IRR-San Diego recently completed the appraisal of a single tenant industrial warehouse property consisting of 64,160 SF gross leaseable building area, on 3.91 acres, built in 1987. The site is 100% occupied by a single tenant. The purpose of the valuation was for loan underwriting.
Integra-San Diego recently valued the going concern interest of a hotel resort property, consisting of 70,833 SF gross leaseable area on 5.75 acres. The property has 146 rooms, was built in 1981 and renovated in 2010. The purpose of the appraisal was for portfolio management.
IRR – San Diego recently appraised the sandwich leasehold interest of a meeting/conference center, containing 32,907 square feet of rentable area.
The improvements were constructed in 1993 and are 100% leased as of the effective appraisal date. The site area is 2.41 acres. The appraisal was completed for the purpose of making ownership management decisions.
Integra – San Diego appraised an existing office property containing 276,578 square feet of rentable area. The improvements were constructed in 1997 and were 100% leased as of the effective appraisal date. The site area is 17.26 acres. This appraisal was completed for financing purposes for an insurance company client.
Integra – San Diego recently appraised over 1,100 acres of agricultural land, which included farmland and feedlots, as well as subsurface mineral rights and geothermal steam rights. The portfolio was valued on behalf of a family trust, for estate planning purposes.
In the first 6 months of 2016, IRR-San Diego’s Hospitality Valuation Group has completed 40 hospitality appraisal assignments, ranging from small, independently owned bed & breakfast motels, to full service, major chain luxury hotels. These 40 appraisal assignments have a combined real estate value of over $282 million, and a combined gross building area of 1.7 million square feet. The hotels were located throughout San Diego, Orange and Los Angeles counties, and other California locations, including Fresno, Santa Barbara and Santa Cruz. IRR-San Diego’s principal and Sr. Managing Director, Jeff Greenwald, MAI, SRA, ASA, AI-GRS, FRICS, is also licensed in Washington, Oregon, Arizona, Texas, New Mexico, and Georgia. Several of the 40 appraisal assignments completed were located in those states.
For further information on IRR-San Diego’s Hospitality Valuation Group or a copy of their brochure, please email email@example.com.
Integra Realty Resources – San Diego has just completed the appraisal of 20 properties for estate tax purposes with a combined real estate value of over $100,000,000. The properties, located in and around San Diego county consisted of 6 multi-tenant retail properties, 4 industrial properties and 1 industrial business park, 2 multi-tenant office properties, 1 medical office, 3 multi-family properties, and 2 hotel properties, with a combined square footage of over 500,000 SF.
Office Property – 6,500+ SF Rentable Area
73,000 SF Rentable Area on 4.30 Acres
66,416 SF Rentable Area – Part of 20 Property Trust Portfolio
Integra – San Diego has completed an appraisal of a 68,000 SF neighborhood retail center in El Cajon. The property is located on 5.76 acres, and includes 3 buildings, one of which is a Big Box retailer. This property was 96% leased as of the effective appraisal date. The client wanted to estimate the property’s value assuming a hypothetical subdividing/remapping of the existing site, creating two newly created land pads. The appraisal was completed for a financial services firm on behalf of a national financial institution.
Integra – San Diego has just completed the appraisal of a 22 story multi-tenant, high-rise office tower property in downtown San Diego. The entire building, including the ground-floor retail, and basement consists of 447,164 SF. The appraisal report was completed for a financial institution.
Class B Multi-Tenant Office High-Rise Containing 448,000 SF Rentable Area
Integra – San Diego recently completed an appraisal of the leased fee interest of an industrial property containing 76,988 SF of rentable area. The property was 100% leased at the time of the appraisal. Site area is 4.18 acres. This appraisal was completed for loan underwriting purposes for a financial institution
IRR-San Diego recently performed a market value appraisal of the leased fee interest in an office tower property containing 232,000+ SF rentable area, located on a site of .69 acres, in downtown San Diego. This appraisal was performed for loan underwriting purposes for a financial institution.
IRR-San Diego recently valued market value as is of the total assets of the business (MVTAB). This was a fee simple/leasehold interest, a going concern interest, specifically excluding monetary assets of cash and inventory of a 395-room full service hotel, with a site area of 10.41 acres, located adjacent to a major regional international airport. The appraisal was done for internal valuation purposes prior to a potential sale.
Integra – San Diego appraised the retail condominium units of a high-visibility mixed-use, commercial/residential property in San Diego. This property was originally built as a movie theater in 1911, and preserving only the Egyptian Revival architecture facade, in 2005 it was developed as a six-story mixed-use building containing 80 residential units, as well as the commercial condos. Site area for the entire project is .76 acre. The six retail condominium units were appraised as a single unit, for loan underwriting purposes for a financial institution.
The subject property consists of 333 individual condominium units within a 574‐unit development known as Regents La Jolla. The 333 subject units are currently operated (rented) as luxury apartments. The improvements were constructed in 1999/2000 and a condominium map was recorded in 2005. 241 of the units in the project were sold as individual condominium units and were not included in this appraisal. The site area (for the
entire 574‐unit development) is 8.49 acres or 369,824 square feet. We valued the subject on an as is leased fee (rental) basis, as well as on a bulk basis assuming condominium sell‐out. 235 of the 333 units have been upgraded with superior quality interiors since the date of original construction. Appraisal done for a financial institution.
Integra – San Diego appraised the Aventine, an existing multi‐tenant office and retail property containing 239,949 square feet of rentable area. The improvements were constructed in 1990 and are 91% leased as of the effective appraisal date. The site area is 6.48 acres or 282,269 square feet. The property was in escrow at the time of the appraisal. Integra – San Diego provided valuation, and also provided the allocated values of the retail component (including retail garage) and the office component (including office garage) of the subject property. We also developed an opinion of the prospective stabilized market value of the leased fee interest in the property, as of the prospective date of value in 2016.
IRR San Diego recently appraised an existing religious facility consisting of 2 parcels, totaling 18.44 acres. One of the parcels was in escrow to be sold and determined to be excess land. The second parcel is 100% occupied by a third party tenant. Due to the short term nature of the lease, with no options to renew, our value conclusions included the contributory value of the remaining rent without a present value discount. The two parcels were valued separately. The appraisal was done for a federal bank’s portfolio management.
Integra San Diego recently completed an appraisal consisting of an existing restaurant property of approximately 2,600 square feet of gross leasable area, on 0.06 acres, or 2,700 Square feet, and a parking lot that is non-contiguous, located approximately 2 blocks away from the restaurant. The parking lot site area is approximately 0.06 acres or 2,748 square feet. The client requested that the two properties be valued separately. The subject properties were in escrow at the time of the appraisal. Both the Sales Comparison Approach and the Income Capitalization Approach were used in this valuation. The purpose of this appraisal was for lending purposes with a financial services institution.
In our latest case study, IRR San Diego reviewed leasing information in an attempt to find if “green buildings” (specifically LEED-certified or Energy Star buildings) command a significantly greater rent than non-green buildings (buildings without these certifications). While it is difficult quantify the impact on value for these types of properties due to limited data, our research will focus on asking rents for these types of buildings.
Real estate appraisers can provide a competitive edge in assisting attorneys for trial in both civil and criminal cases. The following article from IRWA Magazine was written by Donnie Sherwood, SR/WA, R/W-AC, MAI, FRICS, of IRR’s Dallas/Fort Worth office.
Integra Realty Resources – San Diego, along with its 60+ offices nationwide, has again published mid-year updates to our annual Viewpoint publication – with both a National Overview and over 300 Local Market reports.
The San Diego commercial real estate market, as well as markets across the country, continues exhibiting improving market conditions for all major property types, including office, multifamily, retail, industrial, and lodging.
For a complete look at the data presented in IRR Mid-Year Viewpoint 2015, please click on the links below.