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Urban Real Estate
Research has reported value estimate for a variety of special
properties:
Movie theaters.
Theater properties have unique characteristics which can enhance value
if they are state-of-theather facilities with amenities like digital
sound, THX-auditoriums, and high-back, wide aisle seating. Many
theaters are now destination-type facilities which offer fast food
restaurants, video games, and other forms of entertainment. Value
is estimated by evaluating a wide range of factors, including the
basics of land and building, but equally important is revenue
generation, market share, demographics, and future revenue potential.
Retirement properties.
We have appraised several large area facilities including the American
Baptist Home, Edison Park Home, Augustana Center, and other properties
located through the Chicago are. We have recently completed a
report on a property located in South Beloit, Illinois wherein we
included not only “As Is” value but also one projecting the value of
the property based on an addition to the improvement and greater
revenue potential from the expanded operations.
Vacant land.
The single most important aspect of land valuation is Highest and Best
Use. Every assignment begins with a Highest-and-Best-Use of the
land analysis that is most influential in determining the final
estimate of value for any given property. We have done a
significant number of reports dealing with land condemnation with the
City of Chicago and the outlying suburbs and many projects dealing with
the potential land values for large tracts of land developed for
residential uses. We’ve also performed highly detailed
partial-taking and total-taking assignments for various governmental
bodies.
Automobile dealerships
Urban is experience tin the appraisal of properties ranging from the
smallest used-car lots and sales offices to the most complete
full-service, new-car facilities. In appraising the various types
of automobile dealerships, Urban analyses current trends in the
automobiles industry as a whole as well as the recent operating history
of the subject property.
Unique appraisals.
We have also performed valuation of several other types of commercial
properties including the massive Arlington Park Race Course, several
area bowling alleys, a roller rink, day storage marinas and numerous
golf course properties in connection with real estate Ad Valorem
assessment analysis in Cook County, Illinois.
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Partial List of Airlines
Appraised
Midway
Airport
Midway Airlines
Monarch Air Service
Northwest Airlines
O'Hare International Airport
Air France Cargo
Facility
Continental Terminal Area and
Cargo Facility
U.S. Postal Facility, APO
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O'Hare International Terminal Building No. 5
Air France
Alitalia
American
Airlines
American Trans
Air
British Airways
CICA - TEC
El AL Israel
Airline, Ltd.
Federal
Express Cargo Facilities
Japan Air Lines
KLM Royal
Dutch Airlines
Lufthansa
German Airlines
Sabena Belgian
World Airlines
Scandinavian
Airlines
Swissair
United Airlines
Varig
Brazilian Airlines
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Partial List of Automobile
Dealerships Appriased
Arlington Toyota
Bredemann Ford
Bredemann Lexus
Bob O'Connor Ford, Inc.
Carmax-Schaumburg
Castle Pontiac/Buick
Crown Buick
Dave Miller's Dodge City
David's Pontiac City
Dodge City of Countryside
Dodge City of Des Plaines
Harold Motors
James Miller Chevrolet
Kasch Fine Cars
Kelly Kean Nissan
Landmark Ford
Land Rover of Winnetka
Mancari Jeep/Eagle
Mancari’s of Orland
McGrath Mercury/Acura
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Napleton Cadillac
Napleton Lincoln Mercury
Northwest Lincoln Mercury
Northwest Ford
Patrick BMW
Patrick Cadillac/Volvo
River Oaks Chrysler/Plymouth/Jeep
Schaumburg Jeep
Schaumburg Toyota
Sherman Dodge
Sullivan Pontiac
Tom Noe Oldsmobile
Towne Ford/Racine, Wisconsin
Woodfield Chevrolet
Woodfield Ford
Woodfield Lexus
Woodfield Nissan
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Partial List of Health Care Facilities/Congregate Care Properties
Appraised
- For bankruptcy proceedings, 21 congregate care/nursing home
facilities in four states (Illinois, Indiana, Pennsylvania and
Michigan). Urban Real Estate Research, Inc. was selected by the debtor
and approved by the United States Bankruptcy Court for the Western
District of Missouri, Western Division. We were also commissioned
to undertake an update appraisal.
- A 120 bed nursing home in LaFayette, Indiana for
Pickerill-Klinker Realty to be used for permanent financing as a result
of a recent addition to the facility.
- To obtain financing from a bond issue put out by the State
of Illinois earmarked for health care and social programs:
- Four properties for Lutheran Social Services of Illinois
- a nursing home, a sheltered care home for teenagers, a nursing home
for developmentally disabled children, and a home for teenage
mothers.
- Four properties for Ponder and Company - a nursing home,
an industrial facility for training developmentally disabled adults, an
office building to be used by a mental health program, and a
residential home to be occupied by physically handicapped adults.
- Baptist Home in Maywood for asset evaluation and
potential sale
Partial
List of Garage Properties Appraised
203 N.
LaSalle Garage
"900 N. Michigan Avenue" Garage
Union Pacific Railroad ROW atv Old Elm &
Sheridan Roads
321 South Wacker Drivev
201-227 West Madison Streetv
177 North Wells Streetv
325 South Franklin Streetv 326 South Wells Street
318 South Federal Streetv
145 South LaSalle Streetv
NEC State and Kinzie Streetsv
211 West Adams Streetv
10 East Grand Avenuev
50-60 East Lake Streetv
17 East Adams Streetv
16-40 East Randolph Streetv
181 North Dearborn Streetv
303 East Illinois Streetv Leasehold w/ City of
Chicago
Center at River Eastv 312-322 East Illinois Street
2 East Oak Street &v 1020 North Rush Street
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Partial List of Miscellaneous
Properties Appraised
ADD
Detox Facility
Casa San Carlo Retirement Community
Congregate Care Facilities
Leisure Technology
Paxton Landfill
Prairie Manor Healthcare Center
University of Chicago / Williams Bay - Vacant Land
Jupiter Company - Vacant Land / Kenosha, Wisconsin
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- For the Cook County Zoning Board, the effects of a landfill
on the neighboring communities for the Cook County Zoning Board more
specifically this was a land-use impact study.
- A Budgetel motel in Raleigh, North Carolina and in Orlando,
Florida, for the Marcus Corporation. The Raleigh motel was
recently constructed while the Orlando assignment was to value a "to be
built" motel.
- Four properties for RREEF for internal purposes.
- A 15 tenant strip shopping center in the south side of
Chicago
- Vacant land in downtown Chicago
- Vacant land in Elk Grove Village
- An industrial building in Elk Grove Village
- The DuPage County Downtown Campus in Wheaton, Illinois at
the request of the DuPage County Capital Plant. This appraisal
and highest and best use study was used as an aid in the decision
making process regarding the disposition of the property.
- For financing purposes at the request of Water Tower Bank.
- A 188,000 square foot new community shopping center
located at 159th Street and Harlem Avenue in Tinley Park, Illinois.
- 153+ acres of vacant land located on Route 421 north of
I-94 in Michigan City, Indiana.
- 1,500,000+ square feet of vacant land located on 95th
Street at Stoney Island Avenue in Chicago, Illinois.
- Eagle Ridge Inn & Resort - U.S. Highway 20 - Galena, IL
This is comprised of three signature, 18-hole championship golf courses
with pro shops and small dining facilities, a nine-hole course with pro
shop/dining facility, a clubhouse/restaurant, an 80-room inn and
conference center, a general store/bakery and maintenance
facilities. (6,800 acres overall). The appraisal was used
by the lender who was financing the construction of the third
championship golf course.
- A leased fee analysis for financing done on a 49,229 square
foot theater in Edina, MN
Partial List of Vacant Land
Appraised
- Vacant land to be developed as congregate facilities, one
each in California, Long Island, New York, Florida, New Jersey and two
in Illinois. The New Jersey site also included an
evaluation of an existing large congregate care facility for the
elderly. Nisshin Steel Company approved our firm as a nation-wide
appraisal company. The appraisals were accepted as the basis for
a subsequent merger between Leisure Technology/Leisure Care Division
and the Nisshin Steel Company.
- A 270 acre site for a "to be built" recreational homes
project in the state of Michigan. We valued the unimproved land
before subdivision and site improvements as well as the proposed
project upon completion.
- Land for financing purposes of more than 1,100 acres of an
improved office park projecting absorption over a 12 year period of
time based on the market, F.A.R. zoning restrictions and comparable
vacant land sales.
- Land in the River North area forecasting the market value
of the area at two intervals, 3 years and 5 years in the future.
- 26+ acres of vacant lakefront land in Kenosha, Wisconsin
for the Jupiter Company. This land is to be developed for
recreational and commercial use. Also in the Kenosha area we
valued a site for a proposed Greyhound Dog Race Track facility.
- A downtown Chicago land appraisal for the Jupiter Company
which was used as the basis to determine the fair market rent of the
property.
- A 76,000+ square foot vacant land parcel located in the
South Loop of Chicago for the internal planning purposes of Harris Bank
and their parent corporation, The Bank of Montreal.
- Old AMC Site - North side of 57th St., East of 5th and 6th
Avenues - Kenosha, WI. This is a vacant 42.62 acre (1,856,527 square
feet) parcel previously improved with an automobile manufacturing plant
with a highest and best use for mixed-use commercial and residential
development in the evolving marina district of Kenosha. The
appraisal was done for asset management purposes.
- 219,107 square feet of vacant land in Hoffman Estates
for the purpose of condemnation.
- 52,986 square feet of vacant land in Naperville, for
easement dispute.
Partial Listing of Properties
Appraised
10 East
Erie - Chicago, IL
Office
Fair Market Value for Purchase
District Council of Carpenters
6,500+/- sq.ft. bldg.
2,800+/- sq.ft. land
4621 West 138th St. - Crestwood, IL
Industrial
Refinancing
First City Mortgage
17,000 sq.ft. bldg.
38,000 sq.ft. land
420 N. May - Chicago
Office
Sale
Janet Shure
75,000 sq.ft. bldg.
75,000 sq.ft. land
1322 W. North Avenue - Chicago, IL
Industrial
Financing
Norm Pater - Near North Insurance - First Bank of
Highland Park
14,395 sq.ft. bldg.
18,341 sq.ft. land
1901 W. Cermak - Broadview, IL
Industrial
Estate Tax
24,675 sq.ft. bldg.
55,900 sq. ft. land
7630 S. Madison - Willowbrook, IL
Industrial
Financing
Cameron Draine - Principal Financial Group
62,444 sq.ft. bldg.
121,500 sq. ft. land
4700 W. Augusta - Chicago, IL
Industrial
Pension Fund
Anthony Kostuik
78,000 sq.ft. bldg.
75,000 sq.ft. land
2300 Wabansia - Chicago, IL
Industrial
Financing
Jim Rulfe - LaSalle National Bank
181,114 sq.ft. bldg.
49,994 sq.ft. land
Land in Naperville
Vacant Land
Easement Dispute/Purchase
Paul Olszowski - Illinois State Toll Highway
Authority
52,986 sq.ft. land
IDOT Building - Schaumburg, IL
Office Building
Market Rent and Leased Fee Analysis.
CMS
125,961+/- sqft. bldg. 254,047+/- sq.ft.
land
Centennial Lakes Theater - Edina,
MN
Theater
Leased Fee Analysis for Financing
Southern Farm Bureau Annuity Insurance Co.
49,229+/- sq.ft. bldg.
182,682+/- sq.ft. land
Romar Trucking - Chicago, IL
Cross Dock
Fair Market Value for Condemnation
Donna Martin
53,858+/- sq.ft. bldg.
437,618+/- sq.ft. land
Duray Fluorescent - Chicago, IL
Manufacturing
Fair Market Value for Estate Planning
Nashir Daruwalla
52,400 sq.ft. bldg.
75,544 sq.ft. land
4540 West 51st - Chicago, IL
Manufacturing/Distribution
Fair Market Value for Financing
Warehouse
Comerica Bank
112,410+/- sf.ft. bldg.
219,241+/- sq.ft. land
SEC Beverly Rd. & Northern Tollroad - Hoffman
Estate, IL Land
Fair Market Value for Condemnation
Homart Development Co.
219,107 sq.ft.
land
Bruce Offset - Elk Grove Village,
IL
Manufacturing
Fair Market Value for Financing of Build-to-Suite
Addition
First American Bank
79,151+/- sq.ft. bldg.
217,183+/- sq.ft. land
Marina City Commercial - Chicago,
IL
Commercial
Fair Market Value for Purchase
Mark IV Development/National Bank of Greece-Chi/Lady
Luck Casino, Las Vegas
346,574+/- sq.ft. bldg.
135,919+/- sq.ft. land
(subject to air rights)
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