Case #2: JLC Investment Company JLC Investment Company is considering the purchase of land that could be developed into a class A residential project. At the present time, JLC believes that the site could support a 500,000 rentable square foot project with average rents of $20 / sq. ft. and operating expenses equal to 20% of that amount. They also expect rents to grow at 2% indefinitely and believe that JLC should earn a 12% internal rate of return on the investment. The building will cost $175 / sq. ft. to build. Based on this information determine: The estimated property and land value? Should JLC purchase the land