Real estate valuations can be tricky, especially when dealing with multiple parcels. A basic review of comps is a good starting point, but valuations can also be influenced by factors such as zoning changes, development potential, lease agreements, or even off-market sales that don’t always align with public data. Without more details on how the $45 million figure was determined, it’s hard to say what might be missing. If there are additional factors like entitlements, future use plans, or bundled assets in the deal, those could be contributing to the valuation discrepancy. Ultimately, only those directly involved in structuring the transaction can fully explain the methodology behind the number. Do you have a background in real estate?