Integra - Chicago, Commercial Real Estate Appraisal, Valuation & Consulting Services

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Integra Realty Resources Corporate

Integra Realty Resources Corporate

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Chicago, IL


Gary K. DeClark, MAI, CRE, FRICS
Managing Director
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With over 30 years of expertise in valuation and counseling of all major types of and interests in real estate. Mr. DeClark is now conducting public speaking engagements providing "Instructive Learning" seminars. He has recently been a guest speaker at several banking, lender, broker, and municipality events. He is a regular lecturer at Northwestern University on contemporary Real Estate issues. Please contact Mr. DeClark if you are interested in his series or topics customized for for the needs of your organization. As Managing Director of Integra Realty Resources - Chicago Metro, Mr. DeClark has undertaken assignments in counseling and valuation in various real estate investment, office, retail, farm, hotel, industrial, multiple family and single family, residential and special use properties as well as the valuation of businesses. Mr. DeClark, formerly associated with Coldwell Banker Real Estate Appraisal Services, Metropolitan Life Insurance Company and Continental Bank (predecessor in Chicago to Bank of America), is a member of the Appraisal Institute, having attained the designation of MAI (certificate No. 6362). In addition, Mr. DeClark is a member of the American Society of Real Estate Counselors and holds the designation of CRE (certificate No. 1095). Mr. DeClark has recently become a member of The Royal Institute of Chartered Surveyors, the acclaimed international organization of worldwide real estate valuation and counseling with the designation FRICS (certificate No. 1214947). Furthermore, he is a member of the Young Advisory Council of the Society of Real Estate Appraisers. He is also an associate member of the Chicago Real Estate Board and holds a Real Estate Broker’s License in the State of Illinois. Mr. DeClark holds a Masters of Arts degree in Real Estate and Urban Development from the University of Georgia and prepared a thesis entitled “An Analysis of the Impact of the Tax Reform Act of 1976 on Real Estate Investment.” He earned a Bachelor of Science degree in Finance from the University of Illinois. Additional course work includes the completion of Courses 1A, 1B, II, and “Litigation Valuation” conducted by the American Institute of Real Estate Appraisers. EXPERT WITNESS Mr. DeClark is regarded as an expert witness in the Circuit Courts of Cook County, Lake County, DuPage County, Will County and Kane County, Illinois, as well as federal courts in Northern Illinois and Northern and Southern Indiana. Please contact him directly to discuss your testimony needs. He has published articles entitled “The Tax Reform Act of 1976: Major Provisions Affecting Real Estate” in the Atlanta Real Estate Journal and also “Counseling and the Institutional Client” in Real Estate Issues, Dec. 1995. Other accomplishments include teaching responsibilities for real estate appraisal courses sponsored by Northwestern University. Mr. DeClark is duly licensed in the State of Illinois under Certificate No. 153-000218 and also licensed in the states of Wisconsin (Certificate No. 261), Michigan (Certificate No. 1201002765), Minnesota (Certificate No. G-859), Iowa (Certificate No. CG1640), Indiana (CG49300124), Georgia (007301). Mr. DeClark has completed numerous appraisals and counseling assignments on all types of property located in several states for various purposes and functions. These properties include easements, government buildings, redevelopment sites, industrial properties, leased fee properties, leasehold properties, landfills and waste transfer station properties, single and multiple family residential properties, vacant land, farms, special purpose properties and commercial properties such as restaurants, shopping centers and office facilities. Major emphasis is placed on investment analysis assignments and litigation support. Various clients include numerous public and government bodies, Fortune 500 companies, life insurance companies, major commercial banks throughout the Midwest, attorneys and individuals. In the past few years, a major portion of his time has been devoted to corporate real estate analysis and counseling. EDUCATION: Attended University of Georgia, Athens, Georgia; M.A. Degree, Real Estate & Urban Development Attended University of Illinois, Champaign/Urbana, Illinois; B.S. Degree, Finance Specialized Appraisal Education; sponsored by the Appraisal Institute (formerly the American Institute of Real Estate Appraisers), the University of Georgia, and the University of Illinois.
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J. Denis Gathman, MAI,CRE,FRICS
Senior Managing Director
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Denis Gathman is the Senior Managing Director of the INTEGRA REALTY RESOURCES-CHICAGO METRO, Hospitality Advisory Division and has over 35 years of real estate experience including evaluation, valuation, due diligence, development, loan underwriting, acquisition, construction and property management, and operational and financial audits of properties in a wide range of types and locations and having an aggregate value over $25 billion. Mr. Gathman has administered and performed property management, financial and operational performance audits for hotels, congregate care facilities, multi-family residences and office buildings. His real estate tax appeal experience includes conducting tax appeal analyses on a variety of land uses and establishing and directing a real estate tax appeal department. He helped create, and was elected a director of, a congregate care management company that managed 875 units in six buildings. His underwriting experience includes commercial real estate, business loans and acquisitions of real estate development companies. He has directed numerous studies including disposition and workout studies; competitive marketing, management and pre-acquisition strategies; property management and real estate development company purchase analyses; highest and best use studies; and property management, operational and financial audits. Mr. Gathman holds a Bachelor Business Administration-Finance degree from Loyola University where he also did graduate work in Urban Studies. Professional memberships include the MAI and SRA designations from the Appraisal Institute and the CRE from The Counselors of Real Estate. He is a member of Lambda Alpha, an honorary Land Economics Society. He is also an Illinois licensed real estate broker and is a member of the Illinois Commercial Association of Realtors. ELMHURST OFFICE Integra Realty Resources-Chicago Metro acquired McDonnell and Associates, Inc. located in Elmurst, Illinois, in May 2000. This office is a division of Integra Realty Resources-Chicago Metro and offers residential and middle market comprehensive valuation and counseling services. INVESTMENT/INCOME PROPERTY Financial institutions and governmental agencies have retained the firm to appraise a variety of investment-orientated properties that range from multi-family income properties to the largest CBD office buildings as well as hotels, corporate parks and regional malls. See various case histories of the valuation of income-producing property under the discussion of our professional staff. SUBDIVISIONS/MASTER PLAN COMMUNITIES Properties vary from large, single-family housing tracts to entire master planned communities. Projects have ranged from the valuation of entire portfolios of development companies to the valuation of golf course communities to age-restricted housing. GENERAL AND SPECIAL PURPOSE PROPERTIES Appraisal assignments included a variety of general and special purpose properties including day care, preschool for children, drug and alcohol rehab centers, psychiatric hospitals, re-use of racquetball buildings, tennis clubs, golf courses, airport facilities, student housing, restaurant properties, health spas, hotels, automobile dealerships,nursing homes, assisted-living facilities, LIHTC properties and leasehold interests. HOSPITALITY Hospitality properties are considered the most complex real estate type to evaluate or value. Reliable conclusions can only be derived through consideration of all aspects - land, improvements, personalty, and business - and through understanding the many factors affecting the hospitality property, such as the extensive asset management required, the lack of a lease structure, multiple income streams, relatively short life of personalty (furniture, fixtures and equipment) which is subject to rapid depreciation and obsolescence, the competitive nature of the business, and the industry’s sensitivity to national, regional and local economic changes that can rapidly and radically affect property yields. We have the experience and knowledge required to provide focused, multi-disciplined counsel on a cost-effective basis in the evaluation and/or valuation of hotels, resorts, senior living facilities, spas, clubs and restaurants. Our clients include investors, banks, developers, insurance, companies, pension funds, syndicators, ventures, corporations, attorneys, and hospitality management and asset management companies. HEALTHCARE Integra Realty Resources-Chicago Metro conducts appraisals, market studies, and consulting assignments for senior housing and health care properties nationwide, including market studies and valuations for many of the nation's leading providers of senior housing and health care services. The group has performed market studies and appraisals for developers, operators, construction lenders, HUD lenders, FNMA lenders, and conduit lenders. Property types regularly analyzed include medical office buildings, surgical centers, hospitals, skilled nursing care facilities, assisted living facilities, independent living facilities, congregate care facilities, seniors apartments, Alzheimer's care facilities, and CCRCs. HEALTH AND RACQUET CLUBS Integra Realty Resources-Chicago Metro is the corporate specialty leader in the area of health club counseling and valuation. We have performed several consulting assignments for the Lifetime Fitness group and also for Kaiser Development. We are not only highly skilled professionals in the valuation of existing health clubs, but also experienced in market analyses and market studies for future health club development. FAÇADE AND CONSERVATION EASEMENTS The recent push in many municipalities for increased open or "green" space, as combined with tax laws which provide tax advantages for dedications of qualified conservation areas, has resulted in the need for consulting and appraisal work with respect to these conservation easement areas. Our clients in this arena generally include owners and/or developers for whom the dedication of conservation easement areas over designated wetlands, open waters, etc. can serve a myriad of purposes: create open space for both amenity and municipal use; re-assign the work of managing and maintaining open spaces and/or wetlands to an agency best qualified for the job; and offer one-time tax relief to the ownership for the conservation easement dedication. Our work in this particular area extends for more than 10 years and has included satisfied Internal Revenue Service review. REVIEW AND CONSULTATION Review and consultation assignments have been completed on a variety of general and special purpose properties, including: Field and desktop reviews of narrative appraisals for major institutional clients. Properties have included office, industrial, residential, hotel/motel, nursing and skilled care facilities, special purpose, golf courses, and land throughout the United States. Consultations with developers of multi-family, retail and office property with special emphasis on cash flow models, highest and best use, feasibility, and market timing. Negotiation and arbitration for parties involved in renegotiations of leases, including serving as third party negotiator and as an appraiser. LITIGATION SUPPORT Appraisal and consultation assignments have been completed on a variety of property types for expert testimony and to provide litigation support services to the legal community. Some examples include: To establish value for civil litigation (eminent domain, bankruptcy, ad valorem, and deficiency). Field and desktop reviews of reports to determine adequacy and consistency with good appraisal practice and standards prior to deposition and trial. STANDARDS OF CARE MATTERS. Impact Studies (examination of value augmentation or dimunition relating to development or modification of an adjoining case). WORKOUT CONSULTING Integra Realty Resources-Chicago Metro provides strategic consultation to private and public sector clients regarding troubled or under-performing real estate assets. Specifically, we offer a wide range of professional consulting services related to the turn around and disposition of troubled real estate assets. PORTFOLIO STRATEGIES, REVIEWS AND RISK ASSESSMENTS PROBLEM LOAN RESOLUTION DISPOSITION PLANS FOR REAL ESTATE OWNED ASSET MANAGEMENT
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Jack Shanahan,MAI
Director
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Over 35 years within the commercial real estate valuation field. Mr. Shanahan has been employed as a senior real estate appraiser with several real estate appraisal firms, including John E. Shanahan and Associates, and was also co-owner of Shanahan-Rogers Appraisal and Consulting. He has worked within several financial lending institutions as Vice President, Chief Appraiser with First National Bank of Evergreen Park and Old Kent Bank, as Vice President, Regional Manager for the appraisal department of Fifth Third Bank, and as Senior Vice President, Midwest Regional Manager for a major Appraisal Management firm. He has worked with a variety of clients, including major commercial banks, attorneys, public bodies and individuals. Appraisal assignments have included residential, commercial (shopping centers and office buildings), industrial, special purpose properties, with extensive experience in single and multi tenant office, retail and industrial properties, ad valorem tax appeal, subdivision analysis, estate settlement, feasibility studies, leased fee and leasehold estate analysis, and due diligence responsibilities. Specialties Mr. Shanahan’s specialties are in large, complex properties and ad valorem. PARK FOREST CO-OPS: This project consisted of 1,994 co-op units situated in five areas or section. The co-op areas were valued for the ownership for ad valorem purposes. CHILLICOTHE CORRECTIONAL FACILITY This 72 acre correctional facility with working farms was valued for the transaction between the State of Ohio and the Federal Government. MIDWAY AIRPORT: Major international airline hub was valued under a highest and best use scenario for the City of Chicago. FORD MOTOR STAMPING AND ASSEMBLY PLANT: This large-scale manufacturing complex consists of multiple plants with 1 million to 3 million SF in each. It was valued for the ownership for ad valorem purposes. CARGILL GRAIN ELEVATOR: This large, special purpose property was valued for the ownership for ad valorem purposes. Professional Activities & Affiliations Member of Appraisal Institute – MAI Designation Vice President, Board Member – Illinois Coalition of Appraisal Professionals Appraisal Institute – Board of Examiners – Experience Candidate Guidance Finance Committee MAI Admissions Licenses Illinois, Certified General Real Estate Appraiser, 555.000312, Expires September 2013 Education Saint Joseph’s College B.S. Degree Business Administration Society of Real Estate Appraisers: Course 201 Appraisal Institute Business Practices & Ethics (January 22, 2013) Appraisal Management Liability (September 9, 2012) Marketability Study – Six Step Process & Basic Applications (June 4, 2012) Teaching Services-Real Estate Appraisal – Daley College Qualified Before Courts & Administrate Bodies Mr. Shanahan is qualified as an expert witness in Cook and Will Counties, Illinois and in Michigan.
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