This was the appraisal of a 12-story, 325 guestroom hotel with 24,809 SF of meeting space. The property was located in the downtown and it shared a site with a 25-story office building. The property also contained a 180-seat restaurant & pub, fitness center, and had 108 parking spaces allocated to the hotel. A $3-million PIP renovation had recently been completed at the property.
An 11-story, 440-room hotel with 13.990 SF of meeting space. Located just off I-287 in Franklin Twp, Somerset County, NJ. The assignment contemplated the proposed repositioning of this troubled asset into a 220-room full-service, Crowne Plaza; a separate 100 room limited service hotel; as well as a 44,750 SF net leased wellness center.
The former Playboy Club Hotel & Resort - A 654-room facility in two 8-story wings with a 5-story central core, including 65,000 SF of meeting space, in-door and outdoor tennis courts, multiple restaurants, gift shops, retail outlets, and various other amenities. A number of the rooms had been converted over the years to condominiums, low-lost housing and time-share ownerships. The appraisal assignment contemplated a revitalization of the property to a 500-room lodging facility. At the time of inspection, most of the building was dark and non-operational.
Appraisal of a distressed 86-room limited service hotel located just outside of the military bases of Paris Island and Beaufort Marine Corps Air Base. Purchased in 2005, the competitive market had changed dramatically with the construction of three new hotels nearby within the next 4-year period.
Appraisal completed for estate planning purposes. Value Place- Murfreesboro, TN Value Place- San Antonio, TX Value Place-Linexa, Kansas City, MO Value Place-Knoxville, TN Value Place- Alcoa, TN
An 89-room Courtyard hotel constructed in 2006 and containing 53,839 square feet. Situated on a ground-leased site near Hudson Valley Mall.
Restaurant, B&B and Catering Facility - The appraisal of a proposed complete renovation of the property. Expanding it from its existing 26,797 SF to a proposed 34,014 SF, at a cost of nearly $2.5-million. The renovated property was to feature a 21,774 SF Restaurant/Catering Facility, in addition to the 22-room B&B, plus a 4,186 SF cottage suite. This assignment included a thorough analysis of the B&B market within the New Hope, PA area.
Hired by Capodagli Development Group for a proposed redevelopment project that included 500 Residential Apartment units, 25,000 SF of retail space and a hotel/conference center. Bruce Jones focused on the feasibility study component for a 150 room hotel and conference center with roof-top lounge, bar and restaurant component of the project. Capodagli was subsequently designated by the municipality as the Redeveloper Candidate.
Proposed 72-room, 15-story hotel within the downtown of the Jamaica neighborhood in Queens, NY. Located just 2-blocks from Jamaica Center-Parson/Archer Station and five blocks from the Jamaica Hub Station of the Long Island Railroad.
Proposed 107 Home2 Suites hotel in close proximity to Simon owned Philadelphia Mills Mall and less than three miles from Parx Casino and RAcing.
Proposed 107 guestroom Home2 Suites hotel and two restaurant outparcels on an existing 7 acre parcel. Located approximately 3-miles from Princeton University
Value place has nearly 200 hotels open and under development in 35 states. The target guest market for these Extended Stay hotels is small and mid-sized businesses owners and those on the move in their own community. Each of these five appraised were 109 rooms.
48 room Howard Johnson hotel
Feasibility Study for a Proposed 99 room Wingate Hotel. Site was located immediately off a busy interchange along I-95, approximately midway between New York and Miami.
Proposed Hawthorne Suites within walking distance of Kent State University and a downtown district which has experienced significant transformation over the last several years. Kent State is one of the largest universities in Ohio with an enrollment of 39,367 students in the eight-campus system and approximately 29,000 students at the main campus in Kent. In excess of $140-million in public and private funds have been invested in the downtown over the past 10 years based on a revitalization plan adopted by the city in 2009, resulting in 230,000 SF of new office, restaurant, residential and retail space, a new bus transit hub and 360 parking spaces, 64 new businesses, and a $4-million pedestrian and bike connection to the downtown called the Esplanade. In the wake of the downtown revitalization, Kent State University further announced in 2017 a 10-year, $1-billion master plan to enhance the university, including an addition to the Aeronautics and Technology building, a new Kent State University Airport classroom building, research lab expansion at the Integrated Sciences Building and dynamic renovations to the Memorial Athletic and Convocation Center (MAC Center) and Kent Student Center, to name a few.
6-story, 120 room select service hotel in Newark, DE, featuring restaurant, fitness room, health spa, lobby workstation, market pantry, guest laundry room, vending areas. The property included 3 acres of excess land.
Microtel is an award-winning, all new construction, economy hotel brand under Wyndham Hotels & resorts. These hotels are designed to optimize efficiencies and reduce and streamline building costs for developers. Microtel is a category-killer in the economy segment
Holiday Inn hotels, which have grown to be one of the world’s largest hotel chains, are midscale, full-service hotels
Appraisal and market study of recently completed 150 room Courtyard by Marriott. Situated on a ground-leased site.
Proposed 125 room Hyatt House restaurant in close proximity to The Haines Center, an 800-acre business complex, and NFI Park at Florence. Nearby new 526,000 SF Subaru Parts Center and training facility and the new 215,000 SF Burlington Coat Factory headquarters building.
Consists of two properties: (1) a lifestyle shopping center built in 2006 containing 93,796 square feet of gross leasable area; and (2) a three-story, enclosed super regional mall built in 1988 containing 900,041 square feet of gross leasable area (including all anchors). Two of the anchor spaces are owned by Macy's and Lord & Taylor and are not part of the owned area that is the subject of this appraisal. The mall's owned space totals 547,690 square feet, which includes a 150,520 SF Bloomingdale's anchor store, a 33,013 SF AMC Theater Multiplex and 364,152 square feet of in-line shop space.
Towson Town Center is a 4-story, enclosed super regional mall containing 1,035,074 square feet. In 1998 the Towson Town Center was acquired along with three other regional malls by a joint venture between J.P. Morgan Investment Management and the Rouse Companies; J.P. Morgan with a 65% interest and Rouse with a 35% interest. The ownership interest of the Rouse Companies became vested in General Growth Properties in 2004 when they acquired the Rouse company. In 2006, a $76-million renovation was initiated on levels one and two followed by a 110,000 SF expansion of those levels, which was completed in 2008.
A one-story, enclosed regional mall containing 508,751square feet of gross building area (including all anchors) built in 1975 and located in Norman, Oklahoma. One of the anchor spaces is unowned: the Dillards facility containing 137,082 SF: therefore, the owned space totaled 371,669 square feet and included the Sears space of 61,695 SF; the JC Penney Space of 68,128 SF, the Old Navy Facility containing 34,445 SF and a currently vacant 38,722 SF space formerly occupied by Stein Mart.
A grocery anchored 93,029 square foot neighborhood retail shopping center originally constructed in 1974 and renovated in 2004.
A 110,842 square foot grocery store anchored retail center within an affluent Somerset County community. Tenants included a Kings Supermarket, CVS, PNC Bank, Subway, Cold Stone Creamery, GNC, Verizon, Starbucks and Peapack-Gladstone Bank.
A 1,066,165-square-foot office building in the suburbs of Boston. The property consists of 12 buildings originally constructed for use as a mill between 1844 and 1918, and situated on a 49.22 acre campus. The property was converted to office use in the 1980's by Digital Equipment Corp (DEC). DEC sold the property in 1995 after being acquired by Compaq, which was based in Texas. This property was subsequently renovated and repositioned for multi-tenant use in 1998 and 2002. However, for the appraisal assignment, Monster.com represented the largest tenant, occupying roughly half of the total occupied space, but whose lease was expiring the following year. As a result, ownership had proactively obtained municipal approvals to convert approximately half of the total property to residential apartments.
A 6-story, 164,074 SF, Class-B, suburban office building. This building shared a site and structured parking garage with an attached 5-story Hilton Hotel.
A 377,000-square-foot Class B suburban office building, 100% leased at the time by Reology, the parent company of Century 21, ERA, Coldwell Banker and Sotheby's International Realty; however, the lease was due to terminate within the next 18-months and the tenant had already indicated that they would be vacating the property at the end of the lease term.
New Castle, DE. Appraisal of a distressed, 74.105 square foot suburban office building.
An industrial complex consisting of 11 buildings on a single site, containing an aggregate of 664,580-square-feet of warehouse and office space.
Appraisal of a vacant 113,105 square foot office building. The appraisal research revealed that most of the overall value was in the underlying land.
20,412 SF, single-tenant office building.
An industrial business park containing an aggregate of 1,332,434 square feet in five class A warehouse buildings, situated 1.5 miles from I-95 and I-695.
A 28.91 acre site located adjacent to Exit 13A of the New Jersey Turnpike and Newark Airport. The property had undergone environmental remediation and was approved for the development of a 290,400 SF warehouse/distribution center
A 33.72 acre site proposed for the development of a 440,550 SF warehouse/distribution center and located just off exit 56 of I-295 and within a mile of the New Jersey Turnpike.
A 394.56 acre site planned for the development of three warehouse/distribution buildings containing a total of 2,785,158 square feet. Located within the Exit 8-A industrial submarket. This submarket represents approximately 50 percent of the modern warehouses located in New Jersey due to its uniquely desirable location for distribution. Located at the geographic center of the Boston-Washington, D.C. corridor, the location enables distributors to reach more than 130 million consumers, one-third of the northern American population, within a one-day drive.
A 393-441 square foot suburban office park. Completely renovated in 2000 and featuring unique architectural lobby area designs and a total of four buildings within the complex.
Egg Harbor Township, NJ. A 247-lot residential subdivision in growing Egg Harbor Township, NJ. The property was the subject of a take-down agreement by Ryan Homes. We have completed a large number of residential subdivision appraisals throughout New Jersey and pride ourselves in completing the thorough market research necessary to adequately assess demand projections and local market preferences and tendancies.
A 294 unit low-rise apartment project, built in 2008, and located within a mile of Yale University in New Haven, CT.
Appraisal of a 13,760 square foot single family home featuring an extraordinary level of high-end finishes and amenities, including Italian and Egyptian floor tiling, mahogany wide-plank hardwood flooring along with two custom built winding mahogany staircases. The property was located within a Colts Neck subdivision adjacent to the exclusive Due Process Stable Golf Club.
A 650+ acre parcel located in the Cassville section of Jackson Township, Ocean County, New Jersey. Final approvals were secured on February 26, 2007 for the development of 902-residential single family dwelling units, of a proposed 1,275-unit age-restricted residential subdivision. In addition to the land supporting the approved 902-units, there was surplus land associated with the property for which an additional 373 units, including 192 age restricted affordable housing units, is proposed but for which no approvals had yet been obtained. The property owner had also secured an agreement with the municipality to produce affordable housing units on the property as inclusionary units in lieu of any payment toward Jackson's affordable housing requirements.
A fully approved 56-lot residential subdivision within the North Dover section of Toms River Township. Featured average lot sizes of approximately one-third acre, with finished house plans ranging from 2,000 to 2,900 square feet. This project broke ground at a time when the new home market was still very tentative, however, the builder is very knowledgeable of the local market area and enjoys an excellent reputation. The starting price-point of the homes was also started below $400,000.
This represented a 8,167 square foot restaurant across from Ocean County Mall and situated on a ground-leased site. Also included in the valuation were the liquor license and significant restaurant and brewery equipment. Restaurant valuations often include a going concern value, separate liquor license values, along with equipment. We have appraised numerous restaurants thoughout New Jersey.
This 4-Star restaurant and banquet hall contains a total of 28,016 square feet and is situated along the White Horse Pike near the overpass of the Garden State Parkway. Originally constructed circa 1930, with several subsequent editions including the large banquet hall which was added circa 1970.
A 5,862 SF diner situated along Route 206 in Somerville, NJ, just south of the Route 206 Circle. Originally constructed in the 1950's, this diner seats 105 patrons, but had been vacant for about 5-years at the time of the appraisal.
This was the former Corbin House Restaurant in the center of Corbin City. The restaurant contained 7,658 square feet and seats 300 people and was completely renovated in 2008.
Waterfront restaurant adjacent to the Edwin B. Forsythe National Wildlife preserve and situated on a tributary of the Great Bay. This property was constructed in 1930 and underwent significant renovations between 2007 and 2010, including the addition of a large outside deck with outside bar. The restaurant seats 60 people inside and another 40 people outside. Also, there are five floating docks and a large fixed dock with total of 181 linear feet and seven wet slips.
A 5,950 square foot restaurant on Route 50 in Weymouth Township, with a small portion of the site situated within Hamilton Township.
A 14,856 SF building with half constructed in approximately 1870 and the other half constructed in the 1950's. This was the former Endeaver Fire Co. No. 1 and was proposed for conversion to a restaurant with 2nd floor banquet hall. Total seating capacity in the new restaurant will be 450 people. The buiding includes a steeple with bell and block.
A 6,022 square foot diner situated on a 2.5 acre parcel along a busy section of Route 70. This property seats 161 patrons and serves over 7,000 customers per week. This was a former Denny's.
This was a 2,140 square foot restaurant within a mixed use building. The cafe seats 24 patrons inside and has outside seating for an additional 30 people.
Operating as Billy's Famous Root Beer, this was constructed in 1964 as a Stewart's Root Beer and contained 2,077 square feet. The restaurant included a Pet Lounge for patrons of the restaurant to let their pets run while enjoying a meal.
A 3,528 SF restaurant within a 4,704 square foot mixed-use building, this restaurant had been vacant and was proposed for a $500,000 renovation at the time of the appraisal. Situated at the intersection of Route 35 and Tyler Street, with additional frontage along Willow Street
Recently purchased by Carton Brewery, this was a 9,350 square foot building which was being converted to a craft brewery and restaurant, with a 1,030 square foot tasting room. An 8,000 square foot upper level was planned.
7,544 gross square foot building situated on 1.5 acres. The subject was originally built in 2000, retrofitted in 2003, and is currently operating as a Mexican restaurant known as Rosalita's Roadside Cantina. Rosalita's provides take-out service and owns a liquor license. Seats 260 patrons, including 25 seats at the bar. There is seating for an additional 36 patrons outside.
3,922 square foot Irish Pub and Restaurant with a seating capacity of 84 plus outdoor seating in front and rear areas of the building.
A 2,279 sq. ft. freestanding building, on a 10,875 sq. ft. parcel, improved with a one and partial two-story, plus storage basement, constructed circa 1920.
The Three B's Bar & Bistro occupies approximately 5,850 square feet of the 9,450 existing square feet. Adjacent were Boemio & Sons Market (same owner) and All Star Bagel.
New Craft distillery on Route 34 in colts Neck offers cocktails, tours, tasting and events. The StillHouse is designed similar to a distilling focal point in Kentucky known as Moonshine University. The architect worked with Kentucky engineers, and Amish crews constructed the facility and the indoor bar.
Proposed Craft Distillery. Charles Ferri is Converting a 19th century former monastery, situated on a 27-acre riverfront parcel on Route 9W in the Town of Esopus that was subdivided from a 117-acre piece once owned by the Christian Brothers. into a destination boutique distillery where he will be producing gin and whiskey from the waters of Esopus, NY. Ferri is known for running night clubs in the Hamptons
A Korean barbeque restaurant business within the Koreatown neighborhood of Manhattan. The restaurant has gained extraordinary notoriety, becoming a popular attraction for not only numerous celebrities, including Anthony Bourdain, Chris Rock, Rachael Ray and Channing Tatum, but even more importantly, the subject restaurant became a hot-spot for numerous celebrity chefs from the area, including David Chang, Dominique Ansel, Rich Torrisi of Corbone and Santina, Mission Chinese's Danny Bowien, numerous "Top Chef" Contestants, such as Dale Talde.
New York City hotel themed after bridgett Bardot.
Proposed 3,800 SF IHOP near Wyoming Valley Mall.
10,500 SF franchise located minutes from the downtown. Golden Corral is ranked #1 in the buffet restaurant category
ormer Westy's Bar & Restaurant overlooking the Anglesea Sea Wall and the Atlantic Ocean in North Wildwood. The property had undergone extensive renovations, including a 6,800 SF covered deck, which was to be fully enclosed with a glass exterior.
Popular 11,126 SF restaurant backing to the Shrewsbury River, featuring outside seating and private venue banquet hall on the second floor.
ormer TGI Friday's restaurant completely renovated into a Tommy's Tavern.
Busy diner and restaurant centrally located near several significant demand drivers.
An NHRA sanctioned automotive race track facility, the oldest drag strip facility in New Jersey and one of the busiest tracks in the country with over 265 events in a year. The property features a quarter-mile drag strip, plus an oval track, along with food concession buildings, BBQ Pit, bar, souvenir shop, game room, two VIP boxes, multiple restroom buildings, etc.
This horse racing track facility has been existence since 1853 and features live Standardbred harness racing for trotters and pacers. The property is situated on 52,82 acres straddling the borders of Freehold Borough and Freehold Township, and adjacent to Freehold Raceway Mall.
Growing out of a variety of reform ideas, Charter schools, represent semi-autonomous public schools, and have become a significant part of the American education system. Typically founded by a combination of educators, parents, community groups, or private organization, that essentially obtain a contract, or charter, to operate, these schools under the relatively limited duration of charters, which typically require renewal every few years in most states. Coupled with the financial struggles of operating a school, as well as a general lack of awareness of the population at large, add to the challenges of this industry. Some of the primary considerations, from a real estate valuation perspective, include typically short-term leases, due to the frequent need to renew charters in order to continue to operate; demand within the local market area for public school alternatives, and charter schools specifically; along with the typically wide variety of building characteristics, which often include various other property types retro-fitted for school use, and the unique challenges of considering alternate highest and best uses of these buildings. We been involved in the appraisal of numerous school properties, as well as a number of charter schools specifically, where a thorough analysis of all of the above issues was demanded. We have performed feasibility and marketability analysis; analysis of unique advantageous financing, grants and interest free financing on the property.
A 35,073-square-foot school and church facility, including a recently constructed (2007) 17,761 school building, along with an existing 12,876 school building constructed in 1986, and a 4,436 circa 1972, church sanctuary. We have appraised several large church and school facilities.
The subject of this report comprises 16 parcels totaling 1,125.674 acres located in the Boroughs of Eatontown, Oceanport, and Tinton Falls, Monmouth County, New Jersey. The subject property is more commonly known as the United States Army's Fort Monmouth military base. Borough of Eatontown - 4 parcels 4154.304 acres. Borough of Oceanport - 11 parcels 416.87 acres. Borough of Tinton Falls - 1 parcel254.5 acres. The parcels are improved with a total of 433 buildings containing 4,957,689 square feet.
A 48-slip marina uniquely located within the Shark River Inlet and situated along Main Street at the edge of Avon-By-The-Sea.
One of the premier private golf-course/country clubs in the area, designed by Hal C. Purdy, opened in 1963 and has hosted several LPGA championship matches as well as several PGA events. In addition to the golf course, driving range and practice greens; the property includes a full-sized ice skating rink, clay surfaced tennis courts, heated platform-tennis courts, and an in-ground swimming pool. The Clubhouse is a 49,016+ square foot, turn-of-the-century building with a banquet facility capable of handling parties of up to 325 people, a restaurant with several additional dining rooms, full kitchen facility, two bar areas, full locker-room and shower facilities, pro-shop and snack bar. A proposed renovation was budgeted at an estimated $10,000,000. The site comprises six parcels totaling 131.62+ acres.
63,686 SF Class A self storage facility in Newtown, PA, containing 500 storage units. We have completed numerous appraisals of self storage properties throughout New Jersey and Pennsylvania, including thorough market research and analysis specific to this property type.
Gas stations represent a unique property type that typically contain personal and intangible property in addition to real estate. As a result of these issues, they tend to be complex assignments. We have appraised dozens of gas stations throughout NJ, PA and NY and are well versed in the thorough analysis of each of the components associated with this property type.
A proposed four-story, 52,020 square foot charter high school. The development site was adjacent to an existing middle school property operated by the same organization. The assignment included a thorough analysis of the local education market, as well as the charter school concept specifically, in order to make informed decisions regarding the feasibility of the project. The school included 24 classrooms, two science labs, a full-size gymnasium, a multi-purpose room, and administrative offices.
Neopharma Antibiotic Manufacturing Facility in Bristol, Tennessee. Improvements consist of a 367,538-square-foot FDA approved facility formerly occupied by GlaxoSmithKlein, which complies with Current Good Manufacturing Practices (cGMP) as defined by the FDA. Originally constructed in 1978, the plant more than doubled in size over the years with expansions in 1983, 1988, 1989 and then with a large expansion in 2003, which included state-of-the art lab space. As is typical with pharmaceutical manufacturing facilities, the property is improved with extensive HVAC systems, contamination prevention, containment and filtration systems, including HEPA and dust collection systems. Also in place are system control and monitoring (Metasys). In total, the property consists of 41.10± acres.
27,303 SF, 37-bed former memory care facility being repositioned for use as a drug and alcohol rehab facility. The ongoing epidemic of opioid addiction, combined with alcohol addiction, has created demand for operators in this industry. However, there are only a few major players in the industry due to the fact that treatment rates are relatively low and is somewhat dependent on the availability of insurance.
32-lane bowling alley with liquor license, bar, café’, pro shop, party rooms and pool tables. The bowling industry has changed significantly over the past 20 years and the makeup of bowling centers has also evolving. New facilities are commonly combined with a range of other recreational activities and complementary uses. Our assignment appraised the going concern and separated the value of the real estate.
Xmall 16,270 square foot, 4-screen movie theater near downtown reading, pa
23,734 SF, 8-screen movie theater with 1.17 acres of excess land – Fully digital theater and four of the screens with 3D capability. This theater had recently been upgraded with luxury recliners along with other general improvements and experienced a large jump in revenues. a nearby competitor had more recently undergone a similar improvement program to reclining seats and a complete facelift of the theater.
A 30,441 SF, 8-Screen movie theater, with surplus land available for expansion to a 16-screen venue. Fully digital facility, and four screens with 3D capability, the property had a couple years prior been upgraded with premium luxury recliner seating. the operater also acquired a liquor license and opened a cocktail bar, outdoor patio with seating, fire pit, and landscaping where patrolns could relax before or after a movie. additionally, a full commercial kitchen was added and equipped to propare hot food for in-theater dining and capable of serving more than 2,000 movie-goers per day.