Milkes Realty Valuation.
The Experience and capabilities you’re looking for.
Valuation for a National Leader
Office in the Park, a 200,000 SF office complex located in the North Dallas
market, has been extensively updated. Due to the dramatic shift in market rental
rates and tenant demand, it became a strong candidate for refinancing. Lend
Lease Real Estate Investments, Inc., through the Wyndam Group, Inc., retained
Milkes Realty Valuation to complete an appraisal as part of the underwriting
process. A key element noted by the lending representative was the direct
involvement of Joe Milkes in the valuation.
Family Estate Appraisal of Portfolio
A client requested that Milkes Realty Valuation appraise an estate portfolio
comprising a mixture of properties -industrial, retail and family homestead-in
several locales. The challenge was to construct a well documented and tightly
reasoned appraisal report that minimized the likelihood of a an IRS audit,
while working with legal counsel and accounting firms throughout the process.
The valuation project was successfully completed based on Milkes excellent
market knowledge, his ability to express concepts both clearly and persuasively
and his willingness to interface with other professionals as well as the client.
Complex Issues and Litigation Support
Almost five years ago, the main building area of an almost century-old
grain mill and processing complex burned to the ground. The remaining structures
were severely damaged. The property owner perceived that the fire took place
as the result of contractor negligence and a law suit was filed. Located adjacent
to D/FW International Airport, the property is at the gateway to a thriving
suburban community in the initial phase of becoming a tourist destination.
Engaged by the property owner, Milkes performed a retrospective valuation
that would capture the market value of the property, prior to and after
the destructive fire, as of that date. This valuation project required a great
deal of competence in sorting out valuation and business issues, an ability
to research esoteric appraisal methodology, a sensitivity to the historic
nature of the property and the means of researching the market. Most important
to the assignment was the ability to clearly convey the results in the report
and, if necessary, on the witness stand before a jury. Some of the key questions
to be addressed were:
|What is the highest and best use of the property both before and after the fire?
|What were the demographic and economic trends in 1995?
|What is the appropriate methodology to value the property?
|What is the appropriate means of measuring the loss in value?
Consultation on Market Trends and Value Potential
Among the properties held by a prominent family is an assemblage of commercial properties strategically located
at the intersection of a major Dallas highway and heavily traveled thoroughfare. A right-of-way taking by
the highway department significantly alters the site characteristics and income production. In addition, an
opportunity has come about to acquire an adjoining tract, adding to the holdings. Some of the questions that were
addressed in the consulting report were:
|What effect will the "taking" have on the holdings?
|What future developments would be feasible immediately after the taking?
|What is the future potential and highest and best use for the holdings after the highway construction is completed in 10 to 15 years?
|What considerations should be made in evaluating the potential purchase?