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Board upholds Union County valuations for multiple Lowe's stores after county cites market medians and MAI appraisal
Summary
County staff presented sales and income analyses for several Lowe's/Home Depot discount-warehouse stores, citing a median comparable price of about $124 per square foot and a median cap rate near 5.2%. The board voted to keep the county's valuations for the Lowe's properties.
Union County staff presented a consolidated market and income analysis for four Lowe's/Home Depot retail-warehouse properties and asked the Board of Equalization and Review to retain the county's existing valuations.
The county said it collected 14 sales of comparable big-box warehouse stores (13 Lowe's, 1 Home Depot) with a median dollar-per-square-foot of about $124 and a median sales price near $16.6 million. The county also referenced an M.A.I. appraisal performed in 2021…
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