               Lease Structure:               The subject property is leased under a full-service lease agreement.
                                              Rent Comparables 1 and 2 were structured on full-service gross leases,
                                              while Rent Comparable 3 was structured on a modified gross lease
                                              basis. No adjustments were required for Rent Comparables 1 and 2.
                                              Rent Comparable 3 was increased by $.20 per square foot per month to
                                              account for the utility expenses paid by the tenant. Thus, the adjusted
                                              full-service rent equivalency was $2.89 per square foot for Rent
                                              Comparable 3.

               Date of Lease:                 The leases were executed between July of 2007 and June of 2009. Rent
                                              Comparable 1 was the oldest lease, thus, a downward adjustment of 5%
                                              was applied. The other two leases did not require any adjustments even
                                              though they were older lease dates. It is the appraiser=s opinion that
                                              there would not have been a market adjustment required for these lease
                                              date.

               Location:                      Rent Comparable 1 was considered to have a similar location, therefore,
                                              no adjustment was warranted. Rent Comparables 2 and 3 were
                                              considered to have inferior locations, thus, an upward adjustment of 5%
                                              was applied.

               Building Quality:              The subject property is of average quality, Class AC@ (masonry)
                                              construction. The rent comparables were of better quality, Class AD@
                                              construction requiring downward adjustments ranging from 15% to
                                              20%.


SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710         Page 53
 Peter S. Cooper Appraisals Inc.    Fresno, CA



                                            U.S. Governmental Agency Rental Adjustments
               Age and Condition:             The subject property has an effective age of 20 years and is in average
                                              condition. All of the rent comparables were of new construction, thus,
                                              a downward adjustment of 15% was applied.

               Tenant Improvement             No adjustments were required for tenant improvements.
               Allowance:

               Size of Space:                 The subject property contains 10,483 square feet.       The rent
                                              comparables ranged in size from 12,510 to 13,250 square feet. No
                                              adjustments were required.

               Visibility, Access, and        The subject property has average visibility and access. The rent
               Parking:                       comparables are considered to have superior access and visibility since
                                              they are freestanding buildings and not located at the back of a shopping
                                              center. Thus, a downward adjustment ranging from 5% to 10% was
                                              applied to these comparables.


              Conclusion of the U.S. Governmental Agency Rental Adjustments:

              After making the various adjustments, the indicated rental rates for the subject property ranged from a
              low of $1.88 to a high of $1.94 per square foot per month on a full-service basis. The indicated rent
              for the subject on a full-service basis is $1.90 per square foot, thus, the current contract rent of $1.85
              per square foot per month full-service is considered to be at market levels.

              The appraiser has estimated that the total operating expenses for a full-service lease within the subject
              center would be approximately $.50 per square foot per month. Deducting this from the full-service
              rent of $1.85 per square foot per month would indicate a triple-net rent of $1.35 per square foot per
              month. Thus, on a triple-net lease basis, the current contract rent is considered to be similar to the
              contract rents that are being generated from the in-line space tenants.


              FAST-FOOD RENT COMPARABLES:

              The appraiser has also researched rent comparables for freestanding fast-food facilities. On the
              following page is a rent comparable table outlining the specifics of the various lease comparables.
              The following is a discussion of these fast-food facilities:

              Rent Comparable 1 - Jack-in-the-Box, 1167 Clovis Avenue, Fresno:

                      This rent comparable represents a freestanding Jack-in-the-Box fast-food facility located on
                      Clovis Avenue. The building contains 2,834 square feet and the beginning rent was $2.79 per
                      square foot per month triple-net. The lease commenced in August of 2008. The rent has rental
                      adjustments of 5% every five years. The building is a freestanding fast-food unit that has an



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 Peter S. Cooper Appraisals Inc.    Fresno, CA


                      effective age of 8 years and was in good condition at the lease date. The building is of average
                      quality, Class AD@ construction.

              Rent Comparable 2 - Taco Bell, 1085 East Champlain Drive, Fresno:

                      A 2,108 square foot, freestanding Taco Bell fast-food facility located at 1085 East Champlain
                      Drive was leased for a period of 20 years at a beginning rent of $3.24 per square foot per month
                      triple-net. The lease commenced in November of 2010. The rent increases are unknown,
                      however, it is assumed there will be fixed rental increases adjusted every five years. The
                      building had an effective age of 10 years and was in very good condition at the sale date. The
                      building is of average quality, Class AD@ construction.

              Rent Comparable 3 - Long John Silvers, 6740 North Blackstone Avenue, Fresno:

                      A 2,666 square foot, freestanding Long John Silvers building located at 6740 North Blackstone
                      Avenue was leased for a 20-year term commencing January of 2008 at a beginning rent of
                      $4,525.56 per month or $1.70 per square foot per month. This was a new 20-year lease that
                      was negotiated for the building. The term of the lease was for 20 years and the rent has 2.25%
                      annual rental increases. The lease was structured on a triple-net lease basis. The building is a
                      single-tenant, fast-food facility and was recently fully renovated indicating the property has an
                      effective age of 10 years.


              Rent Comparable 4 - Arby=s, 4225 West Noble Avenue, Visalia:

                      A freestanding Arby=s restaurant facility located in Visalia was leased for 20 years at a
                      beginning rent of $9,450 per month or $3.08 per square foot per month. The lease was
                      negotiated on January 1, 2008. The rent increases 10% every 5 years. The lease is structured
                      on a triple-net lease basis. The lease calls for four 5-year options to renew.

                      The building is a freestanding fast-food facility with an effective age of 20 years and in average
                      condition. The building is of average quality, Class AD@ construction.

              Fast-Food Rental Adjustments:

              On the following page is a rent adjustment grid showing the adjustments that were made for the lease
              structure, market conditions, and locational and physical differences. Each of these will be discussed
              as follows:




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 Peter S. Cooper Appraisals Inc.    Fresno, CA



                                                       Fast-Food Rental Adjustments

                Lease Structure:              All of the lease structures were based on triple-net leases and since this
                                              is the same type of lease structure for the subject property, no
                                              adjustments were warranted.

                Date of Lease:                The lease dates ranged between January of 2008 and November of 2010.
                                              The appraiser has made a downward adjustment of 5% to the leases that
                                              were executed in 2008.

                Location:                     No adjustments were required for location.

                Building Quality:             The subject property is of average quality, Class AD@ construction.
                                              Rent Comparables 1, 2, and 4 were considered to be similar. Rent
                                              Comparable 3 is a Long Johns Silver building which is considered to be
                                              slightly inferior to the subject, thus, an upward adjustment of 5% was
                                              applied.

                Age and Condition:            The subject property is estimated to have an effective age of 30 years
                                              and is in average condition.

                                              Rent Comparables 1 and 2 were considered to be superior, thus, a
                                              downward adjustment of 10% was applied. No adjustments were
                                              required for Rent Comparables 3 and 4.

                Access:                       The subject property has good access and visibility from Blackstone
                                              Avenue. Rent Comparables 1, 2, and 4 were considered to be similar.
                                              Rent Comparable 3 is located on Blackstone Avenue, however, it is
                                              considered to be an interior parcel and its access is considered to be
                                              inferior to the subject; thus, an upward adjustment of 15% was applied.

                Size:                         No adjustments were required for size.

                Drive-Through:                All of the rent comparables had drive-throughs which was similar to the
                                              subject; therefore, no adjustments were warranted.


              Conclusion of the Fast-Food Rental Adjustments:

              After making the various adjustments, the indicated rental rates for the subject property ranged from a
              low of $1.93 to a high of $2.93 per square foot per month triple-net. The mid-part of the range was
              indicated at $2.55 per square foot per month triple-net. Thus, the current contract rent of $2.45 per
              square foot per month triple-net appears to be at market levels.




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              Conclusion of the Potential Gross Income:

              After analyzing the various rent comparables, it is the appraiser=s opinion that the multi-tenant in-line
              space could command an average rent of $1.35 per square foot per month triple-net. The average
              rental rate for all of the in-line space excluding the vacant space amounts to $1.35 per square foot per
              month triple-net. Since this average rental rate is supported by the indicated market rent from the
              comparables, it is the appraiser=s opinion that the various contract rents within the multi-tenant
              section on average represent the market rental level. With respect to the vacant space, the appraiser
              has assigned a market rent of $1.35 per square foot per month triple-net.

              The AMF Sierra Lanes building which contains 51,760 square feet is currently at a contract rent of
              $.322 per square foot per month triple-net. The analysis of the rent comparables indicated an average
              rental rate of $.34 per square foot per month triple-net. Thus, the contract rent for the AMF space is
              considered to be at market levels.

              The DMV space at 6420 North Blackstone Avenue is currently at a contract rent of $1.85 per square
              foot per month full-service. The governmental rent comparables indicated an average rental rate of
              $1.90 per square foot per month full-service. Thus, the current contract rent of $1.85 is considered to
              be at market levels.

              The Arby=s lease is currently generating a rental rate of $2.45 per square foot per month triple-net.
              The rent comparables for the fast-food facilities indicated an average rent of $2.55 per square foot per
              month triple-net. Thus, the contract rent for Arby=s is also considered to be at market levels.

              In developing a total gross potential income from the subject property, the appraiser has assigned a
              market rent of $1.35 per square foot per month triple-net to the vacant space within the multi-tenant
              shop building and has used all of the contract rents to develop the gross income.

              The following is the calculations used to develop the gross potential income for capitalization
              purposes:

              CANNOT SHOW TABLE DUE TO CONFIDENTIALITY!!!


              Nonreimbursable Operating Expenses:

              The next step is to deduct the nonreimbursable operating expenses from the effective gross income to
              develop a net operating income for capitalization purposes.

              The tenants who do not pay any pro rata share of expenses include the United States Coast Guard,
              National Guard, and Old Navy. These tenants occupy a total of 19,248 square feet. Dividing this
              square footage by the total gross leasable area indicates that these tenants represent 34.66% of the
              center.




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              The nonreimbursable expense calculations for the remaining tenants was calculated by taking the
              balance of the space, 36,290 square feet, and multiplying this by the vacancy rate of 10% which
              indicates a total area of 3,629 square feet. Dividing this by the total gross leasable area indicates that
              this portion of the center represents 6.5%.

              Combining these two percentages, one which represents the United States Coast Guard, National
              Guard, and Old Navy of 34.66% with the remaining tenant base or 6.5% indicates a total
              nonreimbursable amount of 41.16%. This percentage (41.16%) will be multiplied by each expense
              category to develop the nonreimbursable portion of the expense that is the responsibility of the
              landlord. The following table outlines the calculations used to estimate the total percentage of
              nonreimbursable expenses:

              The following is a discussion of each of the expenses used to develop the net income for capitalization
              purposes:

              Real Estate Taxes: The appraiser has not analyzed the historical real estate taxes since the new taxes
              used in the income and expense statement will be based on the economic value of the property. The
              taxes have been estimated at $89,273. Of this, 21.05% is considered to be nonreimbursable or
              $18,792.

              Insurance: The historical operating expenses indicated a range from $.13 to $.15 per square foot per
              year for insurance. The appraiser has estimated this expense at $.18 per square foot per year or
              $15,366. Of this, 21.05% is considered to be nonreimbursable indicating an expense of $3,236.

              Property Management: The appraiser has estimated the property management at 4% of the effective
              gross income or $27,897. This equates to an expense of $.50 per square foot per year. The
              management expenses ranged from $.39 to $.53 per square foot per year which supports the projected
              expense. Of this expense, 41.16% is considered to be nonreimbursable or $11,482.

              Administrative Expense: The administrative expenses have ranged from $.014 to $.016 per square
              foot per year. The appraiser has estimated this expense at $.02 per square foot per year or $1,707.
              Of this, $360 is considered to be nonreimbursable.

              Landscape Maintenance: Landscape maintenance has ranged from $.11 to $.12 per square foot per
              year. The appraiser has estimated this expense at $.13 per square foot per year or $11,098 of which
              $2,337 is nonreimbursable.

              Parking Lot Maintenance: The parking lot maintenance and lighting expenses have ranged from
              $.17 to $.18 per square foot per year. This expense has been estimated at $.18 per square foot per year
              or $15,366 of which $3,236 is considered to be nonreimbursable.

              Building Repairs and Janitorial: This expense has ranged from $.11 to $.18 per square foot per year.
              The appraiser has estimated this expense category at $.20 per square foot per year or $17,074 of which
              $3,596 is considered nonreimbursable.




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              Security/Fire and Safety: This expense has ranged from $.21 to $.23 per square foot per year. The
              appraiser has estimated this expense at $.23 per square foot per year or $19,635 of which $4,135 is
              considered to be nonreimbursable.

              Common Area Utilities: This expense has ranged from $.28 to $.31 per square foot per year. The
              appraiser has estimated this expense at $.32 per square foot per year or $27,318 of which $5,753 is
              considered to be nonreimbursable.

              Miscellaneous Common Area Maintenance: This expense has ranged from approximately $.02 to
              $.04 per square foot per year. This expense has been estimated at $.04 per square foot per year or
              $3,415 of which $719 is considered to be nonreimbursable.

              Reserves for Replacements: Reserves for replacements are typically not considered to be operating
              expenses. Investors will include a reserve in the operating expenses to account for the replacement of
              short lived building components. According to several investor surveys, reserves will range from
              $.10 to $.20 per square foot per year. The appraiser has estimated this expense at $.15 per square foot
              per year or $12,805. One hundred percent (100%) of this expense is considered to be
              nonreimbursable.

              Total Nonreimbursable Operating Expenses: The total operating expenses including reserves has
              been estimated at $239,914 or $2.81 per square foot per year. This equates to a monthly expense of
              $.23. The operating expenses are considered to be sufficient to maintain the property and keep it in a
              competitive position with other shopping centers in the general area.

              After adjusting the total gross operating expenses for the vacancy factor of 10% and the DMV lease
              which was structured on a full-service basis, the total nonreimbursable operating expenses amounted
              to $78,590.    This equates to 10.3% of the effective gross income.

              Net Operating Income:

              Deducting the nonreimbursable operating expenses of $78,590 from the effective gross income of
              $765,162 results in a net operating income of $686,572 or $8.04 per square foot of gross leasable area
              per year. The lower net operating income on a per square foot per year basis is the result of the large
              percentage of the center that is occupied by the bowling alley that is generating a rental rate
              comparable to warehouse space.

              Overall Capitalization Rate Selection:

              The next step is to capitalize the net income into an economic value. An overall rate used to convert the
              net income into an economic value was based on the capitalization rates extracted from the sale
              properties and also the review of two national real estate surveys that provide investors current
              expectations with regards to investment returns. These surveys include the Real Estate Research
              Corporation=s Survey and the PWC                     Real Estate Investor Survey published by
              Price$Waterhouse$Coopers.




SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710        Page 59
 Peter S. Cooper Appraisals Inc.      Fresno, CA



              The following is a table showing the overall rates extracted from the improved property sales and the
              one listing that were used in the comparable sales section of this report:


                              MARKET EXTRACTED OVERALL CAPITALIZATION RATES
                 Sale                                                    Price/         NOI/       Age/
                 No.      Sale Date       GLA          Sales Price        S.F.         SF/YR     Condition        OAR %

                  1         12/10        115,639       $36,000,000       $312.39       $23.85    2006-2009        7.64%
                                                                                                 Very Good

                  2         04/10         88,815       $13,900,000       $156.51       $13.30   1994/Average      8.50%

                  3         06/11         27,350       $5,100,000        $186.47       $21.42   1990/Average      11.49%

                  4         12/09         81,010       $5,400,000        $66.66         $6.01   1986/Average      9.01%




SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710            Page 60
 Peter S. Cooper Appraisals Inc.    Fresno, CA



              The overall rates extracted from these sales ranged from a low of 7.64% to a high of 11.49%. The
              lowest overall rate was attributable to a good quality shopping center located in Folsom, which is
              considered to be much superior to that of the subject. Therefore, considering the age and condition,
              quality of construction and the investment characteristics of the subject, the overall capitalization rates
              generated by Sale 1 should be substantially increased.

              Sale 2 indicated an overall rate of 8.50% and it is considered to be an investment that would have
              similar characteristics to the subject property.

              Sale 3 is a smaller center located in Merced, which was considered to be superior to the subject with
              regards to location, tenant mix, and the quality, quantity, and durability of the income stream.
              However, analyzing this sale indicates that the overall average rental rate of $1.90 per square foot per
              month triple-net is substantially over market considering the quality of construction, location, and age
              and condition of this center versus other centers in the Merced market. Thus, the overall rate of
              11.49% tends to account for the over market rents. The buyer, Broman Development Company, is a
              very experienced shopping center developer and felt that there would more than likely have to be some
              downward adjustment in rents as leases rolled over. Thus, the overall rate extracted from the sale
              should be adjusted downwards due to the potential event risks with this center.

              Sale 4 represents an acquisition of a neighborhood center located in Porterville, California. The
              center was acquired by one of the anchor tenants on an overall rate of 9.01%. Although the buyer is
              one of the major tenants in the center, the buyer still expected a reasonable return on his vestment
              considering the investment characteristics of the property.

              Based on the sales which indicated overall rates ranging from a low of 7.64% to a high of 11.49%, it is
              the appraiser=s opinion that the subject property could command an overall rate of approximately 500
              basis points higher than the mid-part of the range or an overall rate of 9.5%.

              The appraiser has also reviewed the going-in overall rates as presented in the PWC Real Estate
              Investor Survey for the 2nd quarter of 2011 and the overall rates presented in the Real Estate Research
              Corporation=s investor report. The overall capitalization ranges from these two publications are
              shown on the following table:


                                                    Going-In Overall Capitalization Rates
                                                                           Investment
                 Investor Survey         Date           Property Type         Class        Range of OAR=s        Average OAR

               Real Estate           2nd Qtr 2011      Neighborhood          2nd Tier          6.00%-10.00%             8.40%
               Research Corp.                          Commercial SC

               PWC                   2nd Qtr 2011       National Strip     Non-Institut        7.70%-12.00%             9.83%
                                                            Retail           ional


              These two national surveys indicate overall rates ranging between 6.0% and 12.0% with the averages
              ranging from 8.40% to 9.83%. Based on the average overall rates from these surveys, it is the
              appraiser=s opinion the subject property could command an overall rate of 9.50%.


SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710                  Page 61
 Peter S. Cooper Appraisals Inc.    Fresno, CA




              The appraiser has chosen an overall rate at the upper end of the range primarily due to the expiration of
              the bowling alley lease that occurs June 30, 2014. During this time frame, approximately 69% of the
              center is subject to lease rollovers. The bowling alley has been a tenant in the center for many years
              there is no reason to believe that they would not continue to exercise their options to renew the lease.
              This potential rollover risk represents a substantial portion of the center and any investor would
              certainly add a risk premium to his or her expected return for this potential risk. In the Addenda of this
              report is table showing the expiration of the various leases and a graph that visually shows the amount
              of footage that expires over a typical investment holding period of some 10 years. Because of this
              situation, an our investor would tend to add a risk premium to the capitalization rate to account for
              lower growth rates in the income stream.

              Another factor that concerns investors is the potential rental growth of a particular investment
              property. Considering the subject property=s age and condition, tenant mix , and current economic
              conditions, it is the appraiser=s opinion that the subject property will show a very moderate to flat
              income growth over a typical investment holding period of some 10 years. Because of this situation,
              nan investor would investor the subject

              Pete - Reminder to edit this paragraph!!! Based on the capitalization rates extracted from the sale
              properties and the overall rates indicated from the investor surveys plus giving strong consideration to
              the current income that is being generated from the subject property, the quality of the tenants, and the
              overall quality of the project, it is the appraiser=s opinion the property could command an overall rate
              at 8.25%. It is the appraiser=s opinion that this capitalization rate would be high enough to attract
              investment capital to the subject property. This overall rate is considered appropriate due to the
              reduced rent that is currently being generated from the Old Navy lease. The Old Navy lease states that
              the revised contract rent is to revert to the original rent level of $1.21 per square foot per month,
              which represents a 275% increase. This adjustment is to occur as of February 1, 2013. Thus, this future
              increase in Old Navy=s income stream supports the use of a lower overall rate that was indicated from
              the most recent sales.

              Dividing the net operating income of $683,667 by an overall rate of 9.50% indicates an economic
              value of $7,196,495, adjusted to $7,200,000. This represents the economic value of the leased fee
              interest in the property assuming the property is at stabilized occupancy.

              The table on the following page shows the calculations used in the Income Approach to value.


              CANNOT SHOW TABLE DUE TO CONFIDENTIALITY!!!




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 Peter S. Cooper Appraisals Inc.    Fresno, CA




SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710   Page 63
 Peter S. Cooper Appraisals Inc.    Fresno, CA



  XXIX.       RECONCILIATION OF THE AAS IS@ MARKET VALUE ON DATE OF PROPERTY
              INSPECTION - LEASED FEE INTEREST:

              To form an opinion of the subject property=s Aas is@ market value on the date of property inspection,
              the three approaches to value have been considered. Of these three approaches, the appraiser has
              used just the Sales Comparison and Income Approaches. The Cost Approach was not considered to
              be a meaningful valuation methodology after discussions with real estate brokers who indicated that
              market participants would give little weight to this method of valuation when making their investment
              decisions regarding the subject property. The value indications derived from these approaches are
              summarized as follows:

              Sales Comparison Approach                                                              = $7,230,000
              Cost Approach                                                                      =           N/A
              Income Approach                                                                        = $7,470,000

              The purpose of the reconciliation is to evaluate the inherent strengths and weaknesses of the three
              individual valuation approaches, and thereby forming an opinion of value for the subject property.
              The reconciliation provides an opportunity to consider the quantity and quality of the data available
              under each approach, the advantages or disadvantages of each approach, and the relevancy of each to
              the subject property and the appraisal problem. The three approaches are discussed below followed by
              a final opinion of value assuming the properties are completed and at stabilized occupancy.

              Sales Comparison Approach

              The Sales Comparison Approach provides an indication of value by way of actual sales of similar
              properties. The comparable sales were analyzed and adjusted for various attributes in order to form an
              opinion of value for the subject. Four sales were used in this analysis. This approach is considered
              to be a relevant valuation method because it relates directly to the motivations of the buyers in the
              market place. The weakness of this approach relates to the limited quality of market data and the
              degree the data is comparable to the subject property. Due to the lack of recent good quality market
              data, buyers of investment properties are placing less reliance on this approach. Therefore, the Sales
              Comparison Approach has been given the least consideration in correlating to a final opinion of value.

              Cost Approach

              As previously discussed, the Cost Approach was not used as a valuation methodology. According to
              the brokerage community, buyers do not place much weight on this approach if the improvements are
              not of special purpose construction or new construction. With mature properties, the Cost Approach
              is given little to no consideration by a buyer when making their investment decisions. The absence of
              the Cost Approach is not considered to weaken the final opinion of value that was based on the Sales
              Comparison and Income Approaches to value.




SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710     Page 64
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              Income Approach

              The Income Approach to value is based on the premise that a direct relationship exists between the
              income-producing potential of a property and its value. In the formulation of the Income Approach,
              contract and market rents and market expenses were analyzed. The resulting net operating income
              was then converted into an indication of value via an overall capitalization rate that was obtained from
              the comparable sales and a review of two investors surveys. It is the appraiser=s opinion that the
              Income Approach would be the primary valuation methodology used by a potential buyer to form an
              opinion of value for acquisition purposes. Therefore, the Income Approach has been given the
              greatest weight in the reconciliation of the subject=s Aas is@ market value on date of property
              inspection.

              AAs Is@ Market Value On Date of Property Inspection - Leased Fee Interest

              The subject project is considered to be a Class C/B investment grade retail property located along the
              North Blackstone Avenue corridor, a major retail corridor serving the north sector of Fresno. The
              most probable buyer of the property would be a high net worth individual or a smaller investment
              group. Given the potential investment characteristics of the subject property, the current market
              conditions, and the type of buyers that would show the most interest in the subject property, the
              Income Approach followed by the Sales Comparison Approach would be the most likely valuation
              methodologies used by market participants to make their acquisition decisions.

              The Sales Comparison Approach indicated a value of $7,230,000, while the Income Approach
              indicated a value of $7,470,000. Based on these two valuations, it is the appraiser=s opinion that the
              subject property has an Aas is@ market value on date of property inspection of September 15, 2011 of
              $7,300,000.

              Hence, the following:


                                              MARKET VALUE AAS IF@ STABILIZED
                                              ON DATE OF PROPERTY INSPECTION
                                                      (Leased Fee Interest)
                                                              as of
                                                       September 15, 2011

                                                                  $7,300,000




SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710       Page 65
 Peter S. Cooper Appraisals Inc.    Fresno, CA



   XXX.       REPLACEMENT COST-NEW:

              A replacement cost-new for the building improvements has been prepared in compliance with the
              client=s instructions as outlined in the engagement letter. This value is to assist the client with hazard
              and flood insurance analyses. The appraiser followed traditional appraisal standards to develop a
              reasonable calculation based upon industry practices and industry accepted publications such as the
              Marshall Valuation Service handbook. The methodology employed is a derivation of the Cost
              Approach which is primarily used as an academic exercise to help support the market value estimated
              and therefore, is not reliable for insurable value estimated. Actual construction costs and related
              estimated can very greatly from this estimate.

              This analysis should not be relied upon to determine proper insurance coverage which can only be
              properly estimated by consultants considered experts in cost estimation and insurance underwriting.
              It is provided to aid the client/reader/user as part of their overall decision making process and no
              presentations or warranties are made by Peter S. Cooper Appraisal, Inc. regarding the accuracy of this
              estimate and it is strongly recommended that other sources be utilized to develop any estimate of
              insurable value.

              The replacement cost-new value estimate presented herein is intended to reflect the replacement cost
              of the subject based on the replacement of physical items that are subject to loss from hazards
              (excluding site work, land value, and developer=s profit costs). In the cast of the subject, this
              estimate is based upon the base building costs (direct costs) as obtained from the Marshall Valuation
              Service handbook, with appropriate adjustments. Again, the appraiser or appraisers that are a party to
              this report are not considered experts to determine insurable value whereby it is recommended that the
              client/reader/user of this report retain the services of a qualified independent insurance adjuster to
              determine insurable value prior to making a business decision.

              On the following page is a worksheet that outlines this process.




SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710        Page 66
 Peter S. Cooper Appraisals Inc.    Fresno, CA



  XXXI.       EXPOSURE AND MARKETING TIMES - LEASED FEE AND FEE SIMPLE INTERESTS:

              Market value is the value of a property on the effective date of valuation. It represents the most
              probable price which the property would bring if it were sold on that date and following a reasonable
              time of exposure to the open market. Market value is valid only on the date it is made, and there is no
              guarantee that this is the same value the property will bring at a later time. Economic and market
              conditions as well as the physical status of the property could change to cause the value of the property
              to increase or decrease over time. Therefore, to completely understand the context surrounding the
              value estimate being made in this appraisal, it is important to understand the underlying estimate of
              both the exposure and marketing times associated with selling the subject property at its appraised
              value. These two time estimates are defined as follows:

              Exposure period is the estimated length of time the property interest being appraised would have
              been offered on the market prior to the hypothetical consummation of a sale at market value on the
              effective date of the appraisal; a retrospective estimate based upon an analysis of past events
              assuming a competitive and open market.

              Marketing period means the amount of time necessary to achieve an open market sale of the property
              under current market conditions and market trends, assuming normal market exposure and the
              consummation of a sale consistent with the terms and conditions of the Federal Deposit Insurance
              Corporation (FDIC) definition of market value. Marketing period is not to be confused with
              absorption period or holding period.

              Each of these time periods will be discussed as follows:

              Exposure Time: One of the best methods for identifying the exposure time to be estimated for the
              subject property is to review the actual exposure times experienced by the comparable sales. A
              review of these sales indicates that their exposure times range from 8 to 11 months. Discussions with
              investment brokers indicates there continues to be a gap between the bid and ask prices for commercial
              properties in the Fresno market. This has led to longer exposure and marketing times. Based on the
              current economic climate and the softening retail real estate market, it is the appraiser=s opinion the
              property under appraisal would be subject to the following exposure time:

              Exposure Time:

              AAs Is@ Market Value (September 15, 2011) Leased Fee Interest                               8-12 Months

              Marketing Time: Future marketing conditions for the retail market in Fresno are not anticipated to
              improve over the next 12 to 18 months. The market conditions should remain flat with some slight
              improvements occurring in the mid-part of 2012. The investor surveys project marketing times for
              commercial properties ranging from 7 to 8 months. Based on these conditions, the following is the
              estimated marketing time for the subject property:

              Marketing Time:

              AAs Is@ Market Value (September 15, 2011) Leased Fee Interest                               8-12 Months

SUBJECT: Sierra Village Shopping Center, 6410-6460 North Blackstone Avenue, Fresno, CA 93710        Page 67

				
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