Integra – San Diego Appraises Industrial Property, San Diego

2016-0040picIRR-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.

 

IRR-San Diego Appraises 146-room Resort Hotel, Carlsbad, CA

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.

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Integra – San Diego Appraises El Cajon Retail Center

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 Appraises Existing Multi-Tenant Office Tower, San Diego

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.

Regents La Jolla Multi-Family Property Appraised by Integra – San Diego

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.Photo

Integra – San Diego Appraises Aventine Office Building

DSCN7288Integra – 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.

 

In Search of a Consulting Expert

real-estate-litigation-appraiserReal 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.

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Jeff Rice Joins IRR San Diego

Hotel-Appraisal-858-259-4900We are pleased to announce that Jeffrey Rice has joined IRR San Diego as our newest analyst! Read More

Jeff Greenwald named finalist in SDBJ Most Admired CEO Awards

best san diego appraiserIRR San Diego is pleased to recognize Senior Managing Director and Principal Jeff Greenwald, MAI, SRA, AI-GRS, ASA, FRICS, for recently being named a finalist in the San Diego Business Journal’s 8th Annual Most Admired CEO Awards. Read More

Jeff Greenwald earns AI-GRS Designation

best san diego appraiserJeff Greenwald, Principal and Senior Managing Director of IRR San Diego, has recently earned the AI-GRS designation from the Appraisal Institute. According to the website, the AI-GRS membership designation is held by appraisers who are experienced in general appraisal review. To become an AI-GRS member of the Appraisal Institute, an individual must: Read More

Medical Office Tenant Improvements Costs in San Diego

Medical-office-appraiser-san-diego-countyAs the leading commercial real estate appraisal firm in San Diego, IRR San Diego has provided valuation services for numerous medical office properties throughout San Diego County and surrounding areas. As valuation experts, we also have experience in appraising proposed medical offices, which involves analyzing the cost of medical office tenant improvements and determining how the tenant improvements (or TI’s) contribute to the overall property value.

Over time, we have amassed data regarding the cost per square foot of tenant improvements, which we offer today for our readers. Please see below for information on the cost to build out certain types of medical office space (sorted by date).

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Why Professionalism, Reliability, and Integrity Matter!

IRR San Diego Achieves Over $2 Billion in Hotel Valuations

Hotel-Appraisal-858-259-4900Integra Realty Resources (IRR), North America’s largest independent commercial real estate market research, valuation, and counseling firm, has been recognized for surpassing a major milestone in the commercial real estate valuation and appraisal industry.  From January 2009 to date, IRR’s San Diego, CA hospitality specialty practice group has valued hotel and lodging properties with a combined appraised value exceeding $2 billion.

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Commercial Real Estate Appraisals

An unbiased, accurate, and well supported opinion of value can make all the difference between a good business decision and a bad one which is why you should consider working with IRR San Diego.

Why Choose IRR for your Valuation Needs?

top san diego appraiser

Recently, our corporate headquarters completed a client satisfaction research effort that was performed by an independent research firm. In summary, here is what our clients had to say about IRR:

– 94% of our clients tell us that they are satisfied; and nine out of ten of these clients say they are “very” or “extremely” satisfied.
– 72% of our clients say that they have referred IRR to their friends and colleagues.
– IRR has earned a Net Promoter Score of 57, which is significantly higher than the average net promoter score for a top-100 brand business to business company (the average is 35).

In short, we found that the majority of our clients are satisfied with the appraisals we prepare, and that our clients likely to recommend our company and services to a friend or colleague.

When choosing an appraiser for your valuation needs, it is very important to choose a reputable firm with a proven track record of satisfied clients. Not only will this instill confidence that you will be receiving a quality appraisal report, but this also shows that the appraiser is active in your area, which means that they will have a best data available to prepare an accurate valuation.

What is an MAI Appraiser and Why It Matters to You

This month, Senior Analyst Eric Schneider earned the MAI designation from the Appraisal Institute (check IRR’s blog post for more on his achievement). He is the fourth appraiser in Integra’s San Diego office to achieve this prestigious award.

When choosing a commercial real estate appraiser for your valuation needs, there are a few things you need to know about the MAI designation and why it is important.

What is an MAI?

According to the website of the Appraisal Institute, a professional association with over 20,000 members throughout the world, the MAI membership designation is held by appraisers who are experienced in the valuation and evaluation of commercial, industrial, residential, and other types of properties, and advise clients on real estate investment decisions. These designated members have met rigorous requirements relating to education, testing, experience and demonstration of knowledge, understanding and ability. Additionally, this designation has long been recognized by courts of law, government agencies, financial institutions, and investors as a mark of excellence in the field of real estate valuation and analysis.

What does this mean?

In short, MAI appraisers are valuation professionals who have spent years obtaining additional education and experience beyond state-certified requirements. This designation is not easily earned, as in addition to education and experience, one must pass several comprehensive exams and demonstrate their knowledge by writing a complex analysis of a commercial property (similar to a thesis paper for a PhD). Not all of the Appraisal Institute’s 20,000+ members are MAI’s, and not all commercial appraisers have this designation.

Choosing a Commercial Appraiser

When choosing a commercial appraiser, it is important to ask if they have an MAI designation because it shows that the appraiser has taken the time to improve their valuation and analytic skills. While there may be many appraisers without this designation that have the knowledge and experience to appraise your property, an MAI-designated appraiser adheres to higher standards set forth by the Appraisal Institute compared to a general-state certified appraiser.

That said, your choice may be between two (or more) MAI-designated appraisers. In this case, it is best to ask them questions related to your property. For example, you would want to ask about their experience appraising a particular type of property, or how many estate and trust appraisals they have completed in the last year. These questions will indicate if they are familiar with your property type and if they are active in both your market and the type of valuation needed. Lastly, they should be able to provide testimonials from others who have had similar appraisal needs.

Summary

An MAI designation is a prestigious achievement that ensures that the appraisal or valuation service provided observes the highest standards. If you have any additional questions about the designation, or if you would like more information on how Integra San Diego can provide valuation services, please contact us today.

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