VALUATION / CONSULTING PROJECTS

UNITED STATES

WILMINGTON, NORTH CAROLINA

Market Street Widening Project – 69 Commercial / Industrial Institutional Properties.

Project Value: $35 million
In 2017 Clontz Newkirk completed 69 commercial, industrial, institutional and residential appraisals along a major in town connector that were being acquired by the State for a widening and beautification project. These appraisals required government specific knowledge of street yards, set back requirements, parking impacts and their impacts on property values. This 3 mile long expressway was populated by mostly high intensity commercial uses such as car dealerships, restaurants, convenience stores and retail establishments.

WILMINGTON, NORTH CAROLINA

Military Road Cutoff Extension – 170 Commercial /Residential Properties – Valuation

Project Value: $40 million
In 2015 – 2016 Clontz Newkirk completed 170 commercial and residential appraisals that are being impacted by this in-town expressway project. These appraisals required government specific knowledge of condemnation, easement valuation and impacts, eminent domain issues, traffic patterns, infrastructure evaluation and their impacts on property values. This 3 mile long expressway included retail, office single family residential and residential development tract uses.

BRUNSWICK COUNTY, NORTH CAROLINA

Compass Point – Brunswick County, NC: Development Due Diligence – Valuation

Clontz Newkirk helped one of the largest residential developers in Southeastern North Carolina determine the market value of a 2,037-acre planned community consisting of 5,800 homes, a 27-hole golf course and a 37-acre commercial component in order to secure bank financing to initiate the project. This assignment required separate land sales analysis of single family sites, multi family sites, golf course tracts and commercial development sites. A projected valuation was also completed for the entire project based on 1,066-acres improved with single family homes; 316-acres improved with townhomes; 618-acres improved with a 27 hole golf course and conservation areas; and 37-acres improved with 350,000 square feet of commercial space. This assignment required the valuation of every component required in a large mixed use community, including single family, multi family, golf course and commercial components.

WINSTON SALEM, NORTH CAROLINA

Salem Creek Connector: 79 Commercial, Industrial, Institutional, Residential Properties. 

Project Value: $100 million
In 2013 Clontz Newkirk completed 79 commercial, industrial, institutional and residential appraisals in Downtown Winston Salem that are being acquired by the State for an in-town expressway project. These appraisals required government specific knowledge of condemnation, easement valuation and impacts, eminent domain issues, traffic patterns, infrastructure evaluation and their impacts on property values. This 1.5 mile long expressway was anchored by Salem College on its western end and Winston Salem State University on its eastern end. The interior of this project mainly consisted of low income housing and the service yards for the City of Winston Salem. This assignment required valuations of significantly sized institutional uses such as college football stadiums, track and field facilities, race tracks, water treatment plants, armories and police/fire/waste service facilities.

NORTH CAROLINA

Major Regional Bank NC: Acquisition Due Diligence – Bank Acquisition

Clontz Newkirk helped a major regional bank determine the market value of their real estate assets for their acquisition by another regional banking entity. The assets were located throughout four major markets in North Carolina and required an in-depth analysis of each real estate market. These assets covered most property types found in a financial institutions portfolio; including vacant bank sites that had not yet been developed, neighborhood branch banking locations, regional banking headquarters and the main corporate banking offices. This assignment required the land sales analysis of several bank sites that had been acquired but not yet improved. It required a cost, sales and income analysis based on local market data to determine the value of several neighborhood bank branches. It required a cost, sales and income analysis based on regional market data to determine the value of several regional headquarters locations. It required a cost, sales and income analysis based on regional market data to determine the value of the corporate banking headquarters.

GREENVILLE, NORTH CAROLINA

Stantonsburg Road Project: 156 Commercial, Industrial, Institutional and Residential Properties.

Project Value: $35 million
In 2012 – 2013 Clontz Newkirk completed 156 commercial, industrial, institutional and residential appraisals for properties impacted in Downtown Greenville that are being acquired by the State for an in-town expressway project. These appraisals required government specific knowledge of condemnation, easement valuation and impacts, eminent domain issues, traffic patterns, infrastructure evaluation and their impacts on property values. This 2 mile long expressway included Class A retail, single family residential, neighborhood commercial, low income housing and institutional uses. Due to these intense transitions, this assignment required the analysis of dense urban development, whose land values, fluctuated from $10,000/acre to $1.2 million/acre within a 1/2 mile.

CHARLOTTE, NORTH CAROLINA

Bank of America Stadium

Haywood F. Newkirk, MAI, was part of a team that provided valuation services for the Carolina
Panthers Bank of America Stadium site and practice facility. This valuation required an appraisal of a 37.89-acre urban site that was assembled through purchases from NCNB, Duke Power, Mecklenburg County, the City of Charlotte and a host of individuals. The site was then leased to Richardson Sports Management for $1.00 per year, and was subsequently improved with the Stadium and Practice Facility. The engagement required an in-depth analysis of urban land uses, site contamination, zoning, permitted density and public-private partnerships.

CHARLOTTE, NORTH CAROLINA

Eastland Mall: Valuation of a 1m+ SF Shopping Mall

In 2012, Clontz Newkirk was engaged by the City of Charlotte to determine the market value and the long term planning purposes for the 1+million square foot Eastland Mall. This appraisal required specific analysis of the market for large retail centers in both North Carolina and South Carolina and the long term growth patterns projected for this area of Charlotte.

NEW YORK CITY, NEW YORK

Plaza Hotel: Acquisition Due Diligence – Valuation

Haywood F. Newkirk, MAI, was part of a team that provided valuation services for the real estate assets associated with the Plaza Hotel and determined the contributory value of the labor union contracts and equipment in place at the time of acquisition. The assignment required the analysis of land sales and cost data for hotel projects in Midtown Manhattan, home to some of the highest acquisition and construction costs in the Western World. Hotel sales were analyzed in New York and other major metropolitan markets such as Boston, Washington and San Francisco to determine a per room value for this property. The income and expenses for the Plaza were analyzed and compared to other 5 star hotel properties in the United States and Europe in order to analyze the future performance of the hotel. The eventual conversion of the hotel into condominium units was also analyzed based on cost and comparable sales analysis for high rise condominium projects in Manhattan.

BALTIMORE, MARYLAND

Fred Line Metro Project: Commercial and Residential Properties.

Project Value: $100million+
In 2014 – 2015 Clontz Newkirk appraised 99 commercial and residential properties being impacted by the construction of the new Red Line Light Rail Project which was to be extended from West Baltimore to the Inner Harbor. These appraisals required a firm that can appraise across all property types in a dense urban setting, as well as a firm that has specific knowledge of condemnation, easement valuation and impacts, eminent domain issues, traffic patterns, infrastructure evaluation and their impacts on property values. This project is located in an area that has faced a number of social and economic challenges over the last 25 years.

SILVER SPRING, MARYLAND

Purple Line Metro Project: Components: Commercial and Residential Properties.

Project Value: $250million+
In 2014 – 2015 Clontz Newkirk appraised 108 commercial and residential properties being impacted by the construction of the new Purple Line Light Rail Project which is being extended from Bethesda to Silver Spring. These appraisals require a firm that can appraise across all property types in a dense urban setting, as well as a firm that has specific knowledge of condemnation, easement valuation and impacts, eminent domain issues, traffic patterns, infrastructure evaluation and their impacts on property values. This project is located in an area with some of the highest real estate values in the United States.

ALABAMA– Auburn

FLORIDA– Ft Laurderdale, Miami, Yeehaw Junction

GEORGIA  Atlanta, Savannah

MARYLAND- Chesapeake Bay (Middle region) , Gaithersburg

NEVADA Pyramid Lake

NORTH CAROLINA Charlotte, Fayetteville, Greensboro, Greenville, Mooresville, Nags Head, Raleigh, Shelby, Winston Salem

SOUTH CAROLINA Charleston, Florence, Hilton Head, Myrtle Beach

TENNESSEE Memphis, Nashville

VIRGINIA Norfolk, Richmond

EUROPE

ANDALUCIA, SPAIN

Los Millares Golf & Country Club: Hotel, Golf, Residential, Spa, Casino
Haywood F. Newkirk, MAI was part of a team that provided valuation services for the Los Millares Golf & Country Club in Andalucía, Spain. This community, planned for the Mediterranean Coast of Spain, included a 350-room Grand Hyatt Hotel, two 18-hole golf courses, a golf academy, and 872 residential units divided into single family homes, townhouses and condominiums. Responsibilities included separately valuing all of the real estate components to be included in the development. Our services included performing a cost, sales and income approach for the 5-star hotel utilizing comparable resort hotel sales in Europe and the United States; valuing the golf courses and the golf academy based on an analysis of comparable resort golf courses in Portugal and Spain; and projecting absorption rates and sales prices for the single family homes, townhouses and condominiums based on the performance of competitive resort properties in the Algarve Region of Portugal and the Costa Del Sol Region of Spain.

Clontz Newkirk specializes in commercial appraisals to include virtually every property type across the United States and Europe.