The first step is to look at the lease comparables for similar units in the area. I say similar because rarely will two units boast identicle characteristics that are not within the same center. Traffic counts, signage visibility, parking, ameneties, square footage, tenant improvements, lease term, etc. will all play a factor in the pricing of the property. If you are using a broker, most will have the contacts and wherewithall to determine recent leases that have been executed in the area, which should give you a reasonable range to which the property should be priced. The definition of fair market value is a bit of a grey area, as it truly depends on the motivations of the property owner and potential tenant. Good Luck to you.
Jan 18, 2012