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.

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.

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?

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?