The subject is a 227,500 square foot (SF) distribution warehouse built in 2023. It is located in a privately developed industrial park with good highway access. 10% of the space is finished office. The balance is warehouse. There are 90 loading docks. It has 40' X 40' column spacing and 28' ceilings. The building was leased in 2023 for 15 years (14 years remaining) to Amazon at $7.00/SF triple net (tenant pays expenses) with 10% rent increases every 5 years. The tenant has 4, 5-year options to renew at a 10% increase of the previous year's rent.

In addition to other data points, an analyst is considering the following information in order to determine the value of the property by Sales Comparison.

Improved Sale 1

• Sold 6-15-2023
• Built in 2021
• Location: Planned municipally developed industrial park with good highway access
• 250,000 SF with 8% office finish
• 86 loading docks, 40' X 40' column spacing, and 30' ceilings
• Tenant Profile: Owner occupied by a local trucking company (no lease)

Improved Sale 2

• Sold 1-23-2023
• Built in 2006
• Location: Planned municipally developed industrial park with good highway access
• 150,000 SF with 20% office finish
• 40 docks, 40' X 20' column spacing, and 26' ceilings
• Tenant profile: Leased for 20 years (18 years remaining) + multiple options at $7.50/Sf triple net to Wal-Mart for a distribution center

Which of these two sales is most comparable to the investment the analyst is valuing? On the surface, they both appear to be industrial buildings which is presumably the same highest and best use as the subject. What locational, fiscal, and financial issues (if any) should the analyst consider when comparing these two assets to the subject?