SIGNIFICANT ENGAGEMENTS - MICHAEL J. KAZEN, MAI
The following is a partial list and description of properties appraised by Michael J. Kazen over his 35+ year career.
PALMER RANCH, Sarasota, Florida
The valuation of a 10,000 acre master planned community that upon planned completion over two decades would include residential products ranging from detached single family homes to mid-rise multifamily condominiums and apartments. Other planned uses included commercial office space, retail service space, light industrial space, and a self contained utilities plant. The valuation included discounted cash flow projections on near term development potential and bulk land valuation of long term development acreage. The intended use was to provide the client a basis of analysis for possible purchase.
RAILROAD INTERMODAL CONTAINER TRANSFER FACILITY, Los Angeles, CA
Fair Market Rental Analysis of the City of Los Angeles’ 147 acres of industrial land underlying a portion of an ICTF operated near the Port of Los Angeles. The intended use of the appraisal was to determine the Fair Market Rental Value for the ensuing 5-year period of this long term ground lease. The appraisal followed provisions set forth in the ground lease and was subject to provisions of the California Code of Civil Procedures. The parties came to terms without litigation.
ASSISTED LIVING FACILITY SITE, Huntington Beach, CA
Assisted Chevron in their internal decision making process relative to the potential sale of the leased fee title to a site underlying an existing assisted living facility. The site was under a long term ground lease. The potential buyer was the facility owner-operator, who would end up with fee simple title. The purpose of the engagement was to review the appraisal prepared for the buyer and offer guidance as to the reasonableness of the purchase offer. The parties came to terms and a sale was consummated.
GENERAL DYNAMICS PLANT, Pomona, California
Performed fair market rental analysis on the General Dynamics plant in Pomona California. This Naval Industrial Reserve Ordinance Plan includes over 50 separate buildings totaling in excess of 1,600,000 square feet of space. Individual uses analyzed included manufacturing, warehouse, office, research & development, special purpose and utility support buildings. The intended use was to assist our client, the United States Department of the Navy, in establishing fair market rent for each component of this property.
ALAMEDA CORRIDOR EXTENSION TRENCH - San Gabriel Valley, California.
Appraisal of various fee simple, air, surface and subsurface rights associated with the conversion of an active, at-grade, main line railroad corridor to a below grade (in trench) railroad corridor. The project area is a short segment of rail line that runs through a heavily congested residential and commercial district of greater San Gabriel California. The line is already within a trench to its immediate west and continues west and south through major rail yards near downtown Los Angeles before connecting south to rail lines serving the regional Ports of Los Angeles and long Beach. We performed ATF analysis on the larger parcel and provided separate value estimates of numerous sub components, including tieback easements that will support the proposed trench walls and a beautification lease to the City of San Gabriel.
COMEX PAINT MANUFACTURING AND RETAIL STORES - North American Locations
Appraisal of real estate component of the North American portion of the Comex paint company. Assignment included regional manufacturing facilities as well as evaluation of leased retail stores.
SPANISH HILLS, Camarillo, California
Valuation of a 430-acre, mixed-use planned residential development in eastern Ventura County, California. The proposed project included an 18-hole championship golf course, 190 estate sized single family lots, a 60 unit townhome development, and additional commercial and recreational acreage. The valuation involved cost, sales comparison, and land residual discounted cash flow analyses covering each property component. The focus of the appraisal was the As Is Market Value of the entire site. The client was successful in selling the property for a price close to our appraised value.
AMGEN BIO-PHARMACEUTICAL CAMPUS, Thousand Oaks, California
Valuation of the 100+ acre world headquarters of Amgen, the world’s largest biopharmaceutical company. Campus included corporate offices, warehouse, standard and clinical manufacturing, research and development, laboratories, private power plant, and support facilities. The engagement was to assist the owner in appealing real and personal property taxes. Amgen, the largest taxpayer in Ventura County, was successful in receiving the largest single tax refund in the history of the county with substantial subsequent savings each year thereafter.
PICO, TOWSLEY, RICE CANYONS, Los Angeles, California
Valuation of 3,000 acres of mountainous land located in the Santa Susana Mountains. The tract stretches several miles and is generally located to the north of the San Fernando Valley to the south of the Santa Clarita Valley. The property was valued to assist the owner in pricing the property for sale to a conservancy group at market value. A sale was consummated at a price close to our appraised value.
BROWN’S CANYON, Los Angeles, California
Valuation of 700+ acres of raw mountainous land located along the north rim of the San Fernando Valley in Los Angeles County. The property was appraised to assist the owner in pricing the property for internal transfer at market value.
42 ACRES OF VACANT LAND, Monterey Park, California
Appraisal of site approved for 500,000+ square feet of community-class shopping center. The intended use of the appraisal was to assist the owners in their internal decision making relative to negotiations for sale of the property.
INDUSTRIAL LAND UNDERLYING EXISTING REFINERY AND TANK FARM, Sante Fe Springs, CA
Appraisal of the fee interest in the site. Given the existing and historical usage, an extraordinary assumption was made that no harmful contamination existed. The intended use of the report was to assist the client in determining the market value of the property for internal evaluation purposes.
GASIFICATION PLANT SITE, El Monte, California
Appraisal of 8+ acres of industrial land positioned entirely within the Whittier Narrows flood control basin. A flowage easement on the site allows the U.S. Army Corps of Engineers to flood the property, if needed, to mitigate flooding in the region. The intended use of the appraisal was to assist the national oil company client in internal decision making.
FORMER REFINERY SITE, Huntington Beach, California
Appraisal of 8+ acres of vacant land in residential sector of Orange County. The site was contaminated by mercaptan, an offensive smelling but non-toxic substance that is routinely added to natural gas for safety (leak detection) purposes. The purpose was to estimate the positive value, if any, of the site in its as is condition.
WESTLAKE NORTH, Westlake Village, California
Valuation of a 130-acre, mixed-use development located in the City of Westlake Village, just east of the Los Angeles/Ventura County line. The project was approved for 250 multi-family units, a 250 room hotel, 297,000 square feet of retail space, and over one million square feet of office and business park space. The valuation involved individual pricing of raw and finished land components as well as a land residual valuation of the project on an as is basis. The intended use was to assist the ownership in pricing the property for sale. A second valuation was prepared to reflect a potential conversion to primarily residential use.
200 ACRES OF RAW LAND, Santa Paula, CA
The valuation of an assemblage of raw, unentitled land straddling the Santa Paula Creek watershed. The client was a national home builder that was planning to purchase the property and donate it in lieu of setting aside open space within a planned 2,000+ home development located elsewhere in Ventura County. The intended use was to provide the national homebuilder client a basis of analysis for possible purchase.
WORLD HEADQUARTERS OF CHEVRON, San Ramon, California
Appraisal of 100+ acre office campus for Chevron Corporation. Appraisal included a before and after valuation for a partial taking of its frontages. The intended use of the appraisal was to assist the client in internal decision making relative to potential condemnation proceedings.
PLAYBOY BUILDING, LOS ANGELES, California
Appraisal of iconic landmark building on Sunset Boulevard in Los Angeles. Property included Hugh Hefner’s famous penthouse apartment unit. The appraisal included the Income Approach and Sales Comparison Approach. The assignment was prepared for loan underwriting purposes.
HILTON HAWAIIAN VILLAGE WAIKIKI BEACH RESORT, Honolulu, Hawaii
Appraisal of 2,823 unit Hilton Hawaiian Village Resort, a flagship resort containing 20 acres “on the sand” along world famous Waikiki Beach. A separate appraisal was made of the land, which is the largest fee-owned private property on Waikiki Beach. In addition to the guest rooms the facility included rental apartments, over 150 upscale retail boutiques, numerous restaurants and lounges, meeting facilities, and recreational attractions. The intended use of the report was for Federal purchase price allocation purposes.
SYMPHONY TOWERS OFFICE & HOTEL COMPLEX, San Diego, California
The valuation of a proposed mixed use development that currently encompasses an entire block in the financial district of downtown San Diego. The project includes a 34-story office tower connected by a sky-bridge to a 15-story hotel. The project also incorporates the existing San Diego Symphony Hall, which is straddled by the two towers and linked by a sky-lobby. The assignment included valuation of the office tower as well as analysis of air rights, hotel pad rentals, and the parking facility. The use of the appraisal was to assist an institutional investment group in evaluating the partially completed project for potential purchase.
McLEAN HILTON HOTEL & OFFICE COMPLEX, McLean, Virginia
Appraisal of the 458-unit McLean Hilton Hotel at Tysons Corner and the adjacent 123,500 square foot office building. These upper-tier properties are located in an upscale suburban community of the Greater Washington, D.C. metropolitan area. The intended use of the report was to assist Hilton in their purchase price allocations among various asset classes for Federal tax planning purposes.
BOND COURT OFFICE BUILDING, Cleveland, Ohio
Valuation of a 900,000 square foot office tower with attached parking garage. This existing, stabilized office building is located on the western end of the downtown Cleveland central business district. The appraisal included a market study of the downtown Cleveland office market. The appraisal was performed to meet the annual portfolio review requirements of the client.
EXXONMOBIL CORPORATE HEADQUARTERS CAMPUS, Houston, Texas
Appraisal of the ExxonMobil office campus, Houston Texas. The intended use of the report was for internal planning purposes relative to the merger of Exxon and Mobil.
ATLANTA MARRIOTT MARQUIS HOTEL, Atlanta, Georgia
Appraisal of the 1,671 unit Atlanta Marriott Marquis hotel, a flagship facility for this chain of first class hotels. In addition to the guest rooms the facility includes numerous restaurants and lounges, meeting and convention facilities, and a 1.5 million cubic foot interior atrium. The intended use of the report was to assist in the issuance of a fairness opinion by the Arthur Consulting Group regarding debt and partnership restructuring.
ADVANCED MICRO DEVICES (AMD) CHIP PLANT SITE, Sunnyvale California
Appraisal of the market value of this 20+ acre site located in Silicon Valley Sector of California. The intended use of the appraisal was to assist the client in the separate pricing of real estate associated with a merger of assets.
GENERAL MOTORS PLANTS, United States & Canada
Valuations for four General Motors accessories and components plants that ranged in size from 600,000 to 1,200,000 square feet. The plants were located in proximity to vehicle assembly operations in Midwestern United States and Canada. Assignment was to provide support for a purchase price allocation study for Federal tax planning purposes.
POINTE HILTON SQUAW PEAK RESORT, Phoenix, Arizona
Valuation of a 563-room resort hotel, spa, meeting and golf complex in Phoenix. The intended use was for Federal purchase price allocation purposes. We subsequently appraised the sister resort Pointe Hilton Tapatio Cliffs for the same purposes.
GRENELEFE GOLF & TENNIS RESORT, Orlando, Florida
Valuation of a major residential and recreational planned use development encompassing 950 acres of lake front property in north-central Florida. The resort/convention facility included: a hotel operation of approximately 1,000 interval ownership/rental pool condominium units; an executive conference facility; three championship golf courses; a full service tennis complex with 13 courts and an 1,800 seat center court arena capable of handling major tournaments; an on site maintenance and utility operation; and existing and proposed residential real estate holdings. The intended use of the appraisal was for portfolio valuation requirements and to facilitate marketing of the project for sale on the open market.
SAHARA HOTEL & CASINO SITE, Las Vegas, NV
Appraisal of fee simple title to site underlying the landmark hotel and casino on the Las Vegas strip. Assignment was to provide support for a purchase price allocation study for Federal tax planning purposes.
SONESTA SANIBEL HARBOR RESORT AND SPA, Fort Meyers, Florida
Valuation of a destination resort facility located on Florida's west coast. The waterfront resort included: a 240 room Sonesta Hotel with a 35 slip marina; a full service tennis facility with clubhouse and large tennis stadium; a first class spa facility; a free standing restaurant and night club; and two high-rise condominium towers that participated in a rental pool. The appraisal included separate detailed surveys of competitive resort hotels, marinas, tennis operations, and full service spa operations. The intended use of the appraisal was to facilitate financing of the acquisition and expansion of the partially completed project.
VENTURE STORES, Midwestern United States
Appraisal of 45 Venture discount retail stores located throughout the Midwestern United States. Also included were two regional distribution warehouse facilities and corporate offices. The valuation included all three traditional approaches to value. The intended use of the appraisal was to facilitate mortgage backed securities financing to raise capital for the owners through sale and leaseback transactions with a newly created company.
POWER PLANT AND ACREAGE FOR COOLING PONDS, Colorado Springs, Colorado
Co-analyst of valuation of real, personal, and intangible property and water rights associated with operating conventional power plant located in the Colorado Springs area. Total area of land in excess of 500 acres.
EXXONMOBIL OLEFIN PLANT SITE, Baytown Texas
Appraisal of the 340-acre ExxonMobil Olefin Plant Site, the largest facility of its kind in the United States. The intended use of the report was for internal planning purposes relative to the merger of Exxon and Mobil. There were no known contamination issues.
ABANDONED RAIL CORRIDOR, Immokalee, Florida
Appraisal of fee-owned former railroad corridor paralleling SR 29 in southwest Florida. Appraisal facilitated acquisition by Florida Department of Transportation for continued transportation corridor (highway widening) purposes.
WATERFRONT TROLLEY/RAIL CORRIDOR, Astoria OR
Appraisal of six miles of corridor with Notice of Interim Trail Use (NITU) Agreement in place. Subject corridor terminated opposite local port complex and extended along Astoria’s historic Columbia River waterfront district before connecting with rail line running 90 miles to Portland Oregon. Subject corridor included all related trackage, bridges, marine embankments, crossing materials, and warning devices. The City operates an active trolley system along the line and an occasional dinner train comes in from Portland. Appraisal was done for Federal charitable donation purposes. We performed and ATF approach on the property. The Internal Revenue Service accepted our report as credible evidence of the fair market value and the client was successful in the negotiated settlement process.
EAST LAKE SAMMAMISH TRAIL, Puget Sound, Washington
Appraisal consulting study of 11 miles of former freight rail corridor with Notice of Interim Trail Use (NITU) Agreement in place. The East Lake Sammamish Trail is an 11-mile recreational rail trail in King County, Washington that runs along the east side of the exclusive Lake Sammamish residential district from Redmond, south through Sammamish, to Issaquah. We performed appraisal review/ consulting services including expanded highest and best and best use and corridor factor analysis. The Internal Revenue Service accepted a third party appraisal, supplemented with our report, as credible evidence of the fair market value and the client was successful in the negotiated settlement process.
SHORT LINE RAIL CORRIDOR, Coos Bay Oregon
Appraisal of 26 miles of rail corridor with all trackage, bridges and specialized improvements in place. Subject connected from the Port Complex on the north side of Coos Bay in North Bend Oregon southward across Coos Bay (excluding swing bridge previously donated) along the Coos Bay waterfront commercial and industrial districts, continuing southward through rural districts before connecting to forestry manufacturing facilities in Coquille Oregon. A 100+ mile short line connection linked the subject to Eugene Oregon, and beyond on its north end. Subject property included all related trackage, bridges, crossing materials, and warning devices. The property included several “street-run” sections where rail lines operate within active city streets. Appraisal was done for Federal charitable donation purposes. We performed an ATF approach on the property. Separate appraisal estimates were made for existing communication easements in place.
EASTSIDE RAIL CORRIDOR, Puget Sound, Washington
Appraisal consulting study of 41 miles of former freight rail corridor with Notice of Interim Trail Use (NITU) Agreement in place. The Eastside corridor runs from Woodinville on the north to Renton on the south and includes a 7-mile side corridor called the Redmond spur that connects from Woodinville to Redmond, near the Microsoft headquarter campus. We performed appraisal review/consulting services including expanded highest and best and best use and corridor factor analysis. The intended use was for Federal charitable donation purposes. The Internal Revenue Service accepted a third party appraisal, supplemented with our report, as credible evidence of the fair market value and the client was successful in the negotiated settlement process.
MALIBU MEADOWS APARTMENTS, Calabasas, California
Valuation of a proposed 600 unit rental apartment project to be developed in two phases. The garden style, walk up apartments were developed on approximately 30 acres of land. The analysis incorporated three traditional approaches to value. Nine current and future value premises were presented. This analysis included both typical market financing scenarios as well as special bond financing scenarios that required parallel, discounted cash flow model analyses to determine appropriate, post-debt discount rates. The intended use of the appraisal was to facilitate a joint-venture for the purpose of raising capital.
CONOCO PHILLIPS CONVENIENCE STORE/FUELING STATION, Santa Clarita, CA
Market Rental Analysis of an approximate one acre site underlying the Circle-K/76 property along Interstate 5 in Santa Clarita. Ground rents were adjusting to market for first time in 20 years. The intended use of the appraisal was to determine the appropriate reset rental amount for the ensuing 5-year period of this long term ground lease.
CHEVRON CONVENIENCE STORE/FUELING STATION, Ventura, CA
Fair Market Rental Analysis of site underlying the Chevron station in Ventura. The intended use of the appraisal was to determine the market rental rate for the ensuing 5-year period of this long term ground lease.
WENDY’S RESTAURANT SITE, Santa Clarita, CA
Market Value Analysis of leased fee interest in an approximate one acre site underlying the Wendy’s restaurant in Santa Clarita. Ground rents were stipulated. The intended use of the appraisal was for estate planning purposes.
RETAIL ENGAGEMENTS
DeBartolo Retail Mall Portfolio, United States - Estate Tax Purposes
Broadway Trade Center, 1 Million SF Department Store Structure, Downtown Los Angeles - Disposition
JC Penney Department Stores, United States - Real Estate Tax Appeal Purposes
Proffitt’s Department Stores, United States - Federal Tax Planning Purposes
May Company Department Stores, United States - Federal Tax Planning Purposes
Robinsons-May Department Stores, United States - Federal Tax Planning Purposes
Foodarama Grocery Stores, New Jersey - Federal Tax Planning Purposes
Footstar Stores, United States - Federal Tax Planning Purposes
Walmart Department Stores, United States - Financial Accounting Purposes
7-Eleven Stores, Texas & New Mexico - Federal Tax Planning Purposes
Woodward & Lathrop Stores, Maryland & Virginia - Federal Tax Planning Purposes
Famous-Barr Department Store, St. Louis - Federal Tax Planning Purposes
Arcadia Hub, Community Class Shopping Center, Arcadia CA - Mortgage Financing Purposes
45 Venture Discount Department Stores & Distribution Warehouses, Midwestern U.S. - Financing Purposes
In addition to performing or assisting on the appraisal of the above retail properties, Mr. Kazen has appraised numerous additional free-standing retail stores, strip-shopping centers, neighborhood-class shopping centers, and community class shopping centers.