CVS signed a 15-year triple net lease for a 333,000 square foot distribution facility in Irvine, California with a first year base rent of $2,250,000 and fixed annual base rent increases of 3% per year. What would be the expected sale price of the property if it is sold at the end of the tenth lease year based on a sale capitalization rate of 4% that is applied to the eleventh year projected NOI? a. $75,595,296 b. $56,250,000 c. $77,863,155 d. $73,393,492

CVS signed a 15-year triple net lease for a 333,000 square foot distribution facility in Irvine, California with a first year base rent of $2,250,000 and fixed annual base rent increases of 3% per year. What would be the expected sale price of the property if it is sold at the end of the tenth lease year based on a sale capitalization rate of 4% that is applied to the eleventh year projected NOI? a. $75,595,296 b. $56,250,000 c. $77,863,155 d. $73,393,492