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SHK Property Development (SHK) has formed a joint venture with CK Property Development (CK) to compete for a property that might be turned into a 60,000-square-foot commercial mall. SHK and CK will each provide 80% and 20% of the equity capital, respectively. The joint venture anticipates that the average rent from this new development will be either $80 per square foot or $40 per square foot. Assume that the operational costs are equivalent to 40% of the rent received. Rent is expected to grow at a rate of 3% indefinitely, and the joint venture demands a 10% return on investment. The mall will cost $500 per square foot to build, and it will take one year to complete.

Question:

1(a) Find the expected net operating income (NOI) from the shopping mall and calculate the capitalization rate.

1(b) What would be the expected property value and land value under the above assumptions?

1(c) Suppose that the minimum asking price for the land is $700,000. Based on your answer in 1(b), would the joint ventures shopping mall project be feasible?