Question 7 10 pts A national retailer uses 27,500 SF of "big box" store space and develops these properties for an average cost of $4.5 million. The space leases for $22 per foot (absolute net) with $5 per foot in operating expenses. If the company does a sale-leaseback, what is the approximate price (rounded to thousands) they can expect to get if the property is sold at a 6.25 cap rate? $11,880,000 $ 5,520,000 $ 7,920,000 $6,828,000 $ 9,680,000