AREAS OF SPECIAL COMPETENCE PROFESSIONAL MEMBERSHIPS
• MAI Designation,
Appraisal Institute
• ISHC Designation International Society of Hospitality Consultants, 1997-2002
• Master
of Science in Real Estate, University of Wisconsin, Madison, WI, 1983
• Bachelor of Science in Business Administration,
University of Florida, Gainesville, FL, 1980
• Illinois Real Estate Salesperson License
VALUATION
OF CHALLENGING VALUATION SITUATIONS AND COMPLEX OWNERSHIP INTERESTS
Over 25 years experience appraising challenging
valuation situations and complex ownership interests including: equity ownership interests in mixed-use complexes subject
to complex loan structures, equity member interests of minority partners in LLCs, component asset allocation analysis for
hospitality and other operating properties, conservation easements, sandwich lease interests, ground leases, air right ownership
and leasehold interests, TIF agreements, franchise agreements, management agreements, development agreements, partial interests,
easements.
VALUATION, APPRAISAL, AND CONSULTING SERVICES TO THE HOSPITALITY INDUSTRY
More than
15 years experience providing valuation and consulting services to the hospitality industry including convention hotels, luxury
full service hotels and resorts, full and limited service hotels, extended-stay hotels, and specialty hospitality properties.
VALUATION
FOR DISPUTE RESOLUTION PURPOSES
Extensive experience providing valuation counseling services and appraisals
for dispute resolution purposes involving litigation for ad valorem assessment purposes, business disputes, bankruptcy, estate
planning, marital disputes, and IRS purposes.
SIGNIFICANT ASSIGNMENTS
CHALLENGING
VALUATION ISSUES/COMPLEX PROPERTIES: Westin Diplomat Resort, Convention Center, and Country Club, Hollywood, FL;
River East Center Mixed Use Complex, Chicago, IL (Marital Dispute); Nemacolin Woodland Resort & Spa (Property Tax Appeal);
Collins Station Power Plan, Morris, IL (Property Tax Appeal); Amway Grand Plaza Hotel, Grand Rapids, MI (Property Tax Appeal);
Little Nell Resort and Snowmass Resort (Financing); Embarcadero Center Mixed-Use Complex (Financing); Montreal Commercial
Property Portfolio (Financing); Chatswood Connection Development Site, Sydney, Australia (Workout/Asset Management); 320 N.
Meridian Office Building Equity Lease Analysis, Indianapolis, IN (Litigation Support); Reynolds Aluminum Industrial Building;
GROWS and Tullytown Landfills (Property Tax).
HOTEL AND HOSPITALITY PROPERTIES: Fairmont Hotel- Chicago;
Hotel Aspen, Aspen, CO; The Abbey Resort, Lake Geneva, WI (Development Consulting); Resort at Squaw Creek, Lake Tahoe, CA;
Hyatt McCormick Place, Chicago, IL (Asset Mgt); Chicago Hilton & Towers, Chicago, IL; Sheraton Hotel & Towers, Chicago,
IL; Four Seasons- Chicago, Chicago, IL; Westin River North, Chicago, IL (Property Tax); Renaissance Suites- O'Hare, Chicago,
IL; Doubletree Corporate Woods, Overland Park, KS (Property Tax); Marriott- Austin, Austin, TX (Property Tax); Marriott Baltimore-
Inner Harbor, Baltimore, MD.
PUBLISHED ARTICLES, TEACHING, AND SEMINARS
Adjunct Professor,
Moraine Valley Community College, "Appraisal Methods".
Speaker, "Impact of 9/11 and the 2001-2003 Recession
on the Value of Hospitality Real Property", IAAO's 24th Annual Legal Seminar, International Association of Assessing
Officers (IAAO), Chicago, IL, December 2003.
Speaker, "Where are the Intangibles?", APTC Fall 2003 Conference,
Phoenix, AZ, American Property Tax Counsel (APTC), November 2003.
Article: "A Look at the Nature of Property Assets
in Valuing a Hotel's Real Property", Journal of Multi-State Taxation, October 2003.
Article: "Valuation Principles
Regarding the Appraisal of Commercial Property for Ad Valorem Tax Purposes", Journal of Multi-State Taxation, September
2003.
Speaker, "Valuation Issues Involved With the Appraisal of Troubled Hotels", HAMA Fall 2002 Seminar,
Atlanta, GA, Hotel Asset Managers Association (HAMA), September 2002.
Speaker/Organizer, "APTC/USRC Spring 2003
Seminar on Hotel Ad Valorem Vluation Issues", Chicago, IL, March 2002.
Speaker, "Applying the Model - Hotels",
American Property Tax Counsel Fall 2001 Conference, Scottsdale, AZ, November 2001.
Article: "When a Hospitality
Business is Married to a Real Estate Asset, How Do You Split the Marital Assets in a Divorce?", Journal of Multi-State
Taxation, Summer 1998 and Business Enterprise Anthology, Appraisal Institute, 2001.
Speaker, "Segregation and Valuation
of Intangibles Associated with Real Estate", 1998 ABA-IPT Advanced Property Tax Seminar for the ABA Section of Taxation
and Institute for Professionals in Taxation, New Orleans, LA, March 1998.
Speaker, "Problems in Hotel Valuation:
Extracting and Measuring Value Components", IAAO 18th Annual Legal Seminar for the International Association of Assessing
Officers, Chicago, IL, December 1997.
Instructor, "Basics of Hotel Appraisal", two day seminar presented to
the PKF Management Advisory Services Group, PKF 1987 National MAS Conference, Houston, TX, September 1987.
Teaching
Assistant, "The Real Estate Process", University of Wisconsin-Madison, Fall 1982.
REPRESENTATIVE
COMMERCIAL BANK CLIENTS
• LaSalle National Bank, Chicago, IL • Bank of New York, New York, NY
• Oxford Bank, Addison, IL • First Bank, St. Louis, MO
• National Republic Bank, Chicago, IL •
Firstar Bank, Milwaukee, WI
• Citicorp Real Estate, Chicago, IL • Marine Bank of Springfield, Springfield,
OH
• Great Lakes Bank, Mokena, IL • Old Kent Bank, Battle Creek, MI
• Founders Bank, Worth, IL •
State Financial Bank, Hales Corner, WI
• CIB Bank, Chicago, IL • Mellon Bank, Pittsburgh, PA
• U.S.
Bank, Chicago, IL • Provident Bank, Cincinnati, OH
• TCF Bank, Burr Ridge, IL • Michigan National Bank,
Farmington Hills, MI
• Cole Taylor Bank, Chicago, IL • First Bank, Minneapolis, MN
• Northern Trust,
Chicago, IL • National City Bank, Libertyville, IL
• Dresdner Bank, Chicago, IL • Beverly Bank, Orland
Park, IL
REPRESENTATIVE INSTITUTIONAL INVESTMENT BANK CLIENTS
• LaSalle Investment
Management • JP Morgan/Chase Manhattan Bank, New York, NY
• Mercantile Safe Deposit & Trust, Baltimore,
MD • Teachers Insurance Annuity Association (TIAA)
• Cigna Investments Lincoln • National Life, Fort Wayne,
IN
• Sumitomo Life, Los Angeles, CA • ING Capital, New York, NY
REPRESENTATIVE LAW FIRM CLIENTS
• James Regan, Fisk, Kart, Katz & Regan, Chicago, IL • John Garippa
Garippa Lotz & Giannuario, Montclair,
NJ • Tom Wilhelmy
Fredrickson & Bryan, Minneapolis, MN • Kieran Jennings
Siegel, Siegel, Johnson &
Jennings, Cleveland, OH • Linda Terrill
Neill, Terrill & Embree, LC, Overland Park, KS • Jim Popp/Bill
Ikard
Popp & Ikard, Austin, TX • Michael Shapiro, Honigman, Miller, Detroit, MI
• Alan Marcuvitz,
Esq., Michael Best & Friedrich, LLP, Milwaukee, WI • Paul Reilly
Powell & Reilly, Chicago, IL • David
Neff, Bankruptcy Law
Piper Rudnick, Marbury, Chicago, IL • Arnold Stein, Dan Stefani, Marital Law
Schiller,
DuCanto, & Fleck • Robert Denlow, Condemnation Law
Denlow & Henry, St. Louis, MO • Kathleen O'DeKirk,
Bankruptcy Law
Garfield & Merel, Chicago, IL • Rick Bender, Real Estate Law
Rosenblum, Goldenhersh, St.
Louis, MO • Roger Harris, Jeffrey Krause, Altheimer & Gray, Chicago, IL
• Jill Coleman, Real Estate Law,
Neal, Gerber, Eisenberg, Chicago, IL • Bill King, Gesas, Pilati, & Gesas, Chicago, IL
• R. Dickey Hamilton,
Litigation, Miller, Shakman & Kurtzon, Chicago, IL • John Kenney
Litigation, Kenney, Vetori, & Robinson,
Baltimore, MD
RESORT, LUXURY, CONVENTION, AND FULL-SERVICE HOTELS
Resorts
Full-Service Hotels
• Diplomat Resort & Spa Hollywood, FL • Hyatt University Village Chicago,
IL
• The Abbey Resort Lake Geneva, WI Crowne Plaza Mid City Hotel Chicago
• Hotel Aspen Appraisal Aspen,
CO Hard Rock Hotel Chicago, IL
• Nemacolin Woodlands Resort Farmington, PA Renaissance Suites- O'Hare Chicago, IL
• Grand Harbor Resort & Yacht Club Spring Lake, MI Sheraton Gateway Suites Chicago, IL
• Black Wolf Lodge
Wisconsin Dells, WI Independent European-Style Boutique Hotel Chicago, IL
• Burnham Hotel (Reliance Building) Chicago,
IL
Luxury & Full Service Hotels
• O'Hare Hilton Chicago, IL • Swissotel
Chicago Chicago, IL
• Four Seasons Hotel Chicago, IL • Holiday Inn City Center Chicago, IL
• Grand
Bay Hotel (Proposed) Chicago, IL • Century Building Feasibility Study Chicago, IL
• Westin River North Chicago,
IL • Embassy Suite River East Chicago, IL
• Nikko Hotel Chicago Chicago, IL • Ramada Inn Lake Shore Drive
Chicago, IL
• Wyndham Northwest Chicago Itasca, IL • Sheraton Suites Elk Grove Village, IL
• Hyatt
Arcade Hotel Cleveland, OH • Best Western Midway Motor Lodge Elk Grove Village, IL
• Austin Marriott Austin,
TX • Omni Orrington Hotel Evanston, IL
• Townsend Hotel Birmingham, MI • Hawthorne Suite Hotel & Conference
Center Huntly, IL
• Northbrook Hilton Ad Valorem Counseling Northbrook, IL
Convention Hotels
• Adams Mark Hotel Northbrook, IL, IL • Hyatt McCormick Place Asset Mgt Services Chicago, IL • Holiday
Inn - Brandywine Peoria, IL
• Chicago Hilton and Towers Chicago, IL • Radisson Hotel- Schaumburg Schaumburg,
IL
• Palmer House Hilton Chicago, IL • Marriott Schaumburg Schaumburg, IL
• Sheraton Hotel and Towers
Chicago, IL • Holiday Inn- Schaumburg Schaumburg, IL
• Clocktower Inn Rockford, IL • Hawthorn Suites Champaign,
IL
• Pheasant Run Resort and Convention Center St. Charles, IL • Clarion Covington Covington, KY
•
Harrison Conference Center Chicago Suburbs • Doubletree Corporate Woods Hotel Overland Park, KS
• Windsor Conference
Center Hoffman Estates, IL • Marriott Baltimore Inner Harbor Hotel Baltimore, MD
• Amway Grand Plaza Hotel
Grand Rapids, MI • Best Western Midway Motor Lodge Grand Rapids, MI
• Marriott Indianapolis Convention Hotel
Indianapolis, IN • Marriott- Centerpoint Pontiac, MI
• Proposed Milwaukee Convention Hotel Milwaukee, WI •
Ojibway Hotel Sault St. Marie, MI
• Marriott City Center Minneapolis, MN • Hyatt Princeton Princeton, NJ
• Sheraton Cleveland Airport Hotel Cleveland, OH • Holiday Inn - Farmington Hills Farmington Hills, MI
MID-SCALE, EXTENDED-STAY, AND LIMITED SERVICE HOTELS
• Hilton Garden Inn- Downtown Chicago,
IL • Residence Inn- Brookfield Brookfield, WI
• Homewood Suites- Downtown Chicago, IL • Fairfield Inn
- Brookfield Brookfield, WI
• Fairfield Inn Hotel- Chicago Chicago, IL • AmeriSuites- Green Bay (Proposed)
Green Bay, WI
• Marriott Courtyard- Downtown Chicago Chicago, IL • Doubletree Club Hotel- Milwaukee Airport
(Proposed) Oak Creek, WI
• Residence Inn- Downtown Chicago Chicago, IL • Courtyard Hotel Milwaukee, WI
•
Best Western Inn of Chicago Chicago, IL • Candlewood- Auburn Hills (Proposed) Auburn Hills, MI
• Holiday Inn
Express- Downtown • Chicago Impact Study Chicago, IL • Holiday Inn Express- Birmingham Birmingham, MI
•
Baymont Suites Hotel-Downtown Chicago, IL • Village Inn/Hamilton Hotel Birmingham, MI
• Homewood Suites - Downtown
Chicago, IL • Hamilton Hotel Appraisal Birmingham, MI
• Crossroads Hotel Chicago, IL East Lansing • Candlewood
Hotel (proposed) E. Lansing, MI
• Comfort Inn Oakbrook Terrace, IL • Candlewood- Troy (Proposed) Troy, MI
• Hawthorn Suites Hotel Lincolnshire, IL • Sheraton Four Points- Grand Rapids (Proposed) Grand Rapids, MI
•
Residence Inn Lombard, IL • Courtyard- Kentwood Valuation Consulting Kentwood (Grand Rapids), MI
• Wyndham
Garden Inn Buffalo Grove, IL • Country Inn & Suites Valuation Consulting Lansing, MI
• Proposed Crest Hill
Hotel Crest Hill (Joliet), IL • AmeriSuites- Livonia Livonia, MI
• Proposed Springhill Suites Des Plaines,
IL • Marriott Courtyard- Centerpoint Pontiac, MI
• Galaxy Motel Franklin Park, IL • Days Inn- Sault St.
Marie Sault St. Marie, MI
• Country Inn & Suites Schaumburg, IL • Super 8 - Elkhart Elkhart, IN
•
Best Western Westmont, IL • Holiday Inn Express- Howe Howe, IN
• Hotel Bel Air Joliet, IL • Comfort Inn
- Richmond Richmond, IN
• Proposed Staybridge Suites Lincolnshire, IL • Ramada Inn/Red Roof- Bedford Heights
Bedford Heights, OH
• Ramada Inn Mount Prospect, IL • Amerihost Cambridge, OH
• Days Inn Niles, IL
• Amerihost Canal Winchester, OH
• Proposed Residence Inn Oak Brook, IL • Towne Place Suites- Columbus
Columbus, OH
• Wingate Inn Hotel and Restaurant Prospect Heights, IL • Residence Inn- Columbus Columbus, OH
• Country Inn & Suites Riverwoods, IL • Towne Place Suites- Gahanna Gahanna (Columbus), OH
• AmeriSuite
Hotel- Warrenville Warrenville, IL • Sprinhill Suites- Gahanna Gahanna (Columbus), OH
• Best Western Burbank
Burbank, IL • Ramada Inn Middletown, OH
• Days Inn Galesburg Galesburg, IL • Amerihost New Martinsville,
OH
• Candlewood- Rockford Rockford, IL • Amerihost Upper Sandusky, OH
• Fairfield Inn - Rockford
Rockford, IL • Amerihost Wilminton, OH
• Forest Park Hotel St. Louis, MO • Courtyard by Marriott Fayetteville,
AR
• Amerihost Murray, KY • Proposed Residence Inn Omaha, NB
• Amerihost Waverly, IA • Amerihost
LeMars, IA
PORTFOLIO ASSIGNMENTS
• Due Diligence Market Studies for Portfolio
of 45 Retail Properties Located in the Greater Chicago Metropolitan Area. Properties were located in central city neighborhoods,
collar county locations, and northwest Indiana markets. Study was prepared for a structured finance acquisition/refinancing.
•
Covington Corporate Park, Buffalo Grove, IL. Appraisal of a business park with one suburban office building (30,000 square
feet), seven warehouse/distribution buildings (totaling 480,000± square feet), and three lots for national real estate
investment advisory firm.
• Luke Oil Convenience/Gas Station Portfolio. Real estate and business value appraisal
of portfolio including 12 convenience/gas stations, 1 office building, 1 four-unit apartment, and 2 quick change lube centers
for financing purposes.
• Plymouth Tube Company Steel Fabricating Plants: Three steel fabricating mills and an
extrusion mill/foundry located in three states (IL, IN, KY).
• Valuation of Seven Commercial Properties in the
Montreal Metropolitan Area. Properties included commercial renovation of a former industrial loft building, a ground floor
retail/second floor dwelling and rear lot of repair service station, an 8.7 acre parcel of residential development land, a
27 lot residential subdivision, a strip retail center, a former auto dealership now development land property, and an 80 unit
condominium as an adaptive reuse of an historic loft manufacturing complex (also see "International Assignments").
•
Fourteen Commercial Properties in the Seattle Metropolitan Area. Portfolio included the Northtown Mall in Spokane, WA (a super-regional
mall), five multi-tenant office buildings, four office/warehouse complexes, three light industrial buildings, and a mixed-use
complex with offices, flex-tech space and warehouse, one parcel of suburban commercial development land, and a parcel of downtown
office redevelopment land.
• Six Commercial Hotels (Holiday Inns, HI Crowne Plaza, and EconoLodge), Central Michigan.
Mixed portfolio of a management company in bankruptcy proceedings for litigation support purposes.
• Twelve Commercial
and Industrial Properties located in the Chicago Metropolitan Area.
• Financial analysis and market research for
underwriting corporate financing. Properties involved included Copley Place, Boston, MA; 900 N. Michigan Avenue, Chicago,
IL; Water Tower Place, Chicago, IL; Oak Brook Center, Oak Brook, IL; Illinois Center Office Complex, Chicago, IL; First City
Tower, Houston, TX; Delta Towers (twin office buildings, Century City), Los Angeles, CA; Olympic Hotel, Seattle, WA.
MIXED-USE
COMPLEXES
• River East Center Mixed-Use Complex, Downtown Chicago, IL. Appraisal of commercial mixed-use
development project with 455- room Embassy Suite Hotel, 21-screen cinema, Balley's Health Club, retail space, parking garage,
and 600-unit high-rise condominium.
• Wieboldts Condominium/Townhouse/Commercial Redevelopment, Lincoln/Belmont/Ashland,
Chicago, IL.
• Le Faubourg Specialty Retail Complex, St. Catherine Street, Montreal, Canada. 55,263 square feet.
Valuation of an urban specialty retail center including food court-oriented tenants on three levels, traditional retail space,
office space, three-screen theater, and a structured parking complex. The appraisal required interpreting leases written in
French and English, working with local real estate professionals and researching local investment criteria for a highly specialized
real estate development.
• Quaker Square Complex, Akron, Ohio. Components included a 196 room Hilton Hotel built
out of grain silos, a 60,000 square foot specialty retail center, 24,000 square feet of office space, and a museum of railroad
memorabilia. All components including a train engine and other railroad memorabilia were valued.
• Carillon
Proposed Residential Development (Re-Appraisal), Plainfield (Chicago), IL. This analysis was a 1,700+ acre, 6,500 residential
unit age-restricted residential community with a public play golf course. In addition there were 300+ acres of excess residential
development land that would be segregated from the age restrictive component. Assignment required a detailed Highest and Best
Use analysis including a review of development permits, legal restrictions, federal government legal rulings, and other complex
development agreements.
• Chatswood Commercial Mixed-Use Development, Sydney, Australia.
OFFICE
BUILDINGS
• Gateway IV Office Building Appraisal, Downtown Chicago, IL. Re-appraisal of a 1.0 msf
downtown office building that had 35% +/- of its leases and an air rights lease restructured in the past year.
•
915 West 55th Street Professional Office Building, Western Springs, IL. Appraisal of small, new office building for financing
purposes. Analysis required considreation of impact of conversion from single-tenant to multi-tenant configuration.
•
Hobson Road Professional Building, Woodridge, IL. Appraisal of a 35,000 sf +/- neighborhood professional office building for
financing purposes.
• 300 North Meridian Office Building, Downtown Indianapolis, IN. Appraisal of Class A office
building subject to a complicated equity lease granting near-equity ownership status to the anchor tenant. Assignment was
to assist negotiations to restructure a first mortgage loan.
• 55 East Monroe Office Building, Downtown Chicago,
IL. Appraisal of 1.4 msf office building and 9-level parking garage. Valuation considered three scenarios related to potential
actions of an anchor tenant.
• First Chicago Bank Branch Building, Romeoville, IL. Appraisal of a bank branch facility
for disposition purposes. The assignment considered the value of the property for continued use as a branch bank and for conversion
to medical or multi-tenant office space.
• Esplanade Office Building Update, Downers Grove, IL. Appraisal of a
540,000 square foot, Class A office complex located in the I-88 Corridor. Update valuation reflected bankruptcy of anchor
tenant offset by notable improvement in local office market conditions.
• Naperville Financial Center, Naperville,
IL. Appraisal of 55,850 square foot suburban office building for foreclosure and litigation services.
• Twin Oaks
Office Complex, Joliet, IL. Valuation of two building office complex subject to extreme functional obsolescence and located
in a thin market for pricing for disposition.
• Isaac Newton Square, Reston, VA, 73,635 square feet. Valuation
of older three-building office complex and excess development land for proposed business park. Building suffered from severe
environmental and soil contamination problems, while the rezoning for the site was involved in extensive litigation due to
down-zoning; report was needed for lender asset management and credit management purposes.
• Carol Stream Imaging,
Carol Stream, IL, 15,000 square feet. This was a special-use medical office building converted from an industrial property.
RESTAURANTS,
GOLF COURSES, AND OTHER HOSPITALITY PROPERTIES
• The View Restaurant, Bridgeview, IL
•
Three Damon's Restaurants, Central Illinois.
• Three Wendy's Restaurants, Joliet Area (2) and Pontiac, IL.
Appraisal of three former Wendy's restaurants for foreclosure purposes.
• Four Kentucky Fried Chicken Restaurants
located in Peoria, IL.
• Chicago Steak and Chophouse, Chicago, IL.
• Bannockburn Bath and Tennis Club,
Bannockburn, IL. Market study and appraisal of a premier, full-service tennis and health club located in a Chicago Northshore
market. Appraisal considered potential expansion and stabilized operating results from improved management services.
•
River Forest Country Club. Appraisal of a private country club with large banquet business for financing purposes.
•
Minoqua Contry Club, Minocqua, WI.
• Carsons Ribs Restaurants in Lombard, IL and Deerfield, IL. Appraisal of two
full-service restaurants.
• Green Acres Country Club and Residential Land, Northbrook, IL. 18 holes/120 acre golf
course. Analysis of operating golf course and alternative valuation subject to potential residential redevelopment.
•
Klein Creek Residential Development and Golf Course, Winfield, IL, 219.10 acres and 239 proposed single-family lots and an
18-hole golf course.
• Carillon Proposed Residential Development, Plainfield, (Chicago), IL. This analysis was
a 1,700+ acre, 6,500 residential unit age-restricted residential community with a public play golf course. In addition there
were 300+ acres of excess residential development land that would be segregated from the age restrictive component. Assignment
required a detailed Highest and Best Use analysis including a review of development permits, legal restrictions, federal government
legal rulings, and other complex development agreements.
• Midlane Country Club and Excess Land, Waukegan, IL.
HEALTH
CDARE INDUSTRY APPRAISAL AND CONSULTING ASSIGNMENTS
• Belmont Village- Glenview Assisted Living Center,
Glenview, IL. Appraisal of the real estate assets of a new assisted living center for ad valorem assessment purposes. Appraisal
methodology included reconciliation of "assisted living going concern" income with "real estate rental"
income generated by the subject real estate assets.
• Belmont Village- Carol Stream, Carol Stream, IL. Appraisal
of the real estate assets of a new assisted living center for ad valorem assessment purposes. Appraisal methodology included
reconciliation of "assisted living going concern" income with "real estate rental" income generated by
the subject real estate assets.
• Fox Valley Orthopaedic Institute, Geneva, IL. Appraisal of a proposed state-of-the-art
orthopaedic institute with medical practice space, physical therapy space, a three-bed ambulatory surgery center (ASC), common
business service space, and community education conference room for financing purposes.
• Ten Medical Office Buildings
located in Chicago Metropolitan Area.
• Classic Residence by Hyatt (Congregate Care Center), Reno, NV, 145 units,
including 20 assisted living units.
• Classic Residence by Hyatt (Congregate Care Center), Dallas, TX, 147 units.
•
The Benchmark Congregate Care Center, Hoffman Estates, IL, 276 units.
OFFICE/SERVICE CENTERS AND OFFICE/WAREHOUSE
BUILDINGS
• Skokie Office/Warehouse, Skokie, IL. Appraisal of small office/warehouse in north side
suburb for financing.
• 700-722 S. 5th Avenue Office/Service Center, Naperville, IL, 35,000 square feet +/-.
•
Dreisilker Electric Office Service Center, Glen Ellyn, IL, 67,420 square feet.
• Campus Court Office/Warehouse
Complex, Arlington Heights, IL, 47,672 square feet. Small industrial building being foreclosed by an RTC-regulated financial
institution. Assignment was to be used in foreclosure litigation proceedings.
• Industraplex Office Warehouse,
Deerfield, IL, 25,625 square feet.
• Crest Photo Film Processing Plant and Warehouse, Elgin, IL, 149,171 square
feet. Property included industrial/office/laboratory/ warehouse space; the assignment was to assist the owner in negotiating
the purchase option in a lease.
• No-Sag Foam Products Building, West Chicago, IL, 200,371 square feet.
•
HFC Office Complex, Wood Dale, IL, 238,397 square feet.
INDUSTRIAL PROPERTIES
• Service
Master Office Complex, Downers Grove, IL. Appraisal of the Service Master headquarter's office complex for asset management
purposes.
• McCook Industrial Building, McCook, IL. Appraisal of former Reynolds Aluminum manufacturing facility
in Southwest Chicago Suburbs. The assignment was for lender asset management decision-making purposes and involved the valuation
of a functionally obsolete manufacturing complex which required a detailed highest and best use and land value analysis.
•
Collins Station Power Plant, Morris, IL. Appraisal of the real estate assets of a 2,698 MW merchant power plant for ad valorem
assessment purposes.
• Chicago Fish House Freezer/Cooler Building. Appraisal of a special-purpose freezer-cooler
building for foreclosure and bankruptcy purposes.
• Regal China Building, Antioch, IL. Valuation advisory services
for 180,000 square foot manufacturing building for acquisition purposes.
• House of Fabrics Warehouse/Distribution
Center, Joliet, IL, 56,584 square feet.
• Westmont Steel Industrial Building, Gary, IN, 171,394 square foot steel
fabricating and distribution building.
• Crest Converter Industrial Building, Gilberts, IL, 30,000 square foot
pre-fabricated metal panel light industrial warehouse.
• Industrial Building, Elk Grove Village, IL, 212,040 square
feet.
• Lexington Steel Factory, Bedford Park, IL, 90,271 square feet. Manufacturing building with cranes.
•
Nelson Steel and Wire Industrial Facility, Bensenville, IL, 291,942 square feet. Analysis included extensive on-site environmental
problems and detailed Highest and Best Use analysis for the site as if vacant, including consideration of major airport expansion
and new expressway.
• Rockford Industrial Complex, Rockford, IL, 756,623 square feet. Dated industrial complex
in central Rockford subject to extreme functional obsolescence and environmental problems.
• Chicago Heights Industrial
Building, Chicago Heights, IL, 8,626 square feet. Light industrial building.
• Harvey Industries, Harvey, IL, 29,036
square feet. Assembly/light manufacturing building.
• Industrial Building, Wheeling, IL, 46,706 square feet. Industrial
light manufacturing.
• D&D Disposal Facility, Chicago, IL, 92,800 square feet. This was a collection of four
improved warehouse properties and one vacant site used as a waste transfer station; assignment required an analysis of special
use permits and detailed environmental reports.
RETAIL PROPERTIES
• Jiffy Lube Oil
Change Center, LaGrange Park, IL
• Fairview Plaza Shopping Center, 35,000 +/- square foot neighborhood strip center
located in Central DuPage County, IL. Analysis required considering impact of above-market rents and re-tenanting the building.
•
Retail Market Overview for a strip retail center located in Streamwood, IL.
• Market Feasibility Study for an existing
Wal-Mart Department Store located in Bolingbrook, IL. The study was for the potential acquisition of the center by a middle
eastern investor.
• Marketplace at Six Corners, Northwest Side, Chicago, IL. Appraisal of a proposed community
shopping center as the redevelopment of a former densly developed commercial corner.
• Halsted Plaza, 35,000 +/-
sf neighborhood strip center in inner-city commercial location.
• Purple Onion Restaurant and Excess Land, Homer
Township, IL. Appraisal of real estate and business value of 7,431 square foot family-style restaurant for dissolution of
partnership (see also "Vacant Commercial Land" assignments).
• Aarons Furniture Retail Store, Lincolnwood,
IL, 25,932 square feet.
• Bloomingdale Square Shopping Center, Bloomingdale, IL, 75,741 square feet.
•
1800 North Clyborn, Chicago, IL, 133,759 square feet. Analysis of failing specialty retail center in the north side of Chicago.
•
Boardwalk Plaza Strip Center, Palatine, IL, 19,712 square feet.
• Crissell Town Center, Bloomingdale, IL, 59,273
square feet. Valuation of a distressed retail center.
APARTMETNS/CONDOMINIUMS
•
Trevi Square Loft Condominiums, 69 units, Near South Side, Chicago, IL. Appraisal of a converted hospital building into 69
loft condominiums in a pioneering neighborhood.
• Prairie District Lofts, 75 units, Near South Side, Chicago, IL.
Appraisal and feasibility study of the conversion of a industrial loft building into 75 rental loft apartments. Analysis included
consideration of both the loft rental and loft condominiums markets in the subject's neighborhood.
• Country Lakes
Apartments, Naperville, IL.
• Corticelli Loft Condominiums, Montreal, Canada, 80 units. Valuation of partially
completed loft-style condominium project as an adaptive reuse of a historic manufacturing loft building in Central Montreal
(also see "International Assignments" and "Portfolio Assignments").
• Classic Residence by
Hyatt (Congregate Care Center), Reno, NV, 145 units, including 20 assisted living units.
• Classic Residence by
Hyatt (Congregate Care Center), Dallas, TX, 147 units.
VACANT COMMERCIAL LAND
• Stein
Easement Parcels in the Gensburg- Markham Site of the Indian Boundaries Prairie, Markham, IL. Appraisal of 30 acres±
of an abandoned subdivision subject to a conservation easement for donation purposes.
• Goose Island Development
Site, Near-North Side of Downtown Chicago.
• Meadow club Land, Rolling Meadows, IL. Appraisal of land under the
Meadow Club Tennis Club" for asset management decision-making purposes. Appraisal considered complex ownership, land
development restrictions, and easement restrictions.
• Pheasant Run Vacant Land, St. Charles, IL. Appraisal of
vacant land subject to a restrictive development easement that limited use to park-type uses only. The function of the assignment
was to negotiate the market rental rate for a lease.
• Amtrak Northern Indian Railroad Corridor.
•
Esplanade Vacant Land, Downers Grove, IL. Valuation of remaining unsold development land in the Esplanade Business Park.
•
The Meadows Business Park, Glen Ellyn, IL. Appraisal of undeveloped industrial park land and an operating golf course for
future industrial development in Central DuPage County.
• Chatswood (Sydney), Australia Vacant Commercial Development
Site. Valuation entailed a comprehensive Highest and Best Use analysis considering alternative densities and uses from high
density multi-story office construction to a medium density office concept to multi-tenant residential land.
•
Nelson Steel and Wire Industrial Facility, Bensenville, IL, 6.70 acres. Analysis included extensive on-site environmental
problems and Highest and Best Use analysis for the site as if vacant, including consideration of major airport expansion and
new expressway.
• Miglin-Beitler Site, Downtown Chicago, IL, 1.0 acre. Property was the site of the proposed tallest
building in the world referred to as the "Sky Needle" building.
VACANT RESIDENTIAL DEVELOPMENT
LAND
• Savannah Woods Active Adult Subdivision Feasibility Study, Delavan, WI.
• Waterworks
Condominium (Proposed) Market Feasibility Study, Rockford, IL.
• Wheaton Crossing Subdivision, 130 lot fully improved
residential subdivision located in Central DuPage County, IL. Analysis was to support a buy-out, equity participation, and
financing for four local home builders.
• Contry Pond Estates, 100 +/- lot proposed residential subdivision, Mokena,
IL. Assignment required analysis on a bulk sale basis and on a residential sell-off basis.
• Hyde Park Ramada Hotel
Land Value Analysis, Hyde Park (Chicago), IL. Valuation of a 7.0 acre site for high density residential re-development.
•
Beechwood Homes Residential Development Site, Uxbridge (Toronto), Canada, 74 lots and 30± acres. Valuation of fully
zoned but partially serviced residential development site located in a remote but rapidly growing suburb of Toronto (see also
"International" assignments).
• Pliska/Lavalin Residential Development Site, Pierrefonds (Montreal),
Canada, 119 acres. Valuation of three parcel of future residential development land that required researching local land use
regulations, utility servicing agreements, residential market conditions, and developer/investor pricing parameters to establish
the property's value for disposition and asset management decision-making (see also "Portfolio" and "International"
Assignments).
• Jenfadal/Pierrefonds Residential Site, Pierrefonds (Montreal), Canada, 8.74 acres to be developed
into 13 lots with 271 dwelling units. Proposed residential development site in suburban Montreal. Subject to severe environmental
soil problems and difficult governmental services agreements (also see "International Assignments" and "Portfolio
Assignments").
• Jenfadal/Ile Perrot, Ile Perrot (Montreal), Canada, 27 lots. Partially serviced 27 lot residential
subdivision (also see "International Assignments" and "Portfolio Assignments").
• Green Acres
Country Club and Residential Land, Northbrook, IL. 18 holes/120 acres golf course. Analysis of operating golf course and alternative
evaluation subject to potential residential redevelopment.
• Mississauga Residential Subdivision and Development
Land, Mississauga (Toronto), Canada. This assignment included a total of 18 valuation components, including 230 units of under
construction but unsold condominium units, 648 units of planned condominium units, 520 units of finished lots for single and
dual family housing, 160 acres of zoned but unserviced residential land, and seven separate development parcels variously
zoned and or partially serviced to ultimately be developed with a total of 6,540 housing units. Analysis included extensive
research into zoning issues, infrastructure costs, and other Canadian land use regulations, surveys of Canadian residential
developers, and analysis of significant environmental problems associated with one property that is adjacent to sanitary waste
dump site (also see "International Assignments").
• Klein Creek Residential Development and Golf Course,
Winfield, IL, 219.10 acres and 239 proposed single-family lots and an 18-hole golf course.
• Carillon Proposed
Residential Development, Plainfield (Chicago), IL. This analysis was a 1,700+ acre, 6,500 residential unit age-restricted
residential community with a public play golf course. In addition there were 300+ acres of excess residential development
land that would be segregated from the age restrictive component. Assignment required a detailed Highest and Best Use analysis
including a review of development permits, legal restrictions, federal government legal rulings, and other complex development
agreements (also see "Mixed-Use Complexes").
SPECIAL PURPOSE STUDIES AND COMMERCIAL PROPERTIES
•
Tweeter Center/New World Music Theater, Tinley Park. Appraisal of the real estate assets used in the operation of a outdoor
entertainment amphitheater for ad valorem assessment purposes.
• GROWS and Tullytown Landfills, Suburban Philadelphia,
PA. Appraisal services for the appraisal of the real estate assets of two operating landfills.
• Doctor's Hospital
of Hyde Park, Hyde Park Neighborhood, Chicago, IL. Appraisal of the real estate assets of a psychiatric hospital on a liquidation
basis.
• University Hospital, Chicago, IL. Appraisal of the real estate assets of a psychiatric hospital on a contributory
value to the going concern basis.
• Atlanta Decorative Arts Center, Atlanta, GA. Appraisal of the Southeast's premier
design center for financing purposes.
• Tower Park Marina Resort, Lodi, CA. Appraisal of 388-berth marina with
179 dry-storage structure, a 399 lot fully-serviced campground, a three building restaurant and specialty retail complex,
and 107 acres of excess development land for expansion of the campground.
• College of Chiropractic, Lombard, IL.
Nine building campus for a college teaching chiropractic medicine. The analysis required research to identify potential buyers
for the campus as an educational complex (such as educational institutions, training programs for corporations, and not-for-profit
institutions) and the highest and best use of the property (buildings and land) for redevelopment into alternative private
sector uses.
• Louisiana Downs Racetrack, Shreveport, LA. Pari-mutual horserace track valued as a going concern.
Appraisal required an in-depth study of changes occurring in gambling industry nationwide and in the competitive market area
reflecting the growth of state-sponsored gaming, river based casinos, land based casinos, and a proposed new horse racing
track. Research included interviewing investors, lenders, and owners of horse racing tracks nationwide for investment return
requirements and a discussion of investment risks.
• Design Center/Ice House, Denver, CO, 175,000 square feet.
Analysis of a design center for lender evaluation of collateral and identification of strategic investment alternatives.
•
Notre Dame Commercial Property, Montreal, Canada. Ground floor retail/second floor dwelling and rear auto service facility
in Montreal. Property was under foreclosure and subject to potential environmental problems (also see "International
Assignments" and "Portfolio Assignments").
VALUATION ASSIGNMENTS FOR AD VALOREM ASSESSMENT
PURPOSES
• Hyatt University Village Chicago, IL Appraisal of RE Assets James Regan Chicago, IL
Fisk, Kart, Katz & Regan
• El Milagro Buildings Chicago, IL Appraisal of RE Assets George Relias Chicago,
IL
Fisk, Kart, Katz & Regan
• Kedzie Avenue Radio Tower Site Chicago, IL Appraisal of RE Assets Jeff Brown
Chicago, IL
Fisk, Kart, Katz & Regan
• Oriental Theater Chicago, IL Appraisal of RE Assets James Regan
Chicago, IL
Fisk, Kart, Katz & Regan
• Homewood Suites - Downtown Chicago, IL Appraisal of RE Assets James
Regan Chicago, IL
Fisk, Kart, Katz & Regan
• Hilton Garden Inn-Downtown Chicago, IL Appraisal of RE Assets
James Regan Chicago, IL
Fisk, Kart, Katz & Regan
• Hyatt University Village Chicago, IL Purchase Price
Allocation James Regan Chicago, IL
Fisk, Kart, Katz & Regan
• Hotel Nikko- Chicago Chicago, IL Review
Appraisal Services Robert Tonos Chicago, IL
Fisk, Kart, Katz & Regan
• Hilton Garden Inn- Downtown Chicago
Chicago, IL Purchase Price Allocation James Regan Chicago, IL
Fisk, Kart, Katz & Regan
• Homewood Suites-
Downtown Chicago Chicago, IL Appraisal of RE Assets James Regan Chicago, IL
Fisk, Kart, Katz & Regan
•
Westin River North Chicago, IL Appraisal of RE Assets (2 Years) James Regan Chicago, IL
Fisk, Kart, Katz & Regan
• Courtyard- Downtown Chicago Chicago, IL Appraisal of RE Assets Paul Reilly Chicago, IL
Powell & Reilly
• Residence Inn- Downtown Chicago Chicago, IL Appraisal of RE Assets Paul Reilly Chicago, IL
Powell &
Reilly
• Marriott O'Hare Chicago, IL Appraisal of RE Assets Paul Reilly Chicago, IL
Powell & Reilly
• Wyndham Garden Inn Buffalo Grove, IL Appraisal of RE Assets James Regan Chicago, IL
Fisk, Kart, Katz & Regan
• Belmont Village Assisted Living Center- Carol Stream Carol Stream, IL Appraisal of RE Assets James Regan Chicago,
IL
Fisk, Kart, Katz & Regan
• Embassy Suites- Deerfield Deerfield, IL Appraisal of RE Assets James Regan
Chicago, IL
Fisk, Kart, Katz & Regan
• Omni Orrington Hotel Evanston, IL Appraisal of RE Assets (2 years)
James Regan Chicago, IL
Fisk, Kart, Katz & Regan
• Belmont Village Assisted Living Center- Glenview Glenview,
IL Appraisal of RE Assets James Regan Chicago, IL
Fisk, Kart, Katz & Regan
• Wyndham Itasca- Northwest
Chicago Itasca, IL Hearing with Assessor Robert Tonos Chicago, IL
Fisk, Kart, Katz & Regan
• Hawthorn
Suites - Lincolnshire Lincolnshire, IL Appraisal of RE Assets James Regan Chicago, IL
Fisk, Kart, Katz & Regan
• Residence Inn - Lombard Lombard, IL Appraisal of RE Assets Ken Rogers Chicago, IL
Fisk, Kart, Katz & Regan
• Collins Station Merchant Power Plant Morris, IL Review Appraisal Services James Regan Chicago, IL
Fisk,
Kart, Katz & Regan
• Wingate Inn - Prospect Heights Prospect Heights, IL Appraisal of RE Assets Robert Tonos
Chicago, IL
Fisk, Kart, Katz & Regan
• Rosemont Suites O'Hare Rosemont, IL Appraisal of RE Assets (2 years)
James Regan Chicago, IL
Fisk, Kart, Katz & Regan
• Sheraton Gateway Suites- O'Hare Rosemont, IL Appraisal
of RE Assets James Regan Chicago, IL
Fisk, Kart, Katz & Regan
• Holiday Inn- Schaumburg Schaumburg, IL
Appraisal of RE Assets (2 years) James Regan Chicago, IL
Fisk, Kart, Katz & Regan
• Tweeter Center Outdoor
Amphitheater Tinley Park, IL Appraisal of RE Assets James Regan Chicago, IL
Fisk, Kart, Katz & Regan
•
Doubletree Corporate Woods Overland Park, KS Settlement Negotiation Services Linda Terrill Overland Park, KS
Neill, Terrill
& Embree, LC
•Amway Grand Plaza Hotel Grand Rapids, MI Expert Witness and Litigation Support Services Michael
Shapiro Detroit, MI
Honigman, Miller
• Minneapolis Marriott Hotel Minneapolis, MN Expert Witness Testimony
Services Tom Wilhelmy Minneapolis, MN
Fredrickson & Bryan
• Sheraton Cleveland Airport Hotel- Counseling
Services Cleveland, OH Valuation Counseling Services Kieran Jennings Cleveland, OH
Siegel, Siegel,
Johnson &
Jennings
• Nemacolin Resort Farmington, PA Settlement Negotiation Services John Garippa Montclair, NJ
Garippa
Lotz & Giannuario
• GROWS & Tullytown Landfills Tullytown (Suburban Philadelphia), PA Appraisal of RE Assets
Timothy Callahan III Philadelphia, PA
Saul, Ewing, Remick & Saul
• Courtyard Providence Providence, RI
Purchase Price Allocation James Regan Chicago, IL
Fisk, Kart, Katz & Regan
• Austin Marriott Austin, TX
Appraisal of RE Assets (4 years) Jim Popp/Bill Ikard Austin, TX
Popp & Ikard
• Pfister & Milwaukee
Hilton Hotels Milwaukee, WI Valuation Counseling Services Alan Marcuvitz Milwaukee, WI
Michael Best & Friedrich LLP
