Triple net lease portfolio- how to split with partner?

[Jason Moore]

I have been in a partnership with my father-in-law for about 15 years wherein we bought land on a major interstate frontage road and developed & built commercial office warehouse buildings (we still have 10 of these buildings after selling off several over the last 4 years). All the leases are triple net. We then bought a property that had two 10,000 sf storefront office space buildings which are separately metered for electricity but share water/sewer. However, i then designed & built a bank building on the front of this property at a major intersection in town, with a 10 year lease with two 5 year options (I have is also triple net lease)

Now of course the partnership is strained because my father-in-law & I have been at odds for a few years. He taught me the commercial masonry business over 25 years ago (which I own separately). He then taught me the development & commercial real estate business. However, he was pretty much self taught & we never really ever discussed cap rates, NOI, etc. which I am learning about here on BP! We mostly talked about the buildings & their values as "cost per square foot" & does it cash flow.

Now we are starting the process of dividing the partnership or selling off the buildings & I want to price them right. Because he has many other sources of revenue besides our partnership he just wants to be rid of the properties not caring about the financial impact on me. These buildings gross over $1,250,000/year NOI=$960,000/year. We have always managed the buildings ourselves. Because they have been in the heart of the oil boom country we have had no vacancies since 2008/2009. But therein lies the new wrinkle, we all know where oil is right now...in a down cycle. The cap rate in the area for these types of buildings is 10%-11%,

Finally! the question(s):

Is it best to try to ignore any discussions of psf prices when dealing with an old school "partner"?

What other analysis should be done to truly value the cash flow from these industrial buildings?

How do I quantify the impact the slowdown in the oil economy has on the value of the cash flow (other than increasing my calculation for vacancies which I am sure will increase if oil does not rebound soon)?

Are there other analysis or discussion points I need to be considering?

I haven't really posted much but I sure read a lot on these forums as well as listening to the podcasts! It has been such a tremendous resource I became a pro member! Thanks in advance for reading my too lengthy post!