Verona Board of Review upholds assessor valuation for Festival Foods property at 660 Hometown Circle

The Verona Board of Review voted unanimously May 20 to determine that the assessor’s valuation of $13,391,200 for the Festival Foods property at 660 Hometown Circle is correct.

At a hearing on the objection filed by NS Retail Holdings LLC, Alder Tucker Long moved to sustain the assessor’s valuation; Alder Harrison seconded. The motion passed on a roll-call vote with all members present recorded as voting yes.

The decision follows testimony from the property owner’s agent, who presented a sales-comparison analysis arguing the fee-simple (vacant) sales supported a lower value, and from Dean Peters, the Wisconsin-certified assessor, who presented an income-capitalization analysis and property records supporting the current assessment.

The objector’s agent, who identified himself on the record as JC Hayden and represented NS Retail Holdings LLC, said he reconciled five comparable supermarket sales from around Wisconsin and requested a market value of $8,077,087 (about $120 per square foot). Hayden told the board he used a building size of about 67,309 square feet in his packet and applied location and size adjustments to out-of-area sales. He said several of the…