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MUSEUM PLACE GARAGE IMPROVEMENTS To: Peter McCarriston FACSIMILE Fax#: (617) 593-6160 Re: PROBLEM WITH DUCT WORK IN GARAGE Date: November 18, 1996 Pages: 3, including this cover sheet. Peter-- I received the attached letter from John Wathne this morning. Note the problem he describes in item 4 on page 2. Please address this issue -- it is serious. Please call Willy Beaulieu at(508) 745-9595 x3 I I and John Wathne at(508)745-6817. Thanks for your cooperation. L From the desk of... Michelle Cammarata Assistant Director for Economic Development City of Salem Planning Department One Salem Green Salem,MA 01970 (508)745-9595,ext.311 Fax: (508)740-0404 t NOV- 15-96 PRI 15 : 39 STRUCTURES NORTH P . 01 STAUGUAS H0 RT I CONSULTING November 15, 1996 ENGINEERS City of Salem Planning Department One Salem Green Salem, MA 01970 Attention: Michelle Cammarata Reference: Museum Place Garage HVAC Improvements, Expansion Joint Repair Dear Michelle: I visited the above site yesterday morning with Willie to observe the progress to date. I noted the following: 1. Work was still progressing slowly on the expansion joint recesses. Willie stated that these are to be cleaned considerably more before the bonded compounds are to be placed. He showed me some frozen buckets of Sika Epoxy Injection Resin within one of the mechanical areas, and expressed concern over their storage. We looked for storage temperature requirements on the packaging and could find none. None of the products which we saw would be suitable for use as a bonding agent. It should be verified that George Wattendorf is not intending to use the frozen containers of injection resin for the bonding agent in the expansion joint recesses. A different product was submitted for this purpose in the original proposal. and should be used as planned. 2. Willie showed me the rough way in which the support frames for the duct chase enclosures had been field ground for clearance, and we agreed that the unpainted ground metal surfaces would soon rust, staining the floor. I also noted that the front angle was inward facing rather than outward facing, making block construction difficult, and that the easternmost horizontal relieving angle was missing. 3. It was requested by the mechanical subcontractor that he cut off the middle horizontal strut to make way for his duct base installation. I stated that he should probably not cut all of the way through the strut, and that he should first contact the P.O.Box 8560 • Salem,Massachusetts 01971 (508) 745.6817 • Voice /Fax NOV- 15-96 FRI 15 : 40 STRUCTURES NORTH P . 02 Mall Developer's design Engineer (Ed Sabbagh) for approval. i 4. Willie and I observed the total lack of flashing at the roof level, and the lack of a raised concrete curb or pad to keep ponding water and melting snow away from the I duct penetrations, and into which to fasten flashing. I had previously requested this i curb on several occasions. The masonry support frame has been installed at a low elevation which would preclude the addition of a raised curb now, without its being j removed and raised. I � From what I have seen at this location, I can guarantee that if the present flashing detail (or lack thereof) is allowed to remain, it will create a permanent leak which II rivals the failed expansion joints in severity. Presently there is being created a drain which will allow ponding water in the vicinity of the stair penthouse to cascade down into the occupied spaces at the ground floor. This would also likely rust the galvanized steel ductwork on its way down. I would strongly recommend that the City allow no more work to proceed at the roof level until a proper flashing detail is i devised and implemented. Please contact me if you have any questions. Warmest Regards, ,];ohn M. Wathne, P.E. 2 STAN Invoice #1 November 3,1996 City of Salem Planning department One Salem Green Salem, MA 01970 Attention: Michelle Cammarata Reference: Museum Place Garage HVAC Improvements, Miscellaneous Consultation Services Rendered: Review of HVAC improvements' impact on garage, assistance in coordinat Mechanical Space layout submittal for Parking Commission, field investic miscellaneous garage inspection and consultation provided on request : 12.5 hours @ $65.00/hr. _ $812.50 Please make your check payable to Structures North. Thank you, John M. Wathne r P.O.Box 8560 • Salem,Massachusetts 01971 (508) 745-6817 • Voice /Fax STAUGUAIS HOATA CONSULTING October 24, 1996ENGINEERS City of Salem 1. - �-��9'�E® Planning Department 4 DOT 2 8 1996 One Salem Green e Salem, MA 01970 Salle 'il Rann'M, Dept. Attention: Michelle Cammarata Reference: Museum Place Garage HVAC Improvements Dear Michelle: I visited the above site this morning to observe the job progress and talked with Willie and George Bettencourt. I noted the following: 1. The.holes had been core-drilled into the tee beam flanges at each level' adjacent' to the stairwells as planned." From my verbal discussions with'the mall ownees`_I'; was,supposed to have,been notified as to the time the cores would be drilled so that I could determine,k6m inspection whether these,were seismic tie locations'br not'. The northernmost Bole had already been filled by a duct; but the others remained' clear for inspection: " I saw no sign of any atypical reinforcing or inserts at the first floor level which would have been in the tee beam flange were there a seismic tie at this location. Also, no weld tabs nor inserts were visible at the joint with the stairwell. It is therefore my assumption that this joint location is not a seismic tie, as there is no sign of it being one. Therefore, the structure is theoretically not being seismically weakened by this work. I will check the other locations as the work progresses. 2. 1 observed the duct penetration at the roof level and an aluminum flashing sleeve resting loosely on the roof deck. I expected to see a housekeeping pad and/or curb being added at the roof level into which to tie the flashing, but saw no sign of one, The loose flashing should be considered unacceptable for keeping the water out of fthe structure_Pard a p[oper flashing detail should tie requested for'use of each level. Please note that there is an existing elevator penthouse roof drain outlet atthe roof deck level which is positioned to dump water directly onto the flashed joint,'.which :r P.O.Box 8560 • Salem,Massachusetts 01971 (508) 745-6817 • Voice /Fax along with the piles of snow in the winter, make the flashing of these penetrations at the roof level especially critical. 3. 1 noted a severed, wired electrical conduit passing through one of the cores at the first deck level. This explains why the garage apparently experienced some "electrical arcing" and then some power loss, which likely coincided with the drilling operation. The severed line should be disconnected and bypassed at no cost to the City. 4. 1 saw no lateral ties to the undersides of the tee beams above at tops of the added CMU walls around the new HVAC equipment rooms. Lateral ties should be provided per code to laterally brace the tops of these walls, at no more than 48" o.c., ore else these will present at hazard. The clips or plates to be used should allow for at I" free vertical movement between deck levels. I would suggest obtaining a detail from the contractor for ties and any back-up struts that might be required. 5. There is no provision for water passage beneath the walls to the floor drains, nor for neat passage of the guard cables along the outside spandrel. I would recommend that at least 8" dia PVC split pipes be used for water drainage and at least 3" dia PVC pipe sleeves be used around the cables, which should be slotted to pass oround the cables. Thse should then then be sealed around with masonry for a neat appearance and better maintenance. 6. 1 saw a loose steel frame on the first deck, and did not know whether this was for the brick support around the duct risers at the stairways. These should be added over the decks and not under them so as not to be susceptible to the live load deflections of the parking decks. This was discussed in previous correspondence with the designers. I have not received a revised detail drawing of this work, and recommend that the city obtain revised drawings for the frames before they are added to the stair towers. Please contact me if you have any questions. Warmest Regards, John M. Wathne, P.E. 2 To: Peter McCarriston Fax#: (617) 593-6160 FACSIMILE Re: INSTALLATION OF HVAC SYSTEMS IN GARAGE Date: October 16, 1996 Pages: 1 , including this cover sheet. Peter-- You have the approvals you need to begin work in the garage. Please coordinate with Rich Bencal (508-745-8120 or 508-745-9595 x340) and Willy Beaulieu (508-745-9595 x31 1)to arrange the least disruptive schedule and plan of work. Thanks for your cooperation. From the desk of... Michelle Cammarata Assistant Director for Economic Development City of Salem Planning Department One Salem Green Salem,MA 01970 (508)745-9595,ext.311 Fax: (508)740-0404 SEP-27-96 FRI 10 :51 AM CASTAGNA CONST. CORP. 15067620295 P. 01 �hc7 �p Sid G. tcNn e� �� ,I �Yw If 1c, � `�-r', l d /'� ��r� l�lr CcvY/s f"on -�WC•� 7�e c� (,✓I X1 -S66ole,l, On T ks Ft ce do no Alio� � �9 �/� rs ( valjl�iE d �C: 13� �, <�. s 2- 7 N 4- 5 4H N m v EXPANSION BOLTS AT ENDS AND MIDDLE N OF EACH ANGLE TU f-12 MAX— SLAB. VERIFY SLAB m DEPTH BEFORE SELECTING BOLT LENGTH ......PRESTRESSED A CONCRETE BEAM AT GARAGE " SLAB. PROVIDE PENETRATION AS SHOWN FOR DRAINAGE. SECTION _A N SCALE: 1"= P—O" a II li 3 HOLEnN I I I I D MAX l l f l .5"i v' MIN I I I D SINGLE—TEE PRESTRESSED FROMT-T I I I I n CONCRETE BEAM AT GARAGE EDGE } o Si_AB. PROVIDE PENETRATION ( I I I I z AS SHOWN AT EDGE BEAM i I NEAR MASONRY WALL IIII 4 0 I I ff it I O L3X3 X 1/4 A L J . STEEL ANGLES SPACE TO KEEP I I UNDER CANTILEVERED MION 18' FROM SLAB EACH SIDE STEEL SPLICE OF OPENING PLATES AT JOINTS FULL LENGTH (FIELD VERIFY OF CANTILEVER. LOCATIONS) m A OD f N 1 9 N DRAINAGE PENETRATIONS N FLUE VENT PENETRATIONS SCALE: SCALE: 1/2"=1'—U' MUSEUM PLACE EIDIATC: 9-25-90EDWARO M. SASUAGH, P.E. —400ESSEX STREET SALEM, MAE: AS NOTED N f SALEM. MA 01970 ___-- _ - - —_ _ . _ /96 WED 14:36 FAX 1 508 745 3369 TINTI QUINN & MERRY PC 11001 r 'INTI, QUINN & MERRY, P.C. 222 ESSEX STREET SALEM,MASSACHUSETTS 019703705 WILLIAM J.TINTI TELEPHONE WILLIAM B.ARDIFF(RmRE ) WILLIAM F.QUINN (508)7458065 • (508)7442948 OF COUNSEL PETER R.MERRY RICHARD W.STAFFORD TELECOFIER KENNETH J.PERLOW SCOTT M.GROVER (508)7453369 OF COUNSEL MARC P.FREY MARCIA MULFORD CINI IPSWICH OFFICE: TWO CENTRAL STREET TELECOPIER TRANSMITTAL IPSWICH.MASSACHUSETT501938 (508)3567878 TQ&M File #: p m DATE: ----` � I6 --- TIME: Please deliver the following f pages to: __^'�f NAME:_�=Xe l►moi—�:P��i1i ..s`C -?fir ... —..-_.._.....-- — FAX# FROM:- �_��__.� `r1 1 TRANSMITTED BY: TOTAL NUMBER OF PAGES INCLUDING COVER ,LETTER: .__.- ._-__,.____,-_ SPECIAL I'NSTRUCTIONS:_ p��.� ! vi I£ you do not receive all of this transmission, please call at (508) 745-8065. This telecopy is attorney-client privileged and contains confidential information intended only for the person(s) named above. Any other distribution, copying or disclosure is strictly prohibited. If you have received this telecopy in error, please notify us immediately by telephone, and return the original transmission to us by mail without making a copy. FAX/TINTI ® o 0 m T'— �, RV a g.g I { 1 I HyL lW-<-Nl W wI �a�OnSTAIR T14W { Fa Ri , i ! . I 1 ( D) t - FR' m C L � 1 1 ; I or, 1 { w Mr.L I _ IFR 1 � 0 0 N CITY OF SALEM, MASSACHUSETTS ` PLANNING DEPARTMENT co CRAIG L.WHEELER ONE SALEM GREEN City Planner = r_ y 01970 (508)745-9595 Ext.311 Fax(508)740-0404 TO: Tom Belhumcur Peter McCarriston Bill Tinti FROM: MichelletiXmarata RE: MEETING OF THE OFF-STREET PARKING COMMISSION DATE: October 10, 1996 The Off-Street Parking Commission will meet on Tuesday, October 15 at 6 p.m. in the second floor conference room at One Salem Green. The purpose of the meeting is to discuss the proposal to do the following work in the East India Garage: • installation of HVAC units/mechanical rooms; • installation of the flue along stairwells for Bruegger's Bagels; and • installation of the exhaust duct for Thai Place. I have been informed that the Commission wishes to discuss compensation for the loss of parking spaces as a result of the HVAC installation. I think it is important that all of you attend this meeting. Please feel free to contact me with any questions about the agenda. Thank you. , 1 To: Peter McCarriston FA�S�M��E Fax#: (617) 593-6160 Re: MEETING OF OFF-STREET PARKING COMMISSION Date: October 10, 1996 Pages: 2, including this cover sheet. From the desk of... Michelle Cammarata Assistant Director for Economic Development City of Salem Planning Department One Salem Green Salem,MA 01970 (508)745-9595,ext.311 Fax:(508)740-0404 Bill fAUMIIE Fax #: 745-3369 Re: MEETING OF OFF-STREET PARKING COMMISSION Date: October 10, 1996 Pages: 2, including this cover sheet. Bill -- Let's talk soon. I am here until 7 tonight. Thanks. From the desk of... Michelle Cammarata Assistant Director for Economic Development City of Salem Planning Department One Salem Green Salem,MA 01970 (508)745-9595,ext.311 Fax:(508)740-0404 To: Tom Belhumeur �fl`JII II�L Fax#: (617) 593-2296 Re: MEETING OF OFF-STREET PARKING COMMISSION Date: October 10, 1996 Pages: 2, including this cover sheet. From the desk of... Michelle Cammareta Assistant Director for Economic Development City of Salem Planning Department One Salem Green Salem, MA 01970 (508)745-9595,ext.311 Fax:(508)740-0404 r i I CITY OF SALEM, MASSACHUSETTS PLANNING DEPARTMENT � xorr CRAIG L.WHEELER �6 it o� ONE SALEM GREEN City Planner r y 01970 '% fro' (508)745-9595 Ext.31 ,�� Fax(508)740-0404 TO: Pat Hopper FROM: Michelle Camma JdIt— RE: BRUEGGER'S BAGELS --APPLICATION FOR SIGNAGE DATE: August 16, 1996 Richard Westergren of Poyant Signs appeared before the Design Review Board(DRB) this morning with an application for signage for Bruegger's Bagels. On August 13, I received a sign application for Bruegger's. I was aware that you had not seen the application. On August 15, I spoke with Aaron Socrat, who informed me that a different sign design would be presented at the DRB meeting. I neglected to make certain that you or Tom Belhumeur had seen this revised application, and I allowed the applicant to make a presentation before the DRB. In retrospect, that was a mistake. In the future, I will require sign makers to show that they have met with you and "received your blessing". At the DRB meeting, the members mentioned to Mr. Westergren that Museum Place management hoped to develop sign criteria or some kind of signage system for tenants. The DRB members wanted to be sure that the mall ownership had the opportunity to communicate these standards to tenants and their representatives. The DRB is concerned with the Church Street facade as a whole and the relationship among the storefronts. We want to be sure that each individual sign maker considers that"big picture" when designing a sign. I know that the Museum Place management shares these concerns. It was clear that Mr. Westergren had not met with you or the mall owners to discuss this sign and your vision of the Church Street facade. I am not sure if the franchise owner has been involved in the design or if this is all handled at the corporate level. There are several parties involved in this sign application: the sign maker, the Bruegger's corporation, the franchise owner, the mall management and the DRB/Salem Redevelopment Authority. Perhaps you and I can meet with Aaron to discuss the big picture: the sign system for the mall and the Design Review Board's first impression of the Bruegger's sign. Then we could get together with the franchise owner and the sign maker. Let me know how you would like to handle this. My calendar is open next week. I I know we can work together to ensure that a sign is approved and constructed in time to allow Bruegger's to open on schedule. I thought I'd let you know that throughout the planning phase and(finally)the construction phase at Museum Place, I have enjoyed working with you tremendously. With your communication skills and friendly personality, you sure make my job easier. Perhaps you can moonlight as a consultant to others who do business with the City's permitting agencies. Thanks! cc:Tom Belhumcur 2 WINTER STREET ARCHITECTS, INC . MarkMcchc I 508-744-7379 Paul R. Durand 7 October 1996 � � , sh tt.�" d oxm o C Salem Parking Commission 1�City of Salem, Massachusetts re: Proposed Modifications 1 Municipal Parking Garage at Museum Place and Church Street 4�� The attached drawings schematically illustrate the intent of the Museum Place Mall developers' proposed modifications to the Municipal Parking Garage: SP-1 Partial Plan (7 October 1996) SP-2 Interior Elevations (7 October 1996) The following briefly describes the proposed modifications Stair 3: Three (3)exhaust flues to be run adjacent Stair 3 at NW corner from first floor to roof level of building. Exhaust flues shall be enclosed in brick masonry as indicated on plan and on Elevation 1/SP2. Structural reinforcing of floor to be made at every pipe penetration. Mech ni al R n Two mechanical air conditioning units to be located at the first parking level along Church St. , BD 9rr � across from the door to Stair 3,as shown on plan. It will effectively remove two parking spaces. It will be enclosed with a 4" hollow lightweight concrete block(CMU)wall. It will have a locked rr or. Refer to Elevations 2/SP2 and 4/SP2dd—s,— A"16J/QrfJ!?9-4 FA-A�f.� efl chahrenical Rm. B Additional mechanical equipment, yet to be selected are to be located at the first parking level, NW corner along Church St. as shown on plan. It will effectively remove one parking space and utilize a presently unused corner of the garage. It will be enclosed with a 4" hollow lightweight concrete block(CMU)wall. It will have a locked door. Refer to Elevation 3/SP2. All new walls will be constructed so as to allow deflection of existing precast structure. Please feel free to contact this office if you have further Architectural questions or concerns. Thank you. Winter Street Architects. Inc. Oki 17 0 Kevin Neu nn, R.A. arm l FADATM9615.000\PARKING APD 140 WASHINGTON STREET, P.O. Box 2015, SALLM, NIASSACHUSETIS 0 19 70 Fax: 508-741 0240 i THE AUGUST CO. Joseph W. Augusta Residential PRINCIPAL Commercial Industrial October 10 ,1989 Mr. William Luster, Director of Planning, City of Salem, 1 Salem Grreen, Salem, MA 01970 Dear Mr. Luster: Thank you for considering The August Company torepresent the City of Salem concerning the appraising of the Museum Place, formerly known as The East India Mall . 1. The Appraiser agrees to provide a written Appraisal Report and Services performed will correspond to the requirements of the Code of Professional Ethics and Standards prescribed by the various acceptable Real Estate Appraisal Societies andInstitutions. 2 . Fee has been discussed and the amount of $2000 .00 agreed upon by The Aprraiser and City of Salem Planning Department and will reflect expenses and services rendered in accordance with the assignment involved. 3 . The Appraiser agrees to deliver the finished appraisal report on or before November 06 , 1989 . 4 . In the event that The Employer desires to cancel this contract, written notice shall be delivered to The Appraiser and it is agreed that The Appraiser shall receive compensation from The Employer for all and any services rendered at the rate of $400 . 00 per day for the time actually spent prior to receipt of written notice to cancel contract, plus all costs advanced in connection with said work prior to receipt of such written notice. rR p tfully, / I �, r Joseph W. Augusta / l� 11 PATTON ROAD SALEM, MASSACHUSETTS 01970 TELEPHONE: (617) 745.1442 ESSEX TITLE CO., INC. DENALD HIENKLE-McCARTHY, President 65 FEDERAL STREET SALEM, MASSACHUSETTS 01970 TEL.(508)741-1565 FAX:(508)744.7025 OCT City of Salem26 1989 October 25, 1989 Planning Dept. � P,4 f"1, One Salem Green°' Salem, MA 01970 �a= Attn: Kathy Winn Re: East India hall Title Examination Dear Kathy, This letter is to confirm our telephone conversation of September 25, 1989 at which time Essex Title Co. , Inca had estimated the price of the title work to the above described premises to be in the range of $650. 00 to $800. 00 plus photo- copy cost for 4 to 6 back titles . It is very unusual to estimate cost for title work due to the unknown nature of the ownership history of an area and the job is usually priced out at an hourly rate until the job is completed or priced out to an amount the client authorizes with no guarantees that the title work will be complete. At EssexTitle we also offer a flat title rate up to a minimum number of hours, which is based on the length of time it usually takes to complete a typical title, and then go to an hourly rate once the minimum time allowed has been exceeded. Because you were not able to provide me with a title reference other than information to a $900 , 000 . 00 current mortgage on the premises you wished to have examined, of which I found and chased the chain of title back several owners , I could only guess from the title references given on various documents how many titles might be involved. in order to provide .you with an estimate of price and time. On or about .Oct. 2 , you requested that Essex Title proceed with the title work and we did. However after many hours put into the title and some incorrect title references given it has become clear that the original estimate of 4 to 6 back titles was low. It is now evident that the number of back titles involved is approximately 10 to 12 with several out of county probates needed. Given the Policy Issuing Agent • Stewart Title Guaranty Company Pg. 2 City of Salem Planning Dept. additional titles needed to complete the project I called to inform you of the same on Thursday, October 19 , 1989 and gave you a revised quote of $1800. 00 plus photocopy cost for the entire project. Again, it is not customary to estimate the cost but I feel this revised cost is more in line considering the tremendous amount of additional work involved. Per your request I will inform you when the cost reach $1500 . 00 for your approval to continue . Again, I apologize for the inconvenience however research work is very difficult to price out fairly. If you have any questions please do not hesitate to call . Very truly yours , Denald Hienkle-McCarthy M C in in > tss+ V APPRAISAL REPORT " R PLACE MASSACHUSSETTS MUSEUM EAST INDIA SQUARE 11, WMAIMM-7 IF qF Ra m •++ �"N,k4 ,aFY N r ,� < a � y e � �� 3 � :�'a§ e: }�tY�-,°, r{�Air' ,��: 4��k8�'•�3",� m �. $� '_ �. - _ •+ �gra«a hS.x. � a tl 3 z r� saa° vs�✓,�v v.i.. I APPRAISAL REPORT MUSEUM PLACE , EAST INDIA SQUARE , SALEM, MASSACHUS^SETTS PREPARED FOR: CITY OF SALEM, • PLANNING DEPARTMENT OCTOBER 03 , 1989 PREPARED BY : JOSEPH W. AUGUSTA THE AUGUST COMPANY THE AUGUST CO. -7 •Joseph W.Augusta Residential PRINCIPAL Commercial Industrial October 23 ,1989 Mr. William Luster , Director of Planning, City of 'Salem, 1 Salem Grreen, Salem, MA 01970 Re: Museum Place, East India Square, Salem, Massachussetts Dear Mr. Luster: In response to your request I have examined the above referenced property for the sole purpose of estimating the market value . This property formerly known as the East India Mall, a commercial office/retail complex, is presently named Museum Place. • There is excepted and excluded from the above referenced land the airspace over lots 1 and 3 (Book 9617 Page 250-251) and registered lot 30B (Document 160440) . Mall was conceived and constructed with one major concept in mind, that of income production therefore a value estimate via income production was considered to be most relevant. The appraiser has conducted a rental survey in the area that included competitive rental space. The property known as Museum Place and located at East India Square, Salem, Massachussetts had an estimated value as of October 03 , 1989 of: Four" Million, Six Hundred Twenty Seven Thousand Dollars ($4 ,627 , 000) More detailed data is contained in the body of this report . Respectfully, • Joseph W. Augusta The August Company 11 PATTON ROAD 9 SALEM, MASSACHUSETTS 01970 • TELEPHONE: (508) 745-1442 3 • TABLE OF-CONTENT.S pAGE 1 TITLE PAGE 2 LETTER OF INTRODUCTION 3 TABLE OF CONTENTS 4 , 4A SUBJECT PICTURES 5 PROPERTY RIGHTS APPRAISED FEE SIMPLE DEFINITION OF MARKET VALUE REASON FOR THE APPRAISAL 6 LEGAL REFERENCE ASSESSMENT DATA REGIONAL DATA 7 , 8 COMMUNITY DATA 8 , 10 NEIGHBORHOOD DATA 10 SITE DATA 11 , 12 PHYSICAL IMPROVEMENT, DESCRIPTION 12 ZONING 12,, 13 HIGHEST AND BEST USE 13 , 14 VALUATION PROCEDURES 14 INCOME APPROACH 15 RENTAL DATA, COMPETITIVE PROPERTIES 16 STATEMENT OF CURRENT RENTS, SUBJECT 17 STATEMENT OF ESTIMATED OPERATING EXPENSES • 17 CAPITALIZATION RATE 18 VALUE , INCOME APPROACH 19 , 20 SUMMARY 20 INDICATED VALUE ADDENDA: DEEDS SUBDIVISION PLAN OF LAND, 1976 LOCUS PLAN , 1957 CERTIFICATION UNDERLYING ASSUMPTIONS AND LIMITING CONDITIONS APPRAISERS' QUALIFICATIONS • m • ,gam � � �,� ® i m �-�. ,► ��, ,. LII if; ..r.. �.. Yom' + s,. ?• ` o Ss+o IEPs `r u S C y S W Ail 47 kkkk ,'. •Vl;tom 'lYq � t.: V .',.6 >:dal:: . - 1 • ML �. -• ! 'm;� 'cam _� Y y. .Y 5 • Property Rights Appraised This appraisal is made with the understanding that the present ownership of subject property includes all of the rights that may be legally owned and is, therefore, title in fee simple. Fee Simple Fee simple grants the owner the greatest rights to the use of the property, it is the highest degree of ownership. Definition of Market Value Market Value is defined as : The most probable price in terms of money 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, 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: a. buyer and seller are typically motivated . • b. both parties are well informed or well advised , and each acting in what he considers his own best interest. c. a reasonable time is allowed for exposure in the open market . d. payment is made in cash or its equivalent. e. financing, if any, is on terms generally available in the community at the specified date and typical for the property type in its locale. f. the price represents a normal consideration for the property sold unaffected by special financing amounts and/or terms, services, fees , costs , or credits incurred in the transaction . Purpose of the Appraisal The purpose of this appraisal is to estimate the market value of the subject property. (The American Institute of Real Estate Appraisers and The Society of Real Estate Appraisers, Real Estate Terminology, Cambridge, Ma . : Balinger Publishing Co. , 1981 , Page 160 . ) • 6 Appraised_Proper.ty Lcgnl: Rc[c• rcnc_c _ _ . Huseum Place , Book 9617 Page 249-51 East India Square, Document 237252 Salem, Massachussetts Property Owner Michael J . Harrington and Jacob S . Segal as trustees of Museum Place Realty Trust Metes and Bounds Refer to Addenda Assessment Data Recognized by the City of Salem on : Map 35 as Lot 604 Assessed Value Land $1,128 ,800 Building $2 , 276 ,600 Total $3 ,405 ,400 • Tax Bill ( 89) $74 ,033 . 40 Properties were revalued for the year 1989 and the tax rate for 1990 has been announced as $8 .92 for residential and $22 . 52 for commercial/industrial. A portion of the site, the 15 , 268 square foot pedestrian walkway assessed to and benefitting the Salem Redevelopment Authority is tax exempt. Since inception the mall has not achieved optimum occupancy and an agreement with the Salem Board of Assessors for a reduction of real estate taxes is presently in force . Regional Data Located in eastern Massachussetts in the county of Essex a region comprised of 34 communities and defined as that area bordering on the state of New Hampshire, west by the cities of Methuen, Lawrence and Haverhill , Lynn and Saugus to the south and the easterly boundry extending along the Atlantic Ocean or to be more concise that area north of Boston extending to the New Hampshire border and west to the area bounding route 495 . County has been divided into Essex North and Essex South and abutts Suffolk County which contains the city of Boston . Suffolk county in terms of population density is the most concentrated county in the Commonwealth. The largest county in number of cities and towns is • Norfolk having 27 followed by Bristol county with 20 . 7 • Routes 128 and 495 are the major circumferential routes traversing the region while routes 3 , 24 , 2 , 93 , 95 , 90 and 114 are major highways extending throughout the various sections of the state. Logan International, the major airport serving the area, is located in the East Boston section of the city of Boston. Current population in Eastern Massachussetts is 3 , 652 , 3180 representing an increase of 1 .74% since 1980 less than the overall 2 . 16% increase for the entire state. Largest region of growth was the South region which increased 3 .81% . Population in Massachussetts is expected to grow . 46% over the next five years with this increase credited to the southern region, at 7. .66% , and the North and West regions expected to decline. Community Data Established on August 30 , 1630 as a town and incorporated as a city March 23 , 1836 . Founded by Roger Conant with the name derived from the hebrew word "Shalom" meaning peace. Agriculture and fishing were the predominant means of existance in the early development of the community. Industrial evolution was slow, protected harbor encouraged trade so that early in the 18th century shipbuilding and allied industries were well established with extensive trade being conducted with European and West Indies ports. • With the advent of the depression that accompanied the end of the War of 1812 , the economy of Salem was seriously affected, further complications were imposed with the completion of the Erie Canal and the introduction of large vessels that Salem ' s shallow harbor could not accomodate. A cotton mill was established supplanting trade as the major economy, then after the Civil War several tanneries, shoe and paint factories were founded. In 1914 a fire devastated a large part of South Salem and the industrial district. Sylvania and parker Brothers became the predominant companies in the city and in the post World War II era, Salem experienced an overall decline both economically and physically. Approximately around 1978 a concerted effort including the Lederal Goverment, City officials and private individuals , was inaugurated that- included hatincluded various restoration programs in the central core area that eventually extended to adjacent neighborhoods . Similar to Boston, the downtown area was slowly restored and attracted service oriented enterprises , particularly those attuned to commerce and the law. Salem over the past 10 years has become predominantly residential with limited commercial/industrial ventures outside of the central area , most new developments contain residential condominiums while some complexes have commercial and or industrial units . • 8 • Similar to other communities throughout the Commonwealth, real estate in Salem after a phenomenal period of activity and concomitant increase in value has decidedly leveled off and there is a definite resistance to the market conditions that had prevailed, with the number of sales having dramatically declined. Contributing factors in the decline and/or the stabilization of prices are at least two fold, conversion of existing rental properties into condominium units and new construction has created a glut of available units and the recent revisions obliterating most real estate tax shelters has also had a definite effect on investor 's reasoning when considering a purchase, prudent decisions are now indicated. After a phenomenal period of increasing real estate values , market conditions have been dramatically affected as witnessed by the decrease in the number of recorded sales as published by County Home Data, 136 West Canal Street, Winooski , VT for the first six months of 1989 compared to the corresponding period of 1988 . Number of Sales - 1st Six Month Period 1988 1989 Essex County 4 ,647 1 , 536 Salem 265 162 • The county as a whole had a decrease in the number of transactions of slightly over 33% for the initial six month period while the City of Salem experiencgd a decline of 62% in the same six month period , a considerable reduction in sales for both the county and particularly the city of Salem. Neighborhood Data Subject is on the verge of the central business area , on the northern side of the western extreme of the Essex street pedestrian walkway that allows restricted vehicular traffic. This area was the primary and initial target of the Salem Redevelopment ' s renewal project . Up to the early 1970 ' s the downtown area and particularly this specific section had deteriorated to such a degree that some buidings were virtually abandoned and the vacancy rate was incredibly high, physical decay was openly apparent particularly in the area extending from Central street to Hathorne Boulevard. Area is densely developed with many of the buildings sharing common walls and the lots have limited or virtually no open space. T Prior to the Emminent domain proceedings involving the land upon which the Museum Mall and the Parking Garage were erected the area contained many older buildings with a high percentage in need of repair and renovations . Occupants in the area included the Paramount Theatre, T.W. Grant ' s, a department store, Eatons drug store, Jack ' s , a clothing • store, Reid and Hughes, ladies apparel , Domestic a purveyor of linens , a Gas station, Chinese laundry and Bowling Alley, none of which are 9 • still in operation . Part of the downtown commercial area , the neighborhood extends along Essex street in a east-west direction with North street the western extreme and Hathorne Boulevard the most eastern point , Washington street is the north-south axis and extends from the Bridge street rotary, the northern most limit , to the southern end of Riley Plaza and the junctures of Margin, Canal and Mill streets and includes those areas ' bordering on these axes . Salem is the County seat for Essex South and houses the Registry of Deeds and County courts and Salem Jail . Within the neighborhood are a number of financial institutions , Salem city Hall and numerous historical buildings of interest. On or about 1977 a concerted effort , between private business and government, was instituted concerning a restoration project that initially started within the area of the subject neighborhood located on the lower end of Essex street in the vicinity of Church street proximate to the Salem Armory and included East India Square , the Mall and Parking Garage. Essex street was eventually closed to traffic and a brick pedestrian walkway was constructed which still exists . As the project began to materialize with substantial visual as well as physical results restoration expanded to the extreme ends of the neighborhood and then into outlying neighborhoods. Excluding the Salem Armory, few damaged or decadent buildings remain in the area . • Included in the restoration, besides the renovation of old buildings, was the erection of a new five story office building situtated to the rear of City Hall and adjacent to the old Almy ' s Department store and referred to as Salem Green, a new court house building on the corner of Church and Washington street. Other new projects include the mixed use condominium project and the mini shoppping mall on Norman street in addition to the conversion of the adjacent older building previously occuppied by the telephone company and across from the Post Office , the residential and commercial units on Federal street at the corner of Washington street facing Almy ' s parking lot , the residential condominium project partially sold and still being marketed on the corner of Washington and Bridge streets known as the Courtyard. Other structures erected in the past ten years include housing for the elderly on Bridge street and office space, commercial and residential condominiums erected to the west of Washington street along Essex street. Two projects that were initially constructed during the restoration, were of major importance, and border on the neighborhood must include Pickering Wharf and the Hotel Hathorne both of which were instrumental in the initial stages of the restoration and its ' success. At present there are three new projects within the confines of the neighborhood and all seem to be having difficulty marketing their units, one project adjacent to the subject on the old Almy ' s Department store land known as Essex Court, second is the newly constructed Essex House development across from the YMCA building and the third is the old T.R.Kerr building on the corner of Washington and Essex streets, • 10 • a project that appears to be in extreme fianancial difficulty, it has been reported in the local newspaper, Salem News, that finanacing has been withdrawn/terminated by the Bank of New England, the major funding agency. Two older buildings purchased by a Mr. Lagonakis, of Bill and Bob ' s Roast Beef fame, were the old First National Building on New Derby street since demolished with a new building being erected and connected to the existing older building on the corner of Washington and New Derby streets that once housed Eaton ' s Pharmacy, plans for this latter structure include total renovation. A number of the older buildings in the neighborhood were renovated and two that had been totally devastated by fire have been completely remodeled . The Peabody building located opposite Eastern Bank on Washington street was recently purchased at auction and is now in the process of being renovated into commercial condominium space, a section on Barton Square was demolished with the intention of constructing on site parking facilities. Vacancy in this central commercial area has been estimated at between 20% and 30% , not corroborated by the appraiser, and typical of most downtown commercial areas is suffering from the development of large shopping malls with major surface parking such as the Northshore Shoppping Center, Liberty Tree Mall and the proliferation of smaller shopping malls on the outer environs . A major negative factor is the overall lack of free surface parking in this central commercial neighborhood in relation to the amount- of motor traffic involved and • the business conducted. With Essex street closed to automobiles, the parking lots located at Church/Federal streets, the old Almy ' s lot, and the centrally 1Qcated Riley Plaza on Washington street, both municiple parking lots, are at times filled to capacity and with many individuals prefering not to use the multi-tiered parking garage and with some streets limited to resident parking only, the parking situation is further exacerbated. Unfortunately the redevelopment phase of the downtown commercial area is incomplete and the original development expectations have only been partially fulfilled. Site Data Site is located on the southerly side of and with 365 feet of frontage on Brown and Church streets, 222 feet along the northerly side of Essex street , 77 feet on the westerly side of New Liberty street and 193 feet on three sides of East India Square ( see enclosed plan in the addenda) . Site is level and has been developed up to sidewalk level with the exception of parcel RC5-11 and a maintence easement area. This irregular shaped lot in the shape of a blunted "L" contains 79 ,516 s. f. plus 15 , 258 s. f. of leased pedestrian walkway with access and egress to both street levels and to the parking garage . Comprised of twelve sites RC5-8 thru RC5-10 , RC5-13 , and RC5-15 thru RC5-21 . A section of the building but not an integral part of the mall is the • four level parking garage and portions of the Malls ' air rights are owned by the City of Salem Parking Authority. Public and pseudo-public utilties have been brought into the site and include water and sanitary systems, gas , electricity and telephone service that appear to be adequate for the project as developed . Easements are of record. 11 • Physical Improvment Developed around 1978-79 and integrated with a four tiered municiple parking garage, Museum Place, an enclosed mall, contains 22 individual retail/commercial units on the first level and units on the upper tier occuppied by three tenants, including the newly relocated offices for the District Attorney. Gross floor area of 112 ,419 s . f. includes rental and service areas with 93 ,604 s. f. on the lower level and 18 ,815 s. f. on the upper tier . One level with garage over is located along Brown and Church streets opposite the "Almy ' s" municiple parking lot, the double tiered section faces the Essex street mall and East India Square. Arresting features are: Type: Enclosed Commercial Mall Construction: Masonry Freming: Structual Steel encased in concrete Walls: Brick on concrete block, bronzed windows and doors storefronts and entrys • Interior Floors: Resilient tile and carpeting interior of stores and offices , brick lower level walkways, precast concrete slabs Interior partitions : Concrete block with drywall or paneling Ceilings : Dropped accoustical tile Electrical: 2 on site 500 KVA transformers with 2 ,000 amp service sub-divided and metered for individual units and requirements HVAC: 4 electic water cooled units with reservoir Fire: Directly wired to fire station and external bells Security: Motion and magnetic wired to agencies , District Attorney has Instant Alarm system Sprinkler System: Both Wet and Dry systems Elevator : 2 , 000 lb. capacity servicing the double tiered section facing Essex street. Lavatories : One facility was in the process of being • restructured and 900- completed, all others appeared to be serviceable 12 • Common Area/Food Fair : Lower level has an Encircling walkway with direct access from Church and Brown streets , Essex street walkway and the Parking Garage, this area encompasses both the single and multi-tiered sections . Single lower level has a finished affect while the double tiered section with atrium has exposed support beams and under side of roof . Interior store fronts are mixed and include face brick and anodized plate glass, walkway flooring is brick along the lower level and pre-cast concrete for the upper level, this upper area was in the process of being remodeled. Opposite the movie theatre is an area referred to as the Food Court containing a few tables, benches and chairs for the convenience of the fast food patrons. Comments: The number of units within the mall is variable, as an example, large interior unit on the Essex street side was in the process of being sub-divided to accomodate Essex Pizza relocating from Washington Street. Interior of the stores is average to above average and the overall condition of the mall , there is a problem with water seepage from the above garage area, appears to be good. Zoning: Property is located in an area t'iat is zoned by the City of Salem as B 5 , Central Development District. Dimensional Requirements are: • Minimum Lot Size 2 ,000 s. f. Maximum Building Height 70 feet Maximum Lot Coverage 100 percent Floor Aroa Ratio 3 .5 : 1 Subject Mall does comply with the use regulations and dimensional requirments of the Zoning By-Laws. Highest and Best Use That reasonable and probable use that supports the highest and present value, as defined, as of the effective date of the appraisal . Alternatively, ,that use, from among reasonably probable and legal alternative uses, found to be physically possible, appropriately supported, financially feasible and which results in highest land value. The definition immediately above applies specifically to the highest and best use of the land. It is to be recognized that in cases where .a site has existing improvements on it, the highest and best use may ve::y well be determined to be different from the existing use. The existin<j use will continue, however, unless and until land value in its highest and best use exceeds the total value of the property in its ' existing use. • Implied within these definitions is recognition of the contribution o'.' 13 • that specific use to community environment or to community development goals in addition to wealth maximization of individual property owners. Also implied is that determination of highest and best use results from the appraiser ' s judgement and analytical skill, i.e. that the use determined from analysis represents an opinion, not a fact to be found. In appraisal practice, the concept of highest and best use represents the premise upon which value is based. In the context of most probable selling price (market value) another appropriate term to reflect highest and best use would be most probable use. In the context of investment value an alternative term would be most profitable. In estimating Highest and Best Use four essential elements are analyzed: 1 . Possible Use - To what possible use can the site be physically employed? 2. Permissable Use - What uses are allowed by zoning and deed restrictions that are legal? 3 . Feasible Use - What are the economic factors, will market demand support the concept? 4 . Highest and Best Use - What legal use will be the most profitable and produce the highest net return or highest present worth? • The Subject site historically and up to the present has been used commercially and particularly for your neighborhood type of business and the physical structure, both the mall and garage, were both constructed with the intention of continuing that use. Demand for commercial/retail/office space appears to have slackened as demonstrated by the poor sales record of commercial condominiums being offered and the number of vacant units throughout the commercial area . Subject Mall has two new tenants , District Attorney' s Office and Essex Pizza with no effect on the occupancy rate, both having relocated from within the city itself. Located in an area that is primar.ialy commercial and constructed solely for commercial purposes, namely retail/office, and somewhat sucessfully operated as such, the Highest and Best Use of the subject is estimated to be for the continued use of the present concept of retail/office use. Valuation Procedure In the preparation of this estimate, I have considered the three traditional appraisal techniques normally used for estimating the value Of real estate. The techniques are the Cost Approach, the Income Approach and the Market Approach. The Cost Approach is considered applicable to the appraisal of new • properties, properties competitive with new properties, and special 14 • purpose properties. Due to the paucity of suitable land sales a Cost Approach has not been developed . Income Approach considered most applicable, where the typical purchaser of such a property is an investor concerned with the return obtainable over time on capital invested in real estate. An Income Approach to value has been developed for the appraised property. Market Approach takes into consideration the prices that similar properties have sold for . Adjust=ments for differences between the appraised property and the comparable sales that could affect their respective values are employed so that the properties being compared are made more similar. Lack of suitable sales precluded the application of the this approach. Market Data Approach Investigation in search of similar type malls was unsuccessful. Those malls that had sold were dissimilar with respect to size, number of units, quality of construction and those more distant in time were sold during a period when operating income was not the primary and sole criteria for purchase, REIT' s with their tax shelters were quite in vogue. Due to the quality of available sales data, the market approach was not employed. • Income Approach: The income approach is considered to be an effective method of estimating valu@ for income property. The actual or potential income the property is capable of generating is affected by the expenses it would take to properly operate the property. Two major income concepts are The Ellwood technique, more or less a simplified method that considers the equity and mortgage positions and uses a steady income flow and Discounted Cash Flow Analysis estimating a series of uneven cash flows an,-1 the residual value of the property at the end of the term, say ten years . The appraiser is of the opinion that the latter . method has too many variables and unknowns to predict with any degree of accuracy the Fluctuations in income and expenses . over an extended period of time and the property ' s value at the end of the term. The Ellwood method is not infallible but has fewer presumptions estimated over a shorter period of time, this method was employed. Essential to the Income Approach is the Principle of Substitution which asserts that the limits of prices, rents and rates tend to be set by the rates of equally desirable substitutes, no one will pay more for something if they can buy it for less . The Principle of Substitution in this case tends to deal with ren�:al income. Per square foot rental data of properties in competition with the subject are expressed as follows: • 15 • RENTAL DATA, COMPETITIVE PROPERTIES One Salem Green 1st floor 3,700 s. E. $13 .00/s. f. gross 4th floor 868 s. f. $12 . 00/s. f. " 5th floor 2 ,352 s. ' $12 .50/s. f. " Tenants pay own heat, electric and air conditioning, 5% increase for CPI . Vacancy 150• 6 - 26 Front Street 1st floor 2 ,380 s. E. $12 .50 2nd floor 1 , 355 s. f. $12 .50 3rd floor 1,350 s. f. $10 .00 Tenants pay electricity, heat and AC included in rent Vacancy 150 70 Washington Street Retail and offices $12 .00 to $13 .00 gross 76 Lafayette Street 12 ,000 s . f . $10 .00 to $12 . 00 net Pickering Wharf $9 .00 to $10 .00 net • 27 Congress Street $10 . 00 to $12 . 00 ten util 140 Washington Street 5,000 s . f. retail $13 .00 tenant pays utilities 140 Washington Street 5,000 s . f. office $ 9.00 " Above data indicates a $10 .00/s. f. to $12 . 00/s. f. net income range . • 16 MUSEUM PLACE • STATEMENT OF CURRENT RENTS Tenant S .F. Lease Dates Option Base Rent Adjusted Rent Life Sports 2 ,910 9/1/88-8/31/93 5yr $10 .72 $15 .99 Loews 10 ,396 10/15/8-10/14/87 4-5yr 10 . 26 15 .64 Weylu 's 8 ,400 4/30/00 3-5yr 14 .39 22.80 McGowans 5 ,549 12/2/87-12/31/89 2-5yr 8 .55 11 .42 Nat ' l Park 2 ,910 3/1/89- 2/28/90 17 .50 On Stage II 448 5/1/87- 4/30/92 5yr 26 .03 Olde Salem 850 5/15/87-6/30/93 6yr 12 .50 US Postal 523 12/1/86-11/30/91 19 .51 Social Sec 6,776 3/15/89-3/31/94 18 .50 R.E. Invest 350 1/1/88-13/31/90 3yr 11 .30 16 . 08 Dist Attrny 17 ,900 5/1/89- 4/30/94 16 .00 Reading Cor 2 ,934 TAW 13 .09 13 . 89 Essex Pizza 1 ,500 10/1/89- 9/30/94 12 .00 15 . 00 Lotus Gifts 795 TAW 10 .03 PVP Oppenheim 537 TAW 11 . 17 Total Rented Area 63 , 778 s. f. Total Base Rent $884 ,228 . 52 Other Charges $169 ,268 . 76 • Total Monthly Rent $ 87,791.44 Total Annual Redt $1 ,053 ,496 . 28 • 17 • STATEMENT OF ESTIMATED OPERATING EXPENSES Expenses, Operating Electricity 80,000 Gas 25 ,000 Water/Sewer 30 ,000 Insurance 22 ,500 R/E Taxes 48 ,000 Sub Total 205 , 000 Maintenance Cleaning 60 ,000 Snow Removal 2 ,500 Security 52 ,000 HVAC Maintenance 10 , 000 Other Maintenance 15 ,000 Supplies 4 ,000 Exterminating 1,200 Elevator Maintenance 1 ,500 Rubbish Removal 30 ,000 Sub Total 176 ,200 • Administrative Management Fee 36 ,000 Booking/Office Expense 10 ,000 Legal/Audit 5,000 Advertising/Promotion 10 ,000 Answering Service 1 ,000 Alarm Service 1 ,000 Sub Total 63 ,000 Total Expenses $444 ,700 Capitalization 'Rate The income approach is considered quite relevant in the value conclusion for an income producing property of this type. A capitalization rate was constructed using an amalgam of mortgage and equity rates and projected on a yearly basis. A discounted cash flow analysis or internal rate of return for a period of 5 to 10 years was considered to be more speculativ= than a cash flow estimate of one year and was not exercized. Capitalization Rate was constructed using both the mortgage and equity position; . Customarialy a mortgage ratio of 70% of the property value is commonplace and the rate estimated at 1 . 5% to 2% over the current prime rate of 10 . 5% , equity of 30% is required with a rate of return of 150 . • Capitaliz,ition Rate = .125 18 From the preceeding pages it has been demonstrated that the Annual • Gross Income as generated is : $1 ,053 ,497 .28 Expenses projected at: $444,700 Estimated Net Income = $608 ,797 rdd a vacancy factor was not included in the expense statement and with the income history of the property and considering that there are tenants at will and not all the leases are AAA or their fulfillment a certainty a vacancy factor is indicated . Adjusted Net Income $608 ,797 - 50 = $578 ,357 By employing the Capitalization formula, Value = Net Income/Capitalization Rate a value can be arrived at . Value = $578 ,357/. 125 = $4 ,626 ,856 = $4 ,627 , 000 • Summary Subject an enclosed pedestrian mall was one of the initial projects in the redevelopment program instituted in the latter part of 1960 and early 1970. Developed by Third Heritage Plaza on or about 1977 the mall was constructed in conjunction with a municiple four level garage and in the process relinquished certain air rights to the City of Salem Parking Authority. The redevelopment project included the discontinuance of automotive traffic with the construction of a pedestrian walkway along Essex street and anticipated the restoration of those buildings bordering the walkway and in the immediate and surrounding areas. . The anticipated and projected rehabilitation of this central business area has not been completely accomplished, there are still properties in the area that are in need of :)eing revivified and occupancy has not attained the optomistic levels projected, there is still a vacancy problem. The subject mall is a good example, constructed about 10 years ago, it has not attained full occupancy and due to the history of unoccuppied space has been granted by the City Assessor ' s Department an abatement of between $10 ,000 to $25 , 000 in real estate tax savings, actual amount for fiscal year 1990 not as yet determined. Since the property was constructed for the purpose of making money, value by an income approach was considered to be most relevant and the • method employed was deemed to be less speculative than the alternative method of estimating a series of cash flows over an extended period. 19 • Competitive rental data indicated a net income range of $10/s. f . to $12/s . f. , the subject is commanding rental income above this average. Income generated and the expenses for operating the subject mall were obtained from the management group, David Hark Associates and utilized in the value estimate. The enclosed pedestrian mall known as Museum Place as of October 03 , 1989 had an estimated Market Value of: Four Million Six Hundred Twenty Seven Thousand Dollars ($4 ,627 ,000) Respectfully Submitted, Joseph W. Augusta, The August Company • • • ;of .,;.::. ;•, oz.s 9et.S.Z rloi 9G1�Pf2g9 �., OECD SOVEREIGN REALTY 1984 - IV limited Partnership, a M organized under the laws of Massachusetts Limited Partnership assachusetts, with a principal place of business at 26 Lynde Street, Salem, Essex County, Massachusetts 01970, for consideration Paid, and In full consideration of Three Million Four Hundred Thousand and no/100 ($3,400,000.00) Dollars grants to MICHAEL J. HARRINGTON AND JAC08 5. SEGAL, AS TRUSTEES OF MUSEUM PLACE REALTY TRUST under Declaration of Trust dated June I, 1988, to be recorded herewith, having an office at 59 Federal Street, Salem, Essex County, Massachusetts 01970, with QUITCLAIM COVENANTS the land In Salem, Essex County, Massachusetts, described In Schedule A attached hereto and incorporated herein, together with the buildings and Improvements located thereon. Subject to easements, restrictions, covenants and other matters of record referred to on Certificate of Title No. 53116. Being the same premises conveyed to the grantor by a deed dated January 4; 1984, filed dwithnEssex xSouth hRegistry tDistrictydf fLaDnddCouBtoas)Documen9eNo651922 76. WITNESS the hand and seal of the undersigned this )JT( d4y of July. 1988. SOVEREIGN REALTY 1984- ro PARTNERSHIP 1V, LIMITED by: Dellwydd Properties 302-A, Ltd. Its sole General Partner ( 1 By: • J n 5. Seal, neral Partner of tlwydd Pro riles; 302- Ltd. o o liE Ln .4ia'•V Ey ?�'•Ya'^+f`jQ L e W. Hall, Jr.. General Partner of i v. 7�L E� Oellwydd Properties, 302-A, Ltd. Camnonwe4lth Of Massachusetts Essex, S . Jul Then pe(sonally appeared the above-named John 5. Seal, Jr, and Lyle 1908 Jr.. Gen Then of Deilwydd Properties, 302-A, Lid andacknowledged the fore oin and Lyle W. Hall, Realty 1084-IV Limited Partnershistrumeor t0 be the free act and deed of Sovereign p, before me Jaaa. Fbccisa Stsvtpa g3ppuet ,nd ciancelled cin back of tbla lIIatIVR diary sc . My comms slon expires: I�Ta(yy . a94# SUM2so SCHEDULE A To be attached to and made a part of a deed from SOVEREIGN REALTY 1984 IV Limited Partnership (the "Grantor„) to MICHAEL J. HARRINGTON AND JACOB S. SEGAL, AS TRUSTEES OF MUSEUM PLACE REALTY TRUST. 1. Certain unregistered parcels of land situated on Essex Street Church Street, and Brown Street, Salem, EssCS_jIex County, Massachusetts sexScree and shown as Parcels RC5-6, 21 05 RCS-10. title, RC5-13, RC5-15, RCS-16, RC5-i7, RC5-18, RCS-19 RC5-20, and pC5-21 on a plan entitled `Salem Redevelopment Authorl ty, Salem, Mass., Scale: 1• . 161. dated November 22, 1976, Whitman 8 Howard, Inc., Engineers and APla Book` recorded with the Essex South District Registry of Deeds In Plan Book 141, Plan 76, together with air rights over said parcels and over that parcel shownon said plan as Parcel P-30A to the extent that said air rights were conveyed to Grantor by East India Mall, Inc., by deed dated January,4, 1984, and recorded In said Registry Of Deeds In Book 7308, Page 465. See also deeds of Salem kjewlcp�”An72xity at Bwk 6317, Page 755, Book 6430, Page C09, and axk EOEO page 482. 2• A certain parcel of registered land situated In Salem, Essex County, Massa- chusetts, excepting that portion of the air rights thereover conveyed by Third Heritage Plaza East Assoclatlon to the Salem Redevel Opment Authority Dy deed dated February 16, 1977, and filed with the Essex South Registry as folio of the Land Court as Document No. 160440, bounded and described as follows: EASTERLY by lot 4, as shown on aplan hereinafter mentioned, thirteen and 48/100 (13.48) feet; SOUTHERLY seven (7) feet; EASTERLY sixteen and 67/100 (16.67) Said plan; feet by lot 3, as shown on 1, y� SOUTHERLY two (2) feet; • '�-)� EASTERLY twenty-five.(25) feet; NORTHERLY nine (9) feet; and WESTERLY twenty-two and 50/100 feet by lot 2, as shown on said Plan; NORTHERLY five and 67/100 (5.67) feet, and WESTERLY thirty-two and 83/100 (32.83) feet by said lot 4; and NORTHERLY fifteen and 50/100 (15.50); feet; NORTHEASTERLY one hundred seven and 62/100 (107.62) feet; SOUTHERLY one hundred seventeen and 11/100 (117.11) feet; WESTERLY one hundred twelve and 13/100 (112,13) feet; and NORTHERLY seventy-nine and 47/100 (79.47) feet by land now or formerly of the Salem Redevelopment Authority. All of said Dounda ries are determined by the Court to be located as shown upon plan numbered 12728-8, drawn by Whitman It Howard, Inc., Surveyors, dated December 3D, 1976, as modified and approved by the Court, filed In the Land Registration Office a copy of A portion of which Is filed with Certificate of Title #46611 In said Registry, and the above described land ,, is shown as lot #1 on last mentioned plan. i SCHEDULE A - page 2 9617Pl251 eaoc 1. A certain parcel of registered land situated in Salem, Essex County, Massa- chusetts, excepting tnat portion of the air rights thereover conveyed by the Third Heritage Plaza East Association to the Salem Redevelopment Authority by deed dated February 16, 1977, and filed with the Essex South Registry District of the Land Court as Document No. .160440 bounded and described as follows: EASTERLY by lot 4, as shown on above mentioned plan, sixteen and 67/100 (16.67) feet; SOUTHERLY by lot 2, as shown on said plan, seven (7) feet; and WESTERLY sixteen and 67/100 (16.67) feet; and NORTHERLY seven (7) feet by lot 1, as shown on said plan. ,:-t Being shown as lot 13, an the last mentioned plan, _ . . zllere �5 EK�tPTED and ExC)udeA 7r•om t�e k'Doje drscrlbed \6.nd tA%e 6k\ouw,nj whsCh were ,�revi4usl � conve �ed ; Air 5Vace Darr Lot 14nd 3 ass! own o � Ylay �,\e.l with Cer�.�.cuFe o�Tlt.le t(blal( . i 2! 409 1.29 AC 8 I D I 18:5' t9 /0,768 57E0 2022 49 A. XIIo 181 4s 197Fag N D 20,000-5 2557 S t f 261 '1 50 I6 46 v 21 195-s D4 s So C HURCH 11 STREET R - W N D I. 75' 74 211 109 Y Q E601 276 " 45885. 212 i I age-s 1C) m U II " i ir0 i6 28 e7-s 216 25I //,240 I 2 WALKWAY 646818 / 9 f s 21m79634X4= GAWE 3 E Sgk.Y o '" 3lB536 SF 2558 (� ^ 207 A/R R/Gi�TS f 1T11 L �- 1 �p0-S ^ N /./2 AC 616 �� I I I I < _ I u N a �•�.., % ; a) 208 i 2� S ` 7F�i 15P5B '750 604 r —�'x�-'WA:KWAYS 6 1 L 205 /.B3 AC L- az 6055 3 a /9/65 206 EAST 209 g499 0 \ Isf owl lit D /0582 INDIA 8437 X31 E E T %33 2r SOUAPE 129 144-Sf T 42 67 m_ I16 54 129 - 221 Iff SO N 17 208-212 iB9-196 - 16l 229 E S S Ex03Xeo9 191-20119s-199la1-um a ns 2e_s 9 G� zzs :n.=zl o ec 4a 61a HE A O 45 4582 /0,385 q943 241 240 4984. /975 d 0 G D w a . I = m 7 251 -< IZI 2937 B2/5 2 237 _73q y 17 c o 18 /5�8 m O a a 7 u °1 604N 2827 2 240 92 H 4, n -5 `- iJ�2 EAS "' D HAL 231 W_ i90 65 40 - 6 89 4650 �{ LL m 219 42877 230 a a - 0 517 m mIL 2.10 253 248 v 7- 3845 t i u 45 40 2�6y0 0 :O 3 N 2� 265 sJ5 9i2 410 • so1615 e _ .. 2 -9 u-3 - 's--'-�— S T F 4543 439ON es A14 I i i SU9DIVISION PLAN OR 1,AN11 IN SALisM Whltnsn k Howard Inr„ / 2 72 Surv;p'yppr,_ / I� �cDer ember•"30, 1776 n+ ,, �L a° M, l57/ Rl:cEWED AND RILED With Certificate No. S E L _ _4QQ. fi 6 5 Cg� 34 hrURCy Sr 3797 N S.B. 0370.5Q26 £ 5.B N c/. 750 BROWN J i' 4' i . Nb - So/em Rede ve/opmenl Aulhorily N Ib W / lc' 002L16E - N 770 46' 31• £ ,'f • . 2064 58.83 I m V MW Q I S79n 3532•W� vy •4, �' a —.�• 79.47- — 3Q700. a ' Q �k p b b b Mo W 1 N i �zco C 57903532'w N, 8 � F p0200ST.Y'3SpWb NO m C 1 N F ° � 9.00 m • � � s79°3s:az'w ° ^o m W Q y o ►s nl n 010 t � 1m r mc O i 2 .IB22� 'Q a H SBO°o?WIV Sm0221.0,9 4Po'W S7 ogJO .WSB7n''�,51µi z°W Redevelc o,ent AufhorifY Solent // b¢+Sy u to d/N/�oi�ri Brit/ C N o.n x l b ran co�� .7N •q I � . m [ N RI �S n !Variable Widlh 7761- — C.+ m ESSEX ZB vr'a 230 uP.. ti ❑0O •,i Q: 'N N uPr0r/ 7 .c... p / GrOn. cars. MUSE rn N G, y 1.60 0 :. Separale certrredes 0) Ole may mbe risued fo �� shown hereon aS_4o!s /Ihry 4 Y N07e': • - JANUARY 1957 , LOCUS PLAN - _ LU I a 14 CHURCH L _ pwr BROWN I . ST/6r qq [vexa /gKP p BRowK ? xro.O P3 1l�J .iRoan+c %T Nre.rs� �7a- r.0 •• S <t•xav c � 79 sraN • l plwio- Z n w Srx. Al ry ti V PARAMOUNT THEATRE o r ti .voemmb-UJO-cov<.Sir. <X"a �_ �• $ 4 `` - — -..� i&/.:/!'.'� �` r . • -___ i- _�_____ TI ? .J - -._ :rq, � V to qh a J \T/�NSMUr t �so'r>♦;rorrn.W •vOa' F / - A 'r 17 7 W Rrsc ✓avcw 8 a W .wequrir eaxrn� � u ql jr< ` •I WI J / 6 e 6 n ' 1 c 37 3", • I e+r '4 � a - ST. PETER . / •z I - ► I 2' (. ..Srr i<xer i �Ij-� 3z 114el .S/ iyl �•i,i� � ' iSl .r .� ISI S rr r3z /50 I9B/C6 o .3l l 41 pIE '.Z Ise l O 2 I /SBBJSB /S6 64 /T•rr L. @ Y @ 2 ESSEX W 22 • Su[[ or R[r y y y A g 0 50 [gi�911 M]1t Ik L.1.�.•q 4 Salon Garage Weylus L•Ondina Lite Sports TAeatms6 Arcade Office 911 s.l. 2500 s.l. 1800 s.l. 10,016 s.l. 2084 S.I. 360 360 300 s.t. s.l. s.l. 690 s.f. — O�F N Parking entrance n` 850 S.I. alia 657 00 .f. 3 Jew ers S.I. Lotus ° i Si s795 Reading - i ay 1 s.f. Corner On Stage II 9 Parking Exit U.S.Fosr 0n+ca 2915 s.l. 8B6 s.l. s.l. 429 s.1. Food 2275'5.1. Court 480 s.l. 500 s.L stro lic Restrooms 467 s.f. _ - 690 s.f. 2000 s,,I. 1875 s.1/ 1000�s.f. 500 182 SI Restaurant _. I 710 _____________ ______ ___- I 1216 Main ROWSs.f. Entrance L H. National 3170 sA. Social Park Visitor Security 3000 s.l. 3468 s.l. Center.-- 3000 s.1. India Square ®Entrance Essex Street p,,body Museum • CERTIFICATION I certify, that I have examined the interior of the above ' described premise and" the amount indicated presents my best unbiased judgement as to ' the present estimated market value of the (fee simple) title thereto except as otherwise indicated . I do further certify that I have no present or intended future interest therin -------------------------- • UNDERLYING ASSUMPTIONS AND LIMITING CONDITIONS SUBJECT 'r0 TII1S APPRAISAL • 1 . I assume no responsibility for matters legal in nature , nor do I render any opinion as to the title, which is assumed to be marketable . The property is appraised as though under responsible ownership. 2 . The legal description used herein is correct . 3 . I have made no survey of the property and the boundaries are taken from records believed to be reliable . The sketches in this report are included to assist the reader in visualizing the property , and I assume no responsibility for their accuracy . 4 . I am not required to testify or appear in court on matters contained herein , unless previous arrangements have been made . 1' 5 . The distribution of the total valuation in this report between land and improvements applies only under the existing program of utilization . The seperate valuations for land and building must not be used in conjunction with any other appraisal and are invalid if so used . 6 . Information , estimates and opinions furnished to the Appraiser and contained in the report , were obtained from sources considered to be reliable and believed to be true and correct . However no 'responsibility for accuracy of such items furnished the Appraiser can be assumed by • the Appraiser . 7 . Disclosure of the contents of the appraisal report is governed by the Bylaws and Regulations of the professional appraisal organizations with which the Appraiser is affilitated . 8 . Neither all , nor any part of the content of the report , or copy thereof (including conclusions as to the property value , the identity of the Appraiser, professional designations , reference to any professional appraisal organizations , or the firm with which the ,Appraiser is connected ) , shall be used for any purposes by anyone but the client specified in the report , the borrower if appraisal fee paid by same , the mortgagee or its successors and assigns, mortgage insurers , consultants , professional appraisal organizations , any state or federally approved financial institution , any department , agency or instrumentality of the United States or any state or the District of Columbia , without the previous written consent of the Appraiser : nor shall it be conveyed by anyone to the public through advertising , public relations , news , sales or other media , without the written consent and approval of the Appraiser . 9 .On all appraisals, subject to satisfactory completion , repairs or 'alterations , the appraisal report and value conclusions are contingent upon completion of the improvements in a workmanlike manner . • Date: . . . . . . . . . . . . .. . . . . .Appraiser QUALIFICATIONS JOSEPH W. AUGUSTA • Obtained a real estate brokers license in 1976 . Completed Massachusetts Board of Real Estate Courses 101 , 102 and 103 conducted at Bentley College, Waltham MA. , have also completed Real Estate related Courses at Northeastern University, Boston Campus. Affiliated with R.W. Carlson Associates, a large all purpose brokerage firm covering eastern Massachusetts . Positions ranged from real estate associate, broker capacity, to manager of appraisal department. For past six years have operated as principle , THE AUGUST COMPANY, an enterprise involved exclusively in the appraisal of real estate, including residential , office buildings, industrial plants, warehouses, apartment buildings, research and development facilities, retail buildings, special purpose properties, fire insurance damage and vacant land . In addition to qualifying as an expert witness, I have been a court appointed appraiser and consultant to the City of Boston revaluation program. . Appraisal assignments have been performed for individual clients, attorneys and accepted by various lending institutions including: Eastern Bank, Salem, MA • Salem 5 Cent Savings Bank, Salem, MA George Peabody Co-Operative Bank , Peabody, MA Shawmut Bank , Boston, Lynn, Salem & New Bedford MA Branches Security National Bank, Lynn, MA Century Bank , Peabody & Chelsea MA Branches Arlington Trust, Lawrence, MA Bank of New England , Lawrence , MA State Street Bank and Trust, Boston, MA Bank of Boston, Boston, MA Bay Colony BAnk, Woburn, MA Woburn Savings Bank, Woburn, MA Services also included Bay Colony Development Corporation, Newton, MA concerning Small Business Administration Loans . Appraisal experience to date has included almost all types of properties common to New England, with assignments having been performed for the purpose of estimating value in relation to Market , Insurance, Inheritance, Income Tax, Financing and for Domestic Relation Issues. • 2 • Following are specific properties appraised : 570 Arsenal Street, Watertown, MA , new car dealership, d.b. a. as Charle River Saab. Building constructed within the past 2 years , container 19 ,300 square feet and situated on 67 , 088 square feet of business zoned land. 1 Roosevelt Avenue, Peabody, MA, Medical Office Building operating on a Special Permit. 20 year old building located off Lowell Street in West Peabody contains a 12 , 304 square foot building on 5 - 15 ,000 square foot lots . Two of the five lots could be sold as residential lots . This non-conforming property had an appraised value of: 19 Wheeling Avenue, Woburn, MA industrial building tenanted by E.G.& G. Company, large defense contractor . Property with very good visibility is located adjacent to north bound lane of route 128 before Washington Street turnoff. There was an existing brick building of 9 ,800 square feet and a 4 ,000 square foot addition approximately 90o completed. 34 ,200 square foot site located at end of cul-de-sac. Ridgewood Heights, Windham_, N .H. , 536 acres of undeveloped land with an estimated 140 developed lots upon completion. Development to have finished streets, underground electricity and to conform to all acceptable codes demanded by the State of • New Hampshire and the Town of Windham. 140 East@rn Avenue, Chelsea, MA. Air freight terminal d.b. a. Eagle Air Freight. Existing building ,of 66 ,785 square feet with 27 ,655 square feet of office area, remainder dock space and bonded warehouse, located on 101,704 square feet of industrial zoned land. Appraisal also included a proposed two level building measuring 300 ' x 80 ' per floor , with upper level office space, to be constructed on 126 , 142 square feet of land in the process of being acquired. li i , ._,_ i' ,� II �j i i ,, i ; i r il ` �I �i i. �,. �_/ . ..��> � ,..c �/' _Jk�"•'.M�R -�_I �I. _. we ^6 F E� \tea_ „_ h III A P P R A I S A L R E P O R T MUSEUM PLACE East India Square Salem, Massachusetts Date of Valuation August 1, 1989 Prepared by • D.J. Brown Associates 269 Main Street, Stoneham, Massachusetts Appraisal No. DB-4289 • • David J. Brown, MAI D. J. BROWN ASSOCIATES Charles W. Anderson, Jr. Appraisers — Consultants - Edward H. Brown, SRA Dennis G. Brown Leslie M. Jay Thomas E. Brown 269 MAIN STREET Maggie MacDonald Timothy D. Brown STONEHAM, MASS. 02180 Dana Shaughnessy Keith Glover Tel. (617) 438-2020 Michael J. Skerry August 23, 1989 Jacob S. Segal, Esq. RE: Real Estate Appraisal Museum Place Realty Trust Museum Place c/o Ronan, Segal & Harrington East India Square 59 Federal Street Salem, Massachusetts Salem, MA 01970 Dear Mr. Segal: Pursuant to your request, we have completed and herewith submit .an appraisal of the above captioned property. In the appraisal, the methods of approach to value are described and the sales of properties used for comparison are docu- mented. The purpose of the appraisal is to estimate the market value of subject property as held in fee simple ownership. The appraisers certify that they have no interest in subject property, that neither the employment to make this appraisal nor the compensation is con- tingent upon the amount of the valuation reported, and that they personally inspected this property on a number of occasions. This report is made in accordance with the standards and code of ethics of The American Institute of Real Estate Appraisers. Attention is invited to the fact that this appraisal is subject to the Limiting Conditions set forth on Page 3. In our opinion, the value of the real estate property above captioned as of August 1 , 1989 is: SEVEN MILLION SEVEN HUNDRED THOUSAND DOLLARS ( $ 7,700,000 ) • Resp tfully submitted, Davi wn, MAI • Assisted by: lc'�a Charles W. Anderson, Jr. CWA/f Real Estate Appraiser • DB-4289 • TABLE OF CONTENTS PAGE LETTER OF TRANSMITTAL 1 TABLE OF CONTENTS . . . 2 LIMITING CONDITIONS . . . . . 3 PURPOSE AND DEFINITION . . . . u IDENTIFICATION OF THE PROPERTY . . . . . . . . . . . 5 LOCATION AND NEIGHBORHOOD . . . . . . . . . . . . . 5 Facing Location Map NEIGHBORHOOD PHOTOGRAPHS . . . . . . . . . . . . . 6 SUBJECT PHOTOGRAPHS . . . . . . . . . . . . . 8 DESCRIPTION OF THE PROPERTY . . . . . . . . . . . . 13 . Facing Site Plan ASSESSMENT DATA . . . . . . . . . . . . . . . . . 18 TITLE AND LEGAL DATA . . . . . . . . . . . . . 19 ZONING . . . . . . . . . . . . . . 20 HIGHEST AND BEST USE . . . . . . . 21 THE APPRAISAL PROCESS . . . . . 22 THE MARKET APPROACH . . . . . . . . . . . . . . . . 23 THE INCOME APPROACH . . . . . . . . . . . . 29 CORRELATION AND FINAL VALUE ESTIMATE . . . . . . . . 35 CERTIFICATION . . . . . . . . . . . . . . . . . 37 ADDENDA Legal Description • Assignment of Air Rights, Leases, etc. Qualifications of Appraisers • • • 3 • ASSUMPTIONS AND LIMITING CONDITIONS This appraisal report and estimates of value are subject to the following assumptions and limiting conditions: 1 . This appraisal is based upon the condition of the National Economy, the purchasing power of the dollar and financing rates prevailing as of the effective date of appraisal. 2. No responsibility is assumed for matters legal in nature nor is this report to be construed as rendering an opinion of title which is assumed to be good. 3. The property has been appraised as though fully merchantable and under responsible ownership without regard to existing encumbrances, if any, such as tax liens, mechanic's liens, mortgages, etc., except if noted herein. 4. All facts set forth in this report are true and accurate to the. best of the appraisers' knowledge. Information furnished by others is believed to be reliable but is not guaranteed. 5. This valuation is based upon the assumption that furnished legal descriptions are in accordance with the intent of the Land Disposition Agreement dated December 22, 1972 as amended to May 6, 1974 and July 14, 1976. This includes the omission of reference to Parcel RC5-14, above which a portion of the second floor office space has been constructed. 6. Land areas are based upon Dimensional Plan No. 6-045 dated November 22,. 1976, prepared by Whitman & Howard, Inc. Building areas are estimated on the basis of architectural drawings and tenant coordination plans as submitted. • 7. This appraisal is based upon information contained in abstracts of existing leases and representations of space commitments under negotiations provided by the owner's representative. 8. Possession of a copy of this report does not carry with it the right of publication nor may it be used for any purpose by anyone but the applicant without the previous written consent of the applicant and the appraiser. If consent is granted, the report must be used in its entirety. • 9. The effective date of this appraisal is August 1, 1989. • 4 • PURPOSE OF THE APPRAISAL The purpose of the appraisal was to estimate the market value of Museum Place, a one- and part two-story theme/specialty shopping center, located at East India Square in Salem, Massachusetts. The property interests appraised herein include the fee simple title to the subject land as improved with 112,419 square feet of gross building area incorporating 82,858 square feet of gross leasable area subject to existing leases and represented negotiations (exclusive of 2,284 square feet of garage office and Mall manager space). In addition to the above, it should be noted that this appraisal does not include the parking garage structure situated above the one-story portion of Museum Place. The effective date of valuation is August 1 , 1989. Market Value is defined as: "The highest price in terms of money which a property will bring in a 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.nl ® 1The American Institute of Real Estate Appraisers and the Society of Real Estate Appraisers, Real Estate Terminology (Cambridge, MA: Ballinger Publishing Company, 1981) , p. 160. 0 5 lrt � ' `\11/ Hathorne o. Put Location Map y No'uwk id �mm ]5 ,y '9] 1e �4Llt T � \READING, .,,;�"..m ., ^z l iv "' 6 e m m BEVERLY° tt m °':ps_4 jar m - z j s .•• SI aceta m, dl. - , s � � O t� 111 RI �� I1 d m. s e F Yl,[. VIdShoe Rm mA IB f I CP liln 6.1 V as m ,s [ace ]� ace n. e m s d enoo 'S u ,"CoN I / Co11e0e N L ♦ ..,5` ^ A LCeateldY \e@ sl •s' IJ s s LYi. - }s [ �.Jlnrco,e'r ua I. ee b tly ^ .ar enf a 'BR]peT ILmw rRRe \ �I Lv B 1d s J;I/; \ the Salem T ..^s .Y f yy[nS : A d .. s fr \, l,r '1 s [ eY IL � ',,\ y C} ro..elsl. Isl o, Com` a tAt,SG rd - l j si S61 - , Y� 1. „rxxeF ¢w,l ox 6EABD . ° , 'mn lla (a nFV aal Im \HZadl 6 t d,v ] g y �A\�. \� 1 QJ'J nc set}„ r ! r+'ne al Seva Gvble i Ala ds ('o[J(Am •'{M. C� :m Mvnbme _ cN w S ji'cs` /dI He.. rr O Q I VN_LE M1 OI_dB g �Wuse . t\COY I I j I Ynn(leld < dr r5/eM1md \lY Mev L 1, Ilvg iJaAur . WAKEFIELD t i. - i.c d ,a R " v Y ' � au Rt r —' ehea BMAowe »1R A Sl n!an ' I FIlii r1 'lam bol ': m S/° [Bear HJI \ a' -I^ Ced Glae 1 /tl N d <" vl College d e LYNN WOODS SrdKT 0 r 1p 1 uxR Ab II rbleheetl Neck SN f L0 6 IGxM iAlAAi ERDeveravY R°R l HOPPY I. aNn rd r GlUlEwA �rn as 's I msmvsnox ey BD ION [Y 1 Y /'lar ,ea '� nv me�/s G %,.al L h/ A l s6.[ o He Beach �YlNxuw , STONEHAM ; A n �S I 1Y..1, . 'Pe -ta�[, "� .9'` ulron `q I. ?a phne e J 9 OO��p 3 L nh nt tp OI D LYN ^ \-env I—, ease >r.l^ eeeA Bl J,oR.w L z s .+ N R s JP\ w+^ a zs S J rv�t or 5P MP -/ _N [ I o •T e" 1LPhJ1 Beeth I tls. ,�NIanO- M !I Pg I] m _ T / sL P! 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BattA \ i b� O�EerxN P+as tA.tllarhor O W S6¢\�71¢..ef�m k u�g e e..v Ly 1 fie^ A` e" $.� •\�\ �� to•re b 4 Bw nlpue l/ O \\ \s \ 56 y \J, ShonBeach MASSA CHUSETT 4 4coloo SOIVIERVILL P EHE EA T P oeo awe cLvr O �r IA T v 5 re, HIBhl..d! 1l/£A BAY. a^ Inn v e I ! ..!d C HJ I taG' 41 H Inn [ e.d sorer [T U ,y h.L Trni lint".P� v s9 4Y 4'! t'ITxtl O. �l b f at!Jr' \ I /(gym, .5 CAIUIBf21DGE o, ?AN..,.Op � - ---- — _ E6G9h 5 J{I rll � enAxe Ip WiroFroB P each [Ps n �80ST0 1 Paln ShIrIeY, I JT �LO ESTER Ghl. D o b i5� n I rtl UBN I , � LOGAN "I IJTBN AIR. NATIOUAL eeln �0 ♦ - Mem, lion 1 v wne iw,Ej m �J 1' s e AIRPORT 1a,taa llmLor _ .1 HarA Md Id 1e nd'I. / 1 � Ex0 t e P rex � L19AIAo 0 � n` [fl,eY arY.leL!T i S[A .N m 4 • F 0 Y J O 0� �/ j �LOYILh I F EP } Jam. NOamo. F ICA ! utLe oau r FStandish \ n 1.)01 "IN E/. s STBt1 xm�w.l.enaons.M nYs evm nc n : o eowan .Jiml H Warv5o 11.11f-b- '"i --- d�J 41ce s 3 o Ch m em e i uuxP �•� >v V aPl C0,I IM �y_�-y C_5 ,{R lite He I�* Jsi ��vyA-� �`. S ' °P\ wLI ORP PemPerton '� /w _L nerton POOR . e 9 Y ze \ IT-' nBeac x S�u tum /4 L,ex / iR xLl p J Om cTa ns } w I \ Hut rham / nemA. la , em 00 f5 R zs iP • Y�I fDORee !UI ccs our �\ cz Qy�Pt v^IU set I x 5-.berme 11I m n[vnlon \ace . O [• a / . z C\ a, I m \ n Quincy Day ( &9"e / an lot �Wallannn Beach a ntelket Beach p ,Inn i s a'G 'r 1 1,., ''-.,n J r,. IDENTIFICATION OF THE PROPERTY The subject' of this appraisal is Museum Place, a shopping mall, located at East India Square in Salem, Massachusetts. The Mall consists of 94,774 square feet of owned and leased land, improved with a one- and part two-story structure containing 82,858 square feet of Gross Leasable Area. The one-story portion of the Mall comprises 93 percent of the total, beneath a four-level, 1 ,025-car capacity municipal parking garage. The property is further identified on City of Salem Assessor's Plans as Map 35, Lot 604. It is shown on a reduced Salem Redevelopment Authority Plan contained in the following description section. The property is legally described in documents referred to in a subsequent Title and Legal Data section of this report. LOCATION AND NEIGHBORHOOD The property under consideration is located on the northerly side of Essex Street, in downtown Salem, Massachusetts. This locus is delineated on accompanying maps and plans. The City of Salem is situated on the Atlantic Ocean, about 16 miles northeasterly of Boston. As shown on the facing location map, it is bordered on the north, east and south by other coastal communities including the City of Beverly, the Towns.of Marblehead and Swampscott and the City of Lynn, and on the west and northwest by the City of Peabody and the Town of Danvers. 6 A i < NEIGHBORHOOD PHOTOGRAPHS Museum Place, Salem, Massachusetts • =� Looking eastward across East India Square toward Peabody Museum I� r dam, Northeasterly view from East India Square. L.H. Rogers is at left. 2nd Corps Cadets Armory is at center, beyond New Liberty Street. • 7 • NEIGHBORHOOD • • Museum Place, Salem, i . St. Peter's Y Square •• _ northeasterly along Brown Street from Museum Place North entrance I PA � 1 Looking westerly along Church Street from St. Peter's Church. t d 3 L FY' From left to center are Museum Place, The Essex, and One Salem Green. SUBJECT PHOTOGRAPHS Museum Place, Salem, Massachusetts IAIIA� �� go Mai 1 1 M � _ 'il%e . .Ilii Y -u I �• -; � . < 1j 1entranceoff EastIndia s Two-story section facing Essex Streetpedestrian mall. View is toward Washington Street. a _ SUBJECT • • • / Museum Place, Salem, Massachusetts MUSE St. Peter's Square entrance. Movie Theater and Life Sports are at left Fz[ �.. • [ • Weyluls Too restaurant Garage n " E_ 3' h ' entrance • / New Liberty Salem has an area of eight square miles and 38,050 inhabitants, according to the Massachusetts Taxpayers Foundation Municipal Financial Data, 12th Edition. The trading area comprising Salem and the six abovementioned communities has a total population of 256,956. Planning agency projections indicate relative stability during the coming decade with only nominal population growth for the Northshore area. Principal automotive access to the City is from Routes 128 and I-95 via a network of secondary roadways. The capacity of the connecting roadway system is often exceeded during peak commuting hours and tourist seasons. Street access to the subject is from State Routes 1A, 107 and 114 via Washington Street, Hawthorne Boulevard and Lafayette Streets to surface lot and parking garage facilities situated adjacent to and above Museum Place. Bus and passenger train service to downtown Salem is available to shoppers from adjacent communities. Downtown Salem is partly commercial, partly residential, and partly historic/ recreational in character. A one-half square mile Business District, centered by Essex Street, extends from Bridge Street to the waterfront. Salem Harbor is an important recreational amenity, and tourismcontributes substantially to the local economy. A number of historic landmarks, museums and the Harbor are located within a five-minute walking distance of the subject Mall. � I 11 1 ��- �O � � `�- � �� TO DATE TIME WHILE YOU WERE OUT M OF PHONE AREA CODE NUMBER EXTENSION TELEPHONED PLEASE CALL CALLED TO SEE YOU WILL CALL AGAIN WANTS TO SEE YOU URGENT RETURNED YOUR CALL MESSAGE OPERATOR: V uNrerwi 021725 �Zabert U. NOW REAL ESTATE 40 GLENDALE AVE., PEABODY, MA 01960 (508) 530-1436 APPRAISER January 22, 1990 William Luster Salem City Planner City Hall Salem, Massachusetts 01970 STATEMENT For real estate appraisal services in the matter of: Real property known as Museum Place owned by the Trustees of the Museum Place Realty Trust, located at Church and Essex Streets at the East India Mall Square, Salem, Massachusetts. Report completed and delivered your office under date of January 19, 1990. Fee for all services as per letter proposal and acceptance of December 7, 1989. . . . . $ 6,000 00 i Res' ctfully submitted, �,-_--Robert_--Robertob ert V. Ndone y p I �2# , r �� ' �. �� ♦� I {, :s' � . �. ` .1. .a - ,� ♦LL ��III ;�.,'t�./ , , kL !-s�: —i � a • i .� Tib 3 -� 'I V .4 I . �: a � :v �•, t Sr Of AV wit Ir OIL Ai It �!,�d' � ., • . . ell '.RAlr 1 ` lid It I 44 Ir T �` � r G . .� 4 . SP`\3 \ 00 �.^ FP JFPCOP FP\JePOOP FUFPOOP N 'h N 0P ,9•t oil, by tAP by h�P �y RAS• D^ P P P a P O O E O 6 4 c4 JµtiOJPE P P�JP8 r� f P OP �P� FP UPS '(P`5FP OPfi F+''\bE �G UPS le OPS NJ ,�,J NU �O NJ ,NG PNU cv PN^3 ,FO 11"0 p P GO p ti a �O V tiP EO p EP EO P P P P P P �5 tGF �r �b GF r �� GF t t9 ZP OF CO ZP OF FY' UFP 00 �P JFP COP FI J. r r tr A gy � tt'A 0y � �P� P P yP P P JPEO 4 P4 Oi 4 PV ;PbO p`GU 4 PQ vP�U N OF ' SOP Fr v� Q 00 FP JFP OOP FP ti �,OP FP UpPOOP 0% y t' b0 fe ID VtiPpO .t'bPO 4FPb0 . 4P JP 4 � JP p ... Jp,ECP UP f 5 \� �F y `1 P. CVP Fa UF '' -'JP F�^ UFP CO' FP JFP COP .�N `t. N r N � N 9 P CO JPEO 4 P�ilNEOi 4 Pp UPFO 4 ,j JP�V ?AS JPO �C, P OF OUP FtJFPOUA FP UFA CUP F1' V� PCUP '(� UFACUP PN 9� 'c0 p EP b0 p EP�O p 0P Ev VEP b0 V P JP V P UP V P JC+ p P JP ��& PVF PV- P�5 PGF A� PF5 rGF PP PSS PGF P� dt t NUF SCO F NUF SCO 1 NUF QUO F NJF QUO t+� P g s Within the past decade, substantial portions of the downtown have been redeveloped, restored and/or revitalized. Blighted or under-utilized properties located between Bridge Street and Pickering Wharf were acquired with Urban Renewal funding and redeveloped with new structures including a . five-story office building (One Salem Green) , the subject Museum Place and garage, a District Court .House, apartments for.the elderly, and a townhouse condominium complex. Pickering Wharf was redeveloped with a complex of specialty shops, restaurants and offices, condominium townhouses above and a marina. Other real estate activity within the downtown includes restoration of historic mercantile buildings; expansion of Peabody Museum; conversion of former industrial buildings and some residences to retail/commercial use; redevelopment of a number of sites with residential condominiums, including the abutting former Almy's store, newly redeveloped with a 6-story residential condominium for elderly complex with street floor commercial spaces (The Essex) . East India Square is the focal point of a three-block area bounded by Washington, Church, Brown, New Liberty, Liberty, Charter and Front Streets. It is part of the designated Essex Street Mall and Museum Area shown on the facing aerial photo. The northerly block (subject) contains City Hall, the new One Salem Green Office Building, two rehabilitated store blocks with offices above, a bank, The Essex (107 condos and 8 retail condos) , the subject Mall and garage, and L.H. Rogers store. A number of restored two- and three-story mercantile buildings, a historic former Town Hall, and Peabody Museum occupy the two blocks on the southerly side of Essex Street. 12 Land uses bordering the subject portion of this neighborhood include a 500+ car capacity, municipal surface parking lot located between Church and Federal • Streets, opposite the St. Peter Square Mall entrance; two church properties situated facing St. Peter Square; a partially burned-out Second Corps Cadets National Guard Armory located on the easterly side of New Liberty Street, opposite the Mall garage entrance. The Armory is proposed to be redeveloped to incorporate a 45-room Hotel with • first floor Conference Center, Museum office, and exhibition space for the Peabody Museum, Essex Institute, and Parker Brothers Toys. Reportedly, permission has been obtained for the conveyance by sale of the Armory by the • Commonwealth of Massachusetts to a joint venture consortium of private and institutional parties. Properties abutting the subject include a four-level, 1 ,025-car capacity • municipal garage, constructed on air rights above Museum Place, with elevator access located inside the Mall; The Essex condominium project constructed along the Mall's west wall; L.H. Rogers store, bordering the easterly side of. East India Square. L.H. Rogers is a high-gross retailer of quality apparel located in two floors of a 20,000 sq. ft. restored mercantile building., with office space above. • The above-mentioned garage and stores generate substantial foot traffic for the Mall shops and restaurants, as do Peabody Museum, Essex Institute, and the • numerous stores, banks, and offices situated along Essex Street. Retailers subsidize parking with stickers for free time issued with goods purchased within the Mall. Additional foot traffic is created by the recently completed • townhouse condominium complexes located between Federal and Bridge Streets, 13 • .�,.g• P_4 - ....r Nmcn.Lsrxt w�roxn BRGWN °�-, • �AE Pct •57ou I AREA•d,6O9 SE i I LIfEAI.14.319 IF "1 4 Ftp SF. I i L S t--- �P=3b3 I I i. _ 3 wAucvraYP AREA•15.M SF. mA - I I I RCS-S .� •� 3 i . AREA-.%615 S.F. §_ d 9" I INS . I I n ' ` AREA-M466 Sf. 6 � � i i i •��3 � �La i 4 1 p ' rl2, S. , 9 IAwAFRI.3351 F.F. F—:��P-30A (AIR RIGHT555111��\ ' • I ( � .1.'V. - ma p, P-7 'NE11 RJfVElLP1EAti AUMOPon 10 uwPll t•OJI TR 1�CIV WA lit AREA.22,958 S.F. • �rnr.m4 nw na m/me � m M un ro xeauns a � '•��'s° =— SALEM REDEVELOPMENT AUTHORITY ta.m m.wn+ SALEM ,MASS. ESSEX STRMTg.m N a�ma�a�eo SCALE: Imo•16 NOVEMBER 22,197 WHITMAN a HOWARD INC.. ENGINEE.79 AND ARCHI ... aS WUTAM STREET '.ELLE$LEY, MASS. i and the ongoing conversion to professional office use of residential • properties located nearby along Brown Street, Essex pedestrian mall, and Washington Street. Reportedly, One Salem Green will achieve full occupancy upon successful negotiations for a major street floor tenant. • Conclusion: At present, the major redevelopment phase of the downtown revitalization program is complete. Most downtown projects have been constructed and are in ' • the rent-up phase. For the most part, the marketing of these retail/office areas has been • successful but there are vacancies which will be discussed in a subsequent Valuation section. DESCRIPTION OF THE PROPERTY • The following will serve as an abbreviated description of the property. Where possible, reduced copies of building layouts have been included for additional • visual references. Land: The site is an irregular but mostly rectangular parcel containing 79,516 square feet of land owned in fee, plus 15,258 square feet of leased pedestrian walkway, for an aggregate area of 94,774 square feet, per Redevelopment • Authority and.Assessor`s records. As highlighted in red on the facing Dimensional Plan, the owned land comprises parcels RC5-8, -9, -10, -11, -13, and' -15 through -21 . A leased pedestrian walkway, outlined in blue, is • identified as Parcel P-30. Also shown are parcels RC5-1 through RC5-4 and RC5-14. These are city owned and include enclosed stairway and auto access 14 • ramps to the garage above. • The property has frontage with access of 222 feet on Essex Street, 365 feet on Church and Brown Streets, and 77 feet on New Liberty Street. There is also frontage on 193 feet on the fountain plaza at East India Square. The site is • level and meets street and/or sidewalk grade. The site, except for 1 ,170± square feet, comprising Parcel RC5-11 and a maintenance easement area, is improved with the ten-year old Museum Place. A four-level parking garage • occupies air rights above the Mall The land is subject to two underground utility easements, one surface maintenance easement, and a "Walkway Area" access easement (P-30) . These are • shown on the Dimension Plan. Air rights to the space above the Mall Arcade (Parcel P-30A), the two-story • section of Parcels RC5-8 and -15, and those portions of Parcels RC5-19 and -21 not covered by the garage, are vested in the subject ownership. Air rights to all the parcels, other than those referred to immediately above, are vested in • the City of Salem Off-Street Parking Commission for the garage. Utilities available include water, sewer, natural gas, electricity, and telephone service. The capacity of these utilities is estimated to be • adequate for all present and potential uses for the property. • • 15 ' 0 • Building Improvements: The site is developed with a closed-mall community type shopping center • approximately ten years old. It is an integrated part of the garage structure above by virtue of shared public access to the garage. The mall consists of five built-in floor modules situated beneath the garage, containing 21 retail/ • commercial units, Mall office, and Garage office, and a two-story arcade containing 4 first floor retail/commercial units and two second floor offices. Approximate gross floor area distribution is as follows: I • Street floor Leased and vacant retail stores and office 63,310 s.f. Pedestrian walkway and food fair space 20,520 s.f. • Service and common areas 9,774 s.f. Total ------------- 93,604.s.f. Second floor • Leased office 15,950 s.f. Service areas 2,865 s.f. ------------- Total 18,815 s.f. • Gross floor area 112,419 s.f. Gross leasable area 82,858 s.f. • The building is ell shaped and measures 490 feet by 300 feet, overall. The one-story Mall portion with four-level garage above occupies the northerly portions of the site, along Church and Brown Streets. The two-story arcade • portion faces Essex Street and East India Square. An atrium with skylight above is shown as Parcel P-30A on the above Dimension Plan. • 16 • i Salon - Garage Weylus COndma Life Sports Theatres 8 Arcade Office 911s.f. 2500s.1. 1800s.1. 10,016s.f. 2084 s.t. t31L131fl rAN5 690 s.f. 300 s.f. - N 200 s.f. Parking Entrance £ a J 860 s.f. Shahan 697 300 s.t. Jewelers s.t. lotus Plm 625s.f. 795 Reading May 1 yt. Corner On Stage II 90D Parking Exit u.8.Post Orrice 2915 s.f. BB6 s.f. s.1. 429 s.t food 2275 s.f. - Court Public 480 s.f. - 500 s.1. Restrooms 487 s.1. 690 s.t. - 700 2000 s.f. 1824 s.f. Restaurant 1875 s.f. 1D00 s.f. s.t. r------------------------------- r � r 710 ��—� r I ---------------- ------ -- f s.f. 1216 Main - - s.f. Entrance Lµ.Rogers - National 3170 s.t. Social Park Security -3000 s.L Visitor Center 3468 s.t. --_— 3000 s.l. India Square Entrance Essex Street ._ 1 Peabody museum • A portion of the second floor extends beyond the main entrance at East India Square, above property of the City of Salem identified as Parcel RCI-11 on the • Dimension Plan. It is further assumed that this portion of the structure legally occupies air rights space not specifically referred to by deed. • Floor layouts of street floors and arcade second floor are shown opposite and following facing pages. Rentable areas for the various stores and office areas are listed on the Rental and Occupancy Schedule which follows later in • this report. Principal construction details of the building improvements are as follows: Foundation: Poured concrete with concrete floor slab. • (No basement areas) Framing: Reinforced concrete throughout with poured concrete columns and pre-cast concrete beams. Exterior Walls: Insulated face brick veneer on concrete block. Bronzed • aluminum and glass window walls on store, office and restaurant fronts at street level. Roof (Arcade): Built up tar and gravel over pre-cast concrete plus copper flashing and internal and exterior roof drains. Bronzed aluminum skylight above Arcade Atrium. • Partitions: Mixed concrete block with painted sheetrock and/or paneled surfaces. Plumbing: Mixed single and double two-piece lavatories. Individual electric domestic H.W. heaters. • HVAC: Roof mounted central electric forced hot air heating and air conditioning systems with ceiling diffusers in retail and mall areas; ceiling mounted space heaters for heat only in service areas and stairways. Perimeter baseboard electric on exterior walls. New separate system for • exclusive use of first floor Social Security. space-and second floor District Attorney space. Flooring: Vinyl asbestos tile and carpeting' in various stores and offices. Mall area on street level is brick, and second floor walkways have hardener and sealer finish. • Sprinklers: Entire building - wet system. t7 • D �Q 0 � D , I � - � p TL p _sl I Q 1 I 1p LL p i O ♦ n a II p 1 I 8 L ---- p • D � p 9 • Stud Heights: 10+ ft. in mall stores and offices. 14 ft. in open mall area; 24 ft. in atrium. Ceilings are acoustical tile in stores and office areas. • Elevators: 2,000 lb. capacity passenger elevator servicing first and second floors of arcade section. (Two passenger elevators in Parcel RC5-1 area serve garage above and are property of City of Salem.) Entrances: Recessed aluminum frame plate glass entrance and exit • doors at East India Square, Essex Street, and St. Peter Square. Electrical: Fluorescent lighting in general with some incandescent display type units. Lighting is generally recessed in the grid ceilings. 750 KVA Load Center with 2,000 amp primary • service. Loading: Service entrance is at street grade in Parcel RC5-21 at rear of McGowan's restaurant on New Liberty Street. Food Fair and Essentially a looped unit with exterior entrances at the • Mall: center of the complex servicing all rental units and garage above. It is a 12' high stud, fully heated and air conditioned area with decorative metal grid ceilings and recessed fluorescent lighting fixtures. Interior store frontages are mixed brick with anodized aluminum plate glass and high quality white oak with offset entrances. • Flooring is brick. Amenities are minimal, consisting of trash receptacles and a few wooden benches. A number of metal tables and chairs are also located there for the convenience of fast food patrons. Lavatories: The existing facilities are in poor condition. New • lavatories are now being constructed in the former Columbo's area next to McGowan's restaurant. Comments: The general quality and condition of the improvements in the center is good. Typical interior store finish is • above average. Interior and exterior are well maintained, attractive, and in very good condition. Remaining economic life of the subject is estimated to be in excess of 25 years. • 18 • • ASSESSMENT DATA • The property is assessed by the City of Salem to Museum Place Realt Trust as follows: 1990 1989 • Land (1 .83 ac.) $1 ,128,800 $1 ,128,800 Building $2,276,600 $2,276,600 ---------- ---------- Total $3,405,400 $3,405,400 • Fiscal 1989 Tax Rate $21 .74 per $1 ,000 Fiscal 1989 Tax Bill $74,033.40 The City was revalued as of Fiscal Year 1989. New Tax Rate for 1990 is • scheduled to be announced in September 1989. Until that time, no information will be available regarding property taxes for Fiscal 1990. • The 15,258 square foot leased pedestrian walkway is assessed to the Salem Redevelopment Authority at a value of $1,000. This parcel is tax exempt. The fiscal tax bill is equivalent to $0.66 per square foot of gross floor area • including pedestrian mall and underlying land; $0.89 per square foot of gross leasable area; and 8 percent of estimated Year One effective gross income. Assuming full occupancy, this would be competitive with other shopping center • properties. However, the center has been at 75 percent or less occupancy for this tax year. • An agreement with the City Board of Assessors for reduction of Real Estate taxes is effective until optimum occupancy is achieved. This is estimated to be fulfilled on or about the end of Year Three. For purposes of this report, the existing tax load of $48,000 for Year One has 19 • I • been utilized on the assumption of optimum occupancy for the retail and office units by the end of Year Two. • TITLE AND LEGAL DATA Title to the portion of Museum Place under subject ownership was conveyed from • Sovereign Realty 1984-IV Limited Partnership to Michael J. Harrington et al., Trustee on July 12, 1988, and recorded with Essex South Registry of Deeds Book 9617, Page 249 et seq. The property includes Redevelopment Parcels RC5-8, -9, • -10, -11 , -13, and -15 through-21, and is subject to Urban Renewal covenants running to March 3, 2012 contained in a deed from the Authority recorded in Book 6317, Page 750, and dated January 14, 1977. By agreement executed • July 14, 1976, Salem Redevelopment Authority agreed to construct at its expense a pedestrial walkway identified as Parcels P-30/P-30A and to lease the I• 15,258 sq. ft . parcel to the subject owner (Developer) for 99 years at. $1 .00 per year, subject to a pedestrian easement for the benefit of the garage also. Included is an agreement to close the Church Street surface parking lot, upon request by the Developer. • An agreement governing construction of a four-level parking garage and the subject Mall was executed on October 9, 1975 by Salem Redevelopment Authority • and Salem Off-Street Parking Authority and recorded in Book 6317, Page 716. By this agreement, air rights previously granted by instrument dated June 22, 1973 and recorded with Book 6060, Page 482, were modified to reconvey those • air rights affecting first floor of the Garage to the (Developer) , as assigned to the subject owner by agreement dated July 12, 1988. and recorded with Book 9617, Page 252. • No title search was made and it is assumed that the present titles are 20 • satisfactory. The value submitted is based upon the assumption that the property is free and clear of any encumbrances, restrictions or easements • detrimental to its market value except as noted herein. A copy of the above first-mentioned deed containing the property legal description and the "Agreement of Assignment" are contained in the Addenda. i • ZONING The property is located in an area designated by the City of Salem as a B-5 • Central Development District. Permitted uses include all multi-family residential, institutional, • recreational, and commercial uses including off-street parking structures combined with commercial use structures. Dimensional requirements for this District are summarized as follows: • Minimum Lot Size 2,000 s.f. Maximum Building Height 70 ft. Maximum Lot Coverage 100 percent Floor Area Ratio 3.5: 1 • The subject Mall and garage above are in compliance with use regulations and dimensional provisions of the Zoning Bylaw. • • • 21 • • HIGHEST AND BEST USE '• Highest and Best Use is defined as.: "That reasonable and probable use that will support the highest present value as defined, as of the effective date of the appraisal. Alternatively, that use, from among reasonable probable use and legal alternative uses, found to be physically • possible, appropriately supported, financially feasible, and which results in the highest land value."1 Demand for retail and office space in the subject area is good, as evidenced • by the recent leasing of the entire second floor to the District Attorney's Office. Mall vacancies currently total 19,000 square feet, or 23 percent of the 82,858 square feet of leasable area. These vacancies are highly visible • as they include most of the smaller interior units plus five perimeter units. The papered windows are graphic evidence. The track record of the new owners (one year) and manager is evidenced by a net gain of 17,265 square feet rented • at market rate. They gained the District Attorney, 15,600 square feet; the Park Service, 2,900 square feet; and Essex Pizza, 1 ,500 square feet; while losing L'Ondina, 911 square feet and Alano, 1,824 square feet. Prospective • tenancies under negotiation include the visiting Nurses Association, Montillio's Bakery, and the expansion of Weylu's and the Cinema. For these reasons, we estimate that the Highest and Best Use for the subject • property is, as presently improved, for continued first floor retail/ commercial and second floor commercial office use. • 1The American Institute of Real Estate Appraisers and the Society of Real Estate Appraisers, Real Estate Appraisal Terminoloav (Cambridge, MA: Aughor, 1981) , p. 126. • 22 • • APPRAISAL PROCESS • In estimating market value, there are three customary approaches available to the appraiser: COST APPROACH, SALES COMPARISON APPROACH, and INCOME APPROACH. The COST APPROACH involves a determination of the value of the underlying • land, to which is added the estimated reproduction cost of the improvements less depreciation from all causes. Although the subject improvement is only ten years old and well adapted for its present use, the Mall is an integral part of the garage above. Structural elements including foundation, frame, and support members cannot properly be valued except as part of the entire structure, which is beyond the scope of this investigation. • The SALES COMPARISON APPROACH, or MARKET DATA APPROACH, is a method whereby similar properties that have been sold in the recent past are compared to the • property under consideration to find a measurable unit of comparison that will lead to an indication of value for. the subject. In this instance, there is evidence of sales activity in this area of conventional shopping centers. • This method is developed for support although there are major differences in design. • The INCOME APPROACH is generally considered to be an effective and sensitive approach for income property. It involves an estimate of the income-producing capability of the property, reduced by all pertinent estimated items of • expense to a net income which is capitalized into an indication of value. The appraisers concluded that there was sufficient income, and expense information to warrant valuation of the subject by this method. In this instance, primary • reliance has been placed on the results indicated by the Income Approach. 23 THE MARKET APPROACH The Direct Sales Comparison or Market Approach to value is integral to appraising this type of property. The Market Approach is based on the Principle of Substitution which infers that a prudent buyer would not pay more for one property than he/she would for another equally desirable, with the same attributes and functional utility. The process is that of comparing like properties which have recently been sold or are offered for sale in the current market to the subject property, and adjusting for such factors as date of sale, location, size, and condition. The usual unit of comparison is sales price per square foot of building area, including land. w 24 • COMPARISON SALE A LOCATION: 880 Broadway, Saugus, MA • GRANTOR: Augustine Luongo, Trustee GRANTEE: Hilltop Plaza, L.P. SALE DATE: 11/5/86 TITLE REFERENCE: LC Doe. 217860 LAND .AREA: 211 ,014 s.f. BUILDING: Two free-standing, one-story retail strip centers FLOOR AREA: A - 17,680 s.f. B - 30,060 s.f. GLA - 47,740 s.f. ASSESSMENT (FYI ): N.A. ZONING: B-2 H1-Rise Business and Industrial UTILITIES: Water, sewer, gas, electric • SALE PRICE: $5,000,000 UNIT. PRICE: $104.73 p•s.f. of GLA DESCRIPTION Center 20 percent vacant when sold. Reported ANI • AND REMARKS: of $440,000 indicates 9 percent OA rate. Site since leased to Papa Gino. Recent leases at $13.50 to $15.00 p.s.f. • • lu_ -_ -®F .. c 3 irk 25 • COMPARISON SALE B . LOCATION: 125 Main Street, Stoneham, MA • GRANTOR: P. Finn, Trustee GRANTEE: 125 Main Street Corporation SALE DATE: 1/27/88 • LAND AREA: 42,000 s.f. BUILDING: 25,328 s.f. SALE PRICE: $2,600,000 • UNIT PRICE: $102.65 p.s.f. DESCRIPTION Key siting with long narrow building extending AND REMARKS: into a lot, resulting in visibility loss. Two- story masonry with first floor retail and second • floor offices with elevator. ai Ce¢ � • • • 26 • COMPARISON SALE C LOCATION: 85 Main Street, Peabody, MA • GRANTOR: Stephen Calas GRANTEE: George Belleau SALE DATE: Under agreement 7/89 TITLE REFERENCE: N/A LAND AREA: 44,240 s.f. BUILDING: Three story and basement brick and freestanding wood frame structures. 2nd and 3rd floors are residential. • FLOOR AREA: 51,418 s.f. exclusive of basement ZONING: Business UTILITIES: Water, sewer, gas, electric SALE PRICE: $3,310,000 UNIT PRICE: $64.37 p.s.f. DESCRIPTION Mixed retail/commercial and residential property AND REMARKS: at good downtown corner location in Peabody Center. Indicated overall rate is 9 percent. • - ' Lrj ® 1. • • 27 • COMPARISON SALE D LOCATION: 285 Derby Street, Salem, MA GRANTOR: Harry E. Lazarus, Trustee GRANTEE: Donald J. Clark SALE DATE: 4/6/88 TITLE REFERENCE: Book: 9464, Page 415 • LAND AREA: 25,453 s.f. BUILDING: One story former mill-type brick structure purchased as part of shopping center assemblage. • FLOOR AREA: 16,000 s.f. ASSESSMENT (FYI ): 188 Tax bill - $11 ,839. ZONING: Business • UTILITIES: All SALE PRICE: $935,000 UNIT PRICE: $58.44 p.s.f. including land • DESCRIPTION Shell space acquired by abutter. Extensive AND REMARKS: rehabilitation and conversion to multi-tenant retail use. • i • Igo�.,�� • 28 • Market Value Summary • The sales detailed on the preceding pages are, in the appraisers' opinion, sufficiently similar to the subject property to indicate value. They were selected from a much broader survey, and no indicative sale was omitted. • Sale A - Strip shopping center 47,740 s.f. $104.73 p.s.f. Sale B - Retail first floor 25,328 s.f. $102.62 p.s.f. Office second floor Sale C - Retail first floor 51 ,418 s.f. $ 64.37 p.s.f. Residential second floor Sale D - Shell space - Mill 16,000 s.f. $ 58.44 p.s.f. • The subject property is inferior to Sales A and B because they are smaller properties and in prime retail locations on Routes 1 and 28. On the other hand, the subject property is superior to Sales C and D as the former includes • subsidized apartments and the latter, although near the subject property, is shell space. Having viewed these properties, it is the appraisers' opinion that the subject • should be valued at $90.00 p.s.f. $90.00 x 82,858 s.f. _ $7,457,000 • • • 29 • • VALUATION - INCOME APPROACH The Income Approach to value is considered to be conclusive in this instance. • In order to estimate current market value for an income property of this type, it was concluded that income and expenses should be projected forward over a • period of ten years and the resulting cash flow discounted at appropriate rates and then capitalized into an indication of value through use of an overall rate. This methodology will be further discussed below. • As aforesaid, 77 percent of the subject property is "Leased or rented tenant at will," these are negotiated contracts and are most appropriate. A copy of the owner's statement is on the following page, and on the page • immediately following is the current operating expense summary used in estimating C.A.M. charges for leased space. These appear to be at fair economic levels, based on numerous appraisals in our office. • Vacant space is estimated by-comparison with similar leases or offerings in the immediate business district. These comparisons are: The Essex (next door) . Asking rents for retail/office space range from $8.80 • to $17.60 Net Net. 265 Essex Street. A three-building office complex, leasing 1 ,500 s.f. modules, average $9.50 p.s.f. with $1 .00 annual increase. This is N.N.N. One Salem Green. A modern 5-story building with elevator, 10,000 s.f. per floor. • 1 ,000 s.f. modules. Recently leased for $12.00 p.s.f. fixed five-year N.N.N. 205-209 Essex Street. Older 3-story brick building opposite the subject property. Rates $9.75 to $12.00 including heat and electric. This is older space. • 60 Washington Street. Four-story brick building with elevator, totally rehabbed five years ago. Lease rates $11 .00 to $15.00. Tenant pays taxes, heat and utilities. New Derby Street, Walgreens. 11 ,279 s.f., $15.00 p.s.f. N.N.N. Leased in 1988 for ten years. 1 30 • • • MUSEUM PLACE REALTY TRUST STATEMENT OF CURRENT RENTS AS OF JULY 1, 1989 Lease Lease Total • Comm. Exp. Base Other Monthly Tenant S.F. Date Date Options Rent Charges Rent Life Sports 2,910 9/1/88 8/31/93 5 yr 2,599.60 1,278.04 3,877.64 Loew's 10,396 10/15/82 10/14/87 4-5 yr 8,888.00 4,663.60 13,551.60 Weylu's 6,469 5/1/84 4/30/91 3-5 yr 8,408.121 4,703.09 13,111.21 Mc6owans 6,549 12/2/81 12/31/92 2-5 yr 4,666.67 1,565.3211 6,231.99 Nat'l Park 20910 3/1/89 2/28/90 4,243.75 4,243.75 • On Stage 11 448 5/1/87 4/30/92 5 yr 971.97 971.97 Olde Salem 850 5/15/87 6/30/93 6 yr 685.42 885.42 US Postal 523 1211186 11/30/91 850.11 850.11 e Social Sec. 6,776 3/15/89 3/31/94 10,446.33 10,446.33 R. E. Invest 350 1/1/88 12/31/90 3 yr 329.61 139.42 469.03 Dist. All. 15,600 5/1/89 4/30/94 18,850.00 18,850.00 Reading Car. 2,934 TAW 3,200.00 195.50 3,395.50 L'ondina 911 TAW 1,637.62 1,637.62 Lotus Gifts 795 TAW 664.49 664.49 • Alano 1,824 TAW 500.00 500.00 PVP Oppenheim 537 TAW 500.00 500.00 ------- ----------- ---------- Totals 60,782 67,641.69 12,544.97 80,186.66 • Tat Ann Rnt 811,700.28 150,539.64 962,239.92 1 Base rent plus average percentage rent over past years lease 11 Charge effective upon completion of metering 31 • • MUSEUM PLACE FEALTY TRUST Statement of Estimated Operating Expenses Year Ended JUNE 30, 1990 • Qx senses Operating Electricity 50,000 Gas 25,000 Water/Sewer 30,000 Insurance 22, 500 • R/E Taxes 4Bi000 Sub Total : 205, 500 Maintenance Cleaning 60,000 • Snow Removal 2,-100 Security 52,000 HVAC Maintenance 10,000 Other Maintenance 15,000 Supplies 4,000 Exterminating 1 ,200 • Elevator Maint. 1 , 500 Rubbish Removal ='•0.000 Sub Total : 176,200 Administrative • Management Fee 36,000 Bookkeeping/Office 10,000 Expense Legal/Audit 5,000) Advertising/Promo. 10,00) Answering Service 1,000 • Alarm Service 1 ,000 Sub Total : 63,00.1 Total Expenses : $444,700 • • 31A • • Considering these rentals, the appraisers consider the manager's $12.00 p.s.f. target for the vacant retail space as reasonable and attainable. Utilities • and taxes are passed through expenses, and pro-rated by area occupied. The Cash Flow Chart which follows is based on the following most logical • premise: Discount Rate 15 percent Lease Up Term 2 years premised on performance to date Vacancy 5 percent. This is on existing leases. • Hypothetical mortgage 11 percent 25 years based on a 1.15 DCR Year Two Reversion Rate 12 percent The Income Method value estimate: • SEVEN MILLION SEVEN HUNDRED THOUSAND DOLLARS $ 7,700,000 • • • • • 32 • • DISCOUNTED CASH FLOW ANA;iYSIS WITH FINANCING STANDARD END OF YEAR DISCOUNTING MUSEUM PLACE SALEM NA. • PREPARED FOR: PiICHREL nARRINGGUN & JACOB SEGAL TRUSTEES DB4289 EFFECTIVE DATE: AUGUST 1, 1989 GROSS FLOOR AREA - 85142 Sq.Ft. G.L.A.- 62656 Sq.Ft. INS LgTION RATE EST 1.05 OISCOUiNT HATE 15.00% h1OR;GPGE:PMOUNT- i Si5O+)0u ;TERx - 25 YEARS ;RATE - 11.00%;D.S.C.R.I.15 ; TYPE - DIRECT REDUCTION ---------------------- ------------------------------- RE TE- T.NcoxE: S.F.Ar1EA YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR S YEAR 6 YEAR 7�NITSYEAR 8 YEAR 9 YEAR 10 '_iFE SPORTS _2510 46532 54399 60639 63671 66854 70197 73707 77392 81262 85325 O_n'S 0356 162619 165417 168355 176773 165611 1%892 204637 214868 225612 236892 GAit.GE OFFICE 2084 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A '.GR - 200 N/A N/A N/A N/A N/A - N/A N/A N/A N/A N/A . 'CGu'�ANS 654; 74784 65723 95709 100494 105519 110795 116335 122152 128259 134672 • .ATIONAL PARR 2910 50925 53471 56145 58952 61899 64994 68244 71656 . 75239 79001 SCCA_ SECUR11Y 677E .25356 12E552 127616 134207 140917 147%3 155361 1fi3129 171286 179850 ;�Y ;S 6469 8400 15733335 206502 216821 227668 239052 251004 263555 2767-x2 290569 305098 i:JTEAIOR UNITS: O;J STA3E II 44R 11664 13,147 15319 16085 16889 17734 18620 - 19551 20529 21555 PVP OPPENHEIM 537 6000 6300 6615 6946 7293 7658 8041 8443 8865 9308 • -0 US 795 7974 8373 8792 9231 9693 10177 10686 11221 11782 12371 RP.DING CORNER 2915 40746 42783 44922 47168 49527 52003 54603 57333 60200 63210 115_% PIZZA 1500 3750 22500 22680 23814 25005 26255 27568 28946 30393 31913 LDE SALEM 6 0 10625 11900 13600. 14280 14994 15744 16531 17357 18225 19137 .5. POST OFFICE 429 10201 10930 11684 12268 12882 13526 14202 14912 15658 16441 ?EZZANINE 'UNITS: • DISTRICT ATTY. 15E(A) 17900 226200 286400 313250 328913 345356 362626 380757 399795 419785 440774 ,R,E. :NVESLACANT ARAE( 350 5628 6161 6469 6792 7132 7489` 7663 8256 8669 9103 2R_SENTLY VACANT (TARGET IS 19193 TO REDUCE 6Y 10000 SF/YR) --- 120000 239400 251370 263939 271135 290992 305542 320819 336860 TOTR_ POTENT.-4i GROSS 85142 940339 1224558 1408221 1478633 1552564 1630192 1711702 1797287 1887151 1981509 • LESS: VACANCY 5% t 47017 61243 70411 73932 77628 81510 85585 89864 94358 99075 EFFECTIVE GROSS (E.S.Ii 893322 1163615 1337810 1404701 1474936 1548683 1626117 1707423 1792794 1682434 t GRJSS LEASABLE AREA OF 82858 SF EXCLUDES 2264 SF OF GPRAGE 8 MALL MGR. OFFICE SPACE. • • 33 • • • 1EA:R 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 EFFECTIVE 3ROSS (E.6.e; 853322 1163615 1337810 1404701 1474536 1548683 1626117 1707423 1792794 1882434 _Si:EXGEAScS GPEW7TL,S — ELECTRICITY 60000 84000 88200 92610 97241 102103 107208 112568 1181% 124106 • GAS 25000 26250 27563 28941 30388 31907 33502 35178 36936 38783 ,ATER/SEWER 30000 31500 33675 34729 36465 38286 40203 42213 44324 46540 ;NSURANCE 22500 23625 24806 26047 27349 28716 30152 31660 33243 .34905 RIE TAXES 48000 50400 52920 55566 58344 61262 64325 67541 70918 74464- MAINTENANCE — • CLEANING 60000 63000 66150 69458 72930 76577 80406 84426 88647 93080 SNOW REMOVAL 2500 2625 2756 2894 3039 3191 3350 3516 3694 3878 ScCURITY 52000 54600 57330 60197 63206 66367 69E85 73169 76828 80669 MVAC MAINT. 10000 :0500 11025 11576 12155 12763 13401 14071 14775 15513 OTHER NA1NT. 15000 15750 1653B 17364 1&°33 19144 20101 21107 22162 23270 SUPPLIES 4000 4200 4410 4631 4862 5105 5360 5628 5910 6205 • EXTERMINATING 1200 1260 1323 1389 1459 1532 1606 1689 1773 1862 ELEVATOR MAINT. 1500 1575 1654 1736 1823 1914 2010 2111 2216 2327 RJB81SH REMOVA'- 30000 31500 33075 34729 36465 38288 40203 42213 44324 46540 ADMINISTRATIVE — NANAGE,7ENT FEE 36000 37800 39690 41675 43758 45946 48243 50656 53188 55848 • BOOKKEEPING/OFFICE 10000 10500 11025 11576 12155 12763 13401 14071 14775 15513 LEGAL/AUDIT 5000 5250 5513 5788 6078 6381 6700 7036 7387 7757 AOWERTISING/PROMO• 10000 1U500 11025 11576 12155 12763 13401 14071 14775 15513 A•VSWERINB SERVICE 1000 1050 1103 1158 1216 1276 1340 1407 1477 1551 ALARM SERVICE lOGU 1050 1103 1158 1216 1276 1340 1407 1477 1551 • TOTAL EXPENSES 444700 466935 490282 514796 540536 567562 595941 625738 657024 689876 AreNUAL1ZED NET INCOr:E 448622 696680 847529 889905 934400 961120 1030176 1081685 1135769 1192558 LESS:DEBT SERVICE WSCR) 6 1.15 605710 605710 605710 605710 605710 605710 605710 605710 605710 605710 CASH FLOW —157088 90970 241819 284195 328690 375410 424466 475975 530059 586848 • DISCOUNTED AT 15% 0.869565 0.756143 0.657516 0.571753 0.497176 0.432327 0.375937 0.326901 0.284262 0.247184 PRESErT WORTH CASH FFLO-; —136598 68786 159000 160,489 163417 162300 159573 155597 150676. 145060 REVERSICN VALUE AT 12.00% 5937982 PRESENT WORTH REVERSION 1358780 LESS: MORTGAGE PAYOFF 4440960 SUM OF CASH FLOW VALUES 1190300 • NET REVERS':UN 5497022 VALUE OF EQUITY 2545080 VALUE Cr' EQUITY 254906U - MORT"uAGE 5150000 MARKET VALUE EST 769908U ROUNDED TO 87700000 • U/A RATS 5.63% 9.05% 11.019 11.56% 12.14% 12.74% 13.38% 14.05% 14.75% 15.49% 34 • • CORRELATION AND FINAL VALUE ESTIMATE • In the preceding pages, the value of the Museum Place Mall located at East India Square, Salem, Massachusetts, has been estimated by means of two of the three standard approaches to the value of real estate. These methods and the • resultant value estimates are: MARKET APPROACH $ 7,457,000 INCOME APPROACH $ 7,700,000 • The rationale underlying each of these approaches and the manner in which these value indications were arrived at have been covered in detail in the • body of this report. It is not necessary to reiterate here particular details which have already been analyzed in depth, but it is proper to re-examine the quantity and quality of the data upon which each of the above value estimates • is based. This procedure is necessary in order to formulate a logical and accurate estimate of market value. The value indicated in each of the methods is a result of market data in • various related categories. The results then tend to coincide and there is, in the opinion of the appraisers, no major discrepancy. • The Income Approach is given the most credence in this report. Rental data is factual. Expenses were verified and checked thoroughly. The difference between the Income and Market Approach estimates is $243,000, or 3 percent. • This is in line, as this building was constructed to produce income, and rental data and contract rents are used, whereas the market involves comparisons of somewhat dissimilar buildings. • Having carefully analyzed all of the data, and having critically evaluated 35 • f • Income and Market conditions of value, the below named appraisers estimate the Market Value of Subject Property, as of August 1 , 1989, to be: • SEVEN MILLION, SEVEN HUNDRED THOUSAND DOLLARS $ 7,700,000 ) • • • Respectfully submitted, David J. Et2)mr, MAI Charles W. Anderson, Jr. Real Estate Appraiser • • • 36 • I • CERTIFICATION • 1 . We certify that, to the best of our knowledge and belief, the statements of fact contained in this appraisal report are true and correct. 2. We further certify that the reported appraisal analyses and opinions are limited only by the reported qualifying conditions and are our personal, unbiased, professional analyses and opinions. • 3. We further certify that we have no present or prospective interest in the appraised property. 4. The appraisal analyses and opinions were developed and this appraisal re- port has been prepared in conformance with (and the use of this report is • subject to) the requirements of the Code of Professional Ethics and the Standards of Professional Practice of the American Institute of Real Estate Appraisers. 5. We are currently certified under the AIREA voluntary continuing education program.* • 6. We do not authorize the out-of-context quoting from or partial reprinting of this appraisal report. Further neither all nor any part of this appraisal report shall be disseminated to the general public by the use of media for public communication without the prior written consent of the appraisers signing this appraisal report. • 7. No other than the undersigned prepared the analyses, conclusions and opinions concerning real estate that are set forth in this appraisal report. P_�_ David J. # , MA • Charles W. Anderson, Jr. Real Estate Appraiser *The American Institute of Real Estate Appraisers conducts a voluntary program of continuing education for its designated members. MRIs and • RMs who meet the minimum standards of this are awarded periodic educa- tional certification. David J. Brown is currently certified under this program through 9/15/89. • 37 • • • • • A D D E N D A • • • • • , • FBF' I i • uw 9617P17g9 � 1 DEED j SOVEREIGN REALTY 1984 - IV llmi ted Parthershl p, a Massachusetts Limit ed Partners Alp organized under the laws of MassacAusetts, wi[A a 26 Linde Street, Salem, Essex County, Mas sacAusetts Dal,, and in full consideration of TA principal place of business at or TRUSTEES Dollars grants to MICHAELMillion Four Hund�e0fihocon idandtno/100 TRUSTEES OF MUSEUM PLACE REALTY TRUST under HARRI NGTON AND 1988- to be recorded herewith, ha vin Ded oration of irustBdated EJune 1. Essex County, Massachusetts -01970,8 an office at 59 Federal Street, Essex County, Massachusetts, descrl bedsj� QUITCLAIM COVENANTS the lantl5I nem, herein, together with the bulleSn s Schedule A attached hereto and incorporated Subject [o easements, restrictions9 and Improvements located thereon• to on Certificate of TltleNo. , Covenants and other matters of record ecord referred Being the same premises conveyed to the grantor b recorded in Essex South District Registry of.Deed and filed with Essex C e deed dated January 4, 1984, I South Registry Olstrlct of 5. Book 7308, P Land Court as DocumenteNo65192276. � WITNESS the hand and seal of the undersigned this ),Mday of July, 1988. _ v SOVEREIGN REALTY 1984- W PARTNERSHIP IV, LIMITED ^' by: Dellwydd Properties 302-A, Ltd. • ( Its sole General Partner By, / t J n S. Seal, neral Partner of . ..i nrydd Pro rues; 302- o , ltd. POr1 irWY.":V B � Hall, Jr., N+ 7 dellwydd.properties. 302Gener.1 Partner of A. ltd. CommonwealthofMassachusetts Essex, ss. - - Then personally appeared the above- July V1. 1988 Jr Ge General Partners of Deilwyod Properties John S. and acknowledged the fore o perties, 3p2- Seal, Jr„ and Lyle W. Hall, Reals 1984- 9 ing instrument A. Ltd. Y 1V Limited Parinershl t° be the free act D, before Ie and deed of Sovereign da". Erelse Stamps :�--i-��affixet 'Td oanaelled on back of this lasts . lml otary It My comm Sion expires: I/Totyl f i i ,- . . J , 1 • -. sG. • u4x 9617P(250 SCHEDULE A To De attached to and made a part of a deed from SOVEREIGN REALTY 1984 _ IV Limited Partnership ([he "Grantor• AS TRUSTEES OF MUSEUM PLACE REALTY)TRUST. 1CMAEL J. HARRINGTON AND JACOB S. SEGAL, 1, Certain unregistered parcels of Street, r'- Parcels RC5-BroR�55treet Salem,lEssex situl on Essex Street, Church - RCS-20, and RC5_ 9, RC5-10, RCS-11, RC5_ Y Massachusetts, `1•<- Mass., Scale: a entitled 13.�RC5-15, RC5- and shown as Salem, plan 16, p '_:a. Inc.. Engl neers and I. i K[s`dated November em Redevelopment Authority RC5-I8, RC5-19 Registry of Deeds in III recorded with Whitma Ibvard, Bald parcels and o Plan Book 141, plan 76 the Essex South listriwa the extent ver that Parcel SA together with air rights 1. ) Mall, tbytdeed dated said ail right were conveyed as Parcel P-30A ver Inc„ D Of Deeds755. in Book 7308, pa January A, 1984, Grantor by East India • pace 755, BcuE 6p3U, Pale fT)9 465.f0 0oep sl so a�of Salmi In said Registry 2• A certain i" Third chuse[[s, excepting thatsterti land slateuatt;0 In Salem, Rederel9aaaM Iwsri ly at BU 6317. Menta Pjall P Dortloa of Essex Count by deed datedpFebruary East 9771etionbtoatAe ghtSSalem thereover conveyed b$Sa- _as fold of the land Court and flied dtA edevel tpment Authority as follovs: as Document W. 160440,10 Essex South Rs Pounded Registry EASTERLY and'described • by lot 4, as shown on a thirteen and 4B/100 n a Plan herelnafter ' SOUTHERLY ) feet; mentioned, EASTERN seven (7) feet; sixteen and 67/100 f Y� SOUTHERLY said plan; (16.6)) feet by lot 3, . "X as shown on - � - EASTERLY two (2) feet; twenty-flve.(25) feet; NORTHERLY • WESTERLY nine (9) feet; and e. twenty-two and NORTHERLY plan; 50/100 feet by lot 2, as Shown on said five and 61/100 WESTERLY (5.67) lee[, and thirty-two, and 83/100 "<•`� NORTHERLY (32.87) feet b NORTHEASTERLY fifteen and 50/100 (15.50 f Y said lot 1; and one hundred seven and 621100 (107.62) • SOUTHERLY one hundred (107.62) feet; WESTERLY seventeen and 11/100 (til,11 one hundred twelve and 13/100 (112,13 ) feet; NORTHERLY seventy-nine and 47/100 1 feet; and All Of formerly of the Salem 0 (79 47) feet DY land now or Said boundarl es are determined b int Authority, _ date plan numbered 12728-8, or Dy MAY tthemdO 6 Howard, dated December J0 1976, y the Court to De located as shown the land Regis trail on Offy een+ddoll ed and a Inc,. • Certificate of Title PPrevetl b Surveyors, Is shown as lot YI on Ylast)meet11 mentioned enan o/yrhl[A Cls ru led lr/thn Registry, and the abovev described land ....Sly`' • �' ;Tty' INS • ' iii SCHEDULE A - 'h Page 2 IJN 3• A certain parcel of regi s[ered land situated In Salem, , ' 1 I: f, • chusetts, excepting that portion of the air rights thereover conveyed by Essex County, Massa- I'f� the Third Heritage Plata East Association to the Salem pe0erelo � by deed dated February 16, 1977, and filed with the Essex South Redevelopment Authority I District Of the land Court as Document NO. .160440 bounded and 0escrl bed as 1 I • ' • - EASTERLY by lot 4, as shown on above mentionedlan. f 67/t00 (16.67) feet; D sixteen and SOUTHERLY WESTERLY by lot 2, as shown on said plan, seven (7) feet; and I(• sixteen and 67/100 NORTHERLY (t6.67) feet; and Il. _ seven (7) feet b lot 1, do said Plan. Being shown as lot Y3, on [Ae Own IS Own • �T(terc Is F FKCjUd xct vttD Ani luno tt a 4ot�omWti,cti were `1 tk e�blade ina dcsctlbed t� . I e .r s ate conve ed : c ' /� k' Offer LOtS 14nd 3 � � 1 I ass�owr� u n Plar, I) . i ��e1 wtth CerF,{-�caFe oG-Tlt.le 4bb11 . 1_� i�l ( { • ,l t I ) 1 I` 1 • Revised. 6/27/88 911' SGM252 AGREEMENT • Agreement made this ADM day of c�-- between SOVEREIGN REALTY ((y r 1988 by and 1984-IV, LIMITED PARTNERSHIP having a usual place of business It 26 Lynda Street, Salem, Massachusetts 01970, " • (hereinafter referred to a• 'Sovereign'), and JACOB S. SECAL and MICHAEL J. HAARI NGTON, TRUSTEES OF MUSEUM PLACE REALTY TRUST, u established under a declaration of Trust dated _ is 1988 and filed With the Essex South Registry of. D� Prin Pal with Its etts 0197 placq.of business at 59 Federal Street, Salem, >'• • Massachusetts 01970 (hereinafter referred to as 'Trustees•),. N W WHEREAS, by dead of *van data recorded herewith has conveyed certain parcels of land and air rights Sovereign located in Salem, Maaeachuaet is bn and In whish le located • known as East India Mall to Trustee • shopping center , and c 0 WHEREAS, incident to the conveyanceof said landand Ln rights[ Sovereign wishes to air o assign to Trua tees the followings 1 111 a lease by and between the Salem Redevelopment Authority las • lessor) and Third Heritage Plasa-East Associationsachu- , a Nes 6etts limited partnership (As lessee) dated January as 1987 and recorded with the Essex South District Registry of Deeds an Book 6117, Page 759 ( Said lease being hereinafter referred to as the "Lease-j, and (2) an agreement by and between the Salem • -1- ua 9CI�Pf253 Redevelopment Authorityand the Belem Off-S treat Packing Commise- lon dated October 9, 1975 and recorded with said Registry of Deeds In Book 6317, Page 716 Isald agreement b�ing hereinafter • referred to as the reign by •Operaticn agreement-), 49 a.signedto Sove- Instrument dated January a, 1934 and recorded with Said Registry of Deeds as Document No. 192275. . NOW, THEREFORE, for good and valuable coneldaratlOn, receipt • of which is hereby,acknowledged, the parties agree as follows, I. Sovereign hereby assigns and transfers Trustees and all of Its rights under and interest Operating es ting Agreement. In the to Tr ustethe • 2. Trustees hereby assume and agree to perform the Oblige. "One Of Sovereign under the Leasa and under the Operating Agree- ment. IN WITNESS NNEREOP, the parties have executed this Agreement • under seal on the date and year first above written. SOVEREIGN REALTY 1986-. LIMITED PARTNERSfifp BY, Dellwydd Properties 302-A Witness, sole General Partner Ltd, it, • lig �SY, C jral Partner I Deneral P+rtlee 302 Delwydd FOR Fillrcd. Its 801e qA Pa[tne ry Wall CCOI.WI�(a AW� .bhn S.-Seal. Jr. _2- • QUALIFICATIONS UALIFICA�S OF APPRAISER - DAVID J. BROWN • Professional P.A.-enjoy p Pm M.A.I.-Menem of the Appraisal institute; AP aiser of The Society of Real Estate Appraisers; C.M.A.-Certified Massachusetts Assessor; Realtor. Education: Boston College-B.S., 1952; Institute Appraisal Course I University of Connecticut, 1956; Institute Appraisal Course II, University Of Chicago, 1964; Condeomation se Cour , University of Connecticut, 1966; re • Investment Analysis, University of Delaware, 1974; Certified Mass. Assessors, No� hoCemMlnity college, 1972; plus numerous appraisal and technical Business Brownwand Professional Activities: The appraiser, Principal of David J. Associates, a firm engaged real Mi estate sales and appraisals, • founded Middlesex This is a realtor firm, one of the charter members of the Eastern Middlesex Board, of also formerly director of thwhich the appraiser has been a director. He was e Society of Real Estate Appraisers and of The American Institute of Real Estate Appraisers. App • Amraisal i� from 1952_to date has included almost all types of pertiecommon to New England. These appraisals have been made to estimate market value in coccwneru�ection with real estate assessments, insurance inheritance, income taxes, eminent domain and financing. • QUALIFICATIONS OF APPRAISER - CHARLES W. ANDERSON, JR. Education: Harvard College - AB, 1950; Institute Appraisal Course I, Univ. f Cann. 1968; institute Appraisal Course II, Worcester Pol tote, 1972; Society of R.E. Appraisers Residential R-4 Workshop, c Inti- • Society Income Dematration Report W A. 1977; Income Property Valuation, Course 202, •f Conn. .1 8381: Society Applied trial Appraisal experience from 1951 includes: valuation of commercial and inY dustl I�Perties in 21 states and six Canadian provinces. Most since March, 1983.has been a staff appraiser with David J. Brown Associates • Association Memberships; Related real estate activitCandidate Member - Society of Real Estate Appraisers. y includes the brokerage and manage commercial and industrial Properties. ment of in the Comenwealth of Massachusetts. He is a licensed broker Court experience Of one or both appraisers includes the testimony be District fore the Superior Courts of Middlesex, Bristol, Essex Worcester counties; the courts. 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Storage Il 3,185 sf01 125-129 TBL 10,100 sf V ( 10`7 106 10� t113fb1F� 130 TBL 1,682 sf t ; _J L 11 \ yG�flo/VIa�� - 131 Post office 540 sf � G 1 132 Essex Pizvi 1,890 sf 0 Q 2,160 sf \ \ t t)V Kx} I II r 135 Thai Palace133 Brucggeis Bagels 2,762 sf 137 TBL 1 'r 1 ,275 sf 141 Cinema 8,000 sf 0 J — C' 1 ma"B" 396 sf 143 Nlanageme�fTice 370 sf 4 _ S \ tt \ Total Lease Arca Main Lcvc1:67,435 sf40 y,* Ml Compru rrcicphane at hlainlenarre Shap 'v u BuildinaSen•icrs: � N Dock Plan !n = 16,-0" M3 Sprinkles Ronm M2 Main EII S7 StStoMeeloading Dock MI Gas AlercnDurglar plann SIStooge-loading Dods MS Elevator Room SS swage-Loading Dock M6 MIMIC.Pa&2rrelepiwlr S6 Security Office M7 Doiler Roan S7 Janitorial/Bath MI M**Ankat Roam i S/simse•Sta4woy FWI / M9 Machodal Roam 11 S9 StorapStairway Hall - _..... .. .._..... . ... ___... - .. ._. . .._-. ..___.. .. ._ ._ __. _..-_ - ._. .. ._. .__ .. .... .._._.. _. .. .. 01 0&1 Ievatar Machine S 10 Storage Of Loading Dock E s s e x S r e e t i CHURCH STREET 5 12'x 24'Ducted Exhaust sP3 (through floor below) Li Li 0 0 0 E3 I r7 ° c T-0" 4" VV E*"Shctn I Az US"Wood D7L ZH D Pi EXVU Fabs 3'—4" Fieniaroed Stair 3 ® ® cNork ® F)MTCads Recast Canasta t2 ip by 0 7 4' per coda 00 0 o Hlow Cut hole h precast T — i�e CMU Wad par Shcbnl En7w Li Li UE�dstn9 Shrbn Partial First Level Parking Plan /,"5� Elevation @ Duct Enclosure sP� Scale: 1/8" = 1'-0" SP 3 Scale: 1/4" = T-0" Partial First Boor Parking Level Plan Museum lelse m Nate S� 3 Scale: 1/8 -1-0 l�l�l 0 Salem, Massachusetts October 10, 1996 Winter Street Architects , Inc , I R..i, --Plat e-jz. _ �cv2,� 'Dobin �9�v�y1-v�u4- CHURCH STREET -- (/�!/x�'� (/k.�e r a-Ci - �v Shy o� c.cg✓.� o v 0 v v Li O O O Do NX -00 O Mechanical 00 Mechanical Room 73' r 0 2 I Q 1 R60m 'A' 0 SP2 1 (D O 24'-11" 4 SP2 SP2 `) Flue Chase 4" (typical each floor) a 1 00 D SP2 - Mair 3 0 0 0 0 0 0 D z Y I Q O Q U E O li LD Q] O m (V m U U O C Partial First Floor Parking Level Plan Museum n��n ��o� Scale: 1/8'l-q1)- uVp e U o e Q Salem, Massachusetts C! October 7, 1996 Winter Street Arc hitects , Inc , 3 O Ebs"Shdn 0 6 Recast Rbs T shah PT Extend Pzstilg Cable Brck Brc o us PT Studs sealed top to& ares E&"Gamete Wad 4'CMU Wan Elevation @Flue Enclosures Elevation Mechanical Room A sP-2 Scale; 1/4" = 1'-0" aP-2 Scale; 1/4" = 1'-0" 12-T 2-0' Precast Dable T P space below bottom of T PpeCokirri �rr reed l t�readt t p (hPJ beYad M CMU Wal N 4,We h*, r; x V1F. Top of Precast Fr Exterior Ros rT� Elevation @ Mechanical Room B 4 Elevation @ Mechanical Room A SP-2 Scale, 1/4" = 1'-0" SP-2 " T_ Scale; 1/4 = 1 0" MUS(SUM New SM Salem, Massachusetts October 7, 1996 W i n t e r S t r e e t Arc h i t e c t s , Inc , 9615.solpkgr2.dwg