$(30$ points$)$ Assume a broker has listed a grocery$-$anchored shopping center with $80,000$ sf of total retal space for lease, at a price of $$8$ million at an advertised $7\mathrm{.}0\%$ cap rate in a suburban market approximately $10$ miles northwest of Charlotte, North Carolina.

a$.$ Calculate the price in dollars per square feet $($show your work$).$

b$.$ Catcutate the net operating income $($NOI$)($show your work$)?$

c$.$ If you purchase this asset and hold it for five years, what is a reasonable exit cap rate you could obtain for the sale, assuming ne malor imestment in the property while you own it$,$ only routine maintenance $($no roof replacement or mechanical upgrades$)?$ Explain your assumptions about the economy and real estate market in five years. $|$