Broomfield Garden Center
Property Type: Land / Retail Size: 20,000 s.f.
Many appraisals account for more physical structure than land. This garden center project required a valuation on the land as well as the buildings constructed in 1982. Garden centers are unique in that they are not like normal retail properties. They have a retail type function, but they are specialized with higher non-structural, land-intensive use, and the ratio of land to building is inverted from most properties we appraise.
Many of the banks we work with are reassessing current property values for new loans. In this case, the garden center was being purchased from the owners by one of the managers of the center. They had decided this manager could perform better as owner of the center, than as a manger, and the owners were looking to sell.