Valuation Advisors Expands in Midwest; Adds CRE Leader in Cincinnati

Partner Valuation Advisors Expands in Midwest; Adds CRE Leader in Cincinnati

January 5, 2023, Cincinnati – Partner Valuation Advisors continues to grow its footprint across the United States with expansion into Ohio. Joining the national commercial real estate valuation advisory is Eric Shaw, MAI, who has been appointed Senior Vice President in a newly opened office in Cincinnati. Mr. Shaw is focused on industrial and self-storage property sectors.

“The national growth of Partner Valuation Advisors is being achieved through both the expansion into new markets and addition of commercial real estate experts such as Eric,” said Partner Valuation Advisors’ Senior Managing Director Eric Enloe, MAI, CRE, FRICS. “He brings an understanding of the industry, and the ways technology is being utilized to solve complex client valuation assignments in today’s evolving market, which is expected to broaden our reach in the Midwest and beyond and better serve clients in the industrial and self-storage sectors.”

Since launching in September 2022, Partner Valuation Advisors has grown to 33 employees nationally, making it one of the fastest growing real estate companies in the country. The Chicago-based, technology-forward valuation and advisory firm serves the needs of investors, lenders, and real estate occupiers, and performs valuation assignments in all 50 states.

Mr. Shaw says, “I am looking forward to merging Partner Valuation Advisors’ technology platform with my expertise in industrial and self-storage assets. Both of those sectors have experienced strong growth over the last couple of years with significant new construction to meet the ever-changing investor demands.”

Mr. Shaw brings more than a decade of commercial real estate experience valuing industrial, self-storage, retail, office, multifamily, manufactured housing, and special use assets. He has appraised commercial real estate in Ohio, Kentucky, and West Virginia. He adds significant experience coordinating regional portfolio transactions throughout the Midwest for several local, regional, and national lenders and investors. He has testified before the Hamilton County board of appeals, been deposed for national litigation, and assisted in a multi-state right of way portfolio.

Prior to joining Partner Valuation Advisors, Mr. Shaw served as a Director at Integra Realty Resources for 10 years. Earlier in his career, he worked five years at Macy’s Inc. contesting real property valuations in 16 states throughout the Southeast and Northwest.

Mr. Shaw adds, “My work has spanned from large multi-state portfolios to single properties in a tertiary market. The current market conditions are very unique given interest rate levels and softening investor demand for commercial real estate. 

Partner Valuation Advisors Adds Trio of Vice Presidents

Partner Valuation Advisors Rapidly Developing National Presence, Adds Trio of Valuation Talent in Multiple States

Chicago, November 17th, 2022 – Partner Valuation Advisors (Partner) expanded its national commercial real estate team with the addition of three valuation experts in Texas, Illinois, and Colorado. Kristopher “KC” Vigoren joins as Senior Vice President, while Katie Dreher and Shane Nicholson join as Vice Presidents. 

The latest additions will support clients nationally and reflect the firm’s rapid growth trajectory since it was launched in August 2022 as a technology-forward advisory firm that serves the needs of investors, lenders, and real estate occupiers. Partner continues to expand its team of commercial real estate consultants, which has grown to more than 20 people licensed to handle valuation assignments in all 50 states.

Partner Valuation Advisors’ Senior Managing Director Eric Enloe, MAI, CRE, FRICS said, “We continue to rapidly develop Partner Valuation’s national valuation presence since launching this summer. We are adding key valuation experts like KC, Katie and Shane, who bring more than 30 years of collective experience serving clients across a variety of commercial real estate asset classes.”

Mr. Vigoren joins as Senior Vice President and will be based in Colorado. He brings more than 20 years of commercial real estate appraisal experience.  Prior to joining Partner Valuation Advisors, he served as Senior Vice President at JLL Valuation Advisory. 

In his role at Partner Valuation Advisors, Mr. Vigoren focuses on appraisal and consulting services for commercial asset valuations. His background includes the valuation of real estate for multiple applications including lending, portfolio valuations, investment advisory services, and market rent studies. He has experience appraising a variety of property types such as regional malls, lifestyle centers, triple net properties, restaurants, office properties, medical office buildings, industrial properties, self-storage, cold-storage, manufactured housing communities, limited and full-service lodging/hospitality properties, multifamily, student housing, and residential and commercial subdivision development sites. 

Ms. Dreher is based in Texas and will serve as a Vice President of Partner Valuation Advisors. In this role, she will focus on the analysis and preparation of appraisals and consulting assignments. Ms. Dreher has been actively engaged in real estate valuation and consulting since 2018. She brings experience in three core property types, retail, office, and industrial. She has appraised shopping centers, shopping malls, office buildings, and industrial facilities.

Mr. Nicholson is based in Chicago and will serve as a Vice President at Partner Valuation Advisors. Mr. Nicholson brings more than five years of commercial real estate appraisal experience, including serving as an Associate at JLL Valuation Advisory. Throughout Mr. Nicholson’s appraisal career, he has appraised industrial, office, retail, and multi-housing assets across the United States. Over the past several years, Mr. Nicholson has begun to specialize in appraising manufactured housing communities (MHC) and conventional multifamily assets. 

About Partner Valuation Advisors

Partner Valuation Advisors is a Chicago-based affiliate company of Partner Engineering and Science, Inc. The valuation enterprise was introduced in 2022 with the formation of a new team of leaders focused on performing commercial real estate valuations nationally for investors, lenders, and real estate occupiers. The team is led by Brandon Nunnink, CFA, and Eric Enloe, MAI, CRE, FRICS. Please visit us online at www.PartnerVal.com.

About Partner Engineering and Science, Inc.

Partner is the most trusted choice for 3rd party due diligence and consulting in the commercial real estate industry, providing full-service engineering, environmental and energy services throughout the Americas, Europe, and around the globe. With a multidisciplinary approach, Partner serves clients at all stages from initial due diligence and design to development and construction, as well as the ongoing maintenance and optimization of a real estate asset. 

Media Contact:

Partner Engineering and Science
Erika Haberlen
Marketing Director, Principal
310-615-4500
[email protected]

Belsky and Miller Join PVA

Partner Valuation Advisors Expands with Addition of Two National Managing Directors

Chicago, September 26, 2022 – Partner Valuation Advisors (Partner) expanded its team of national commercial real estate valuation experts with the addition of Joseph M. Miller, MAI, MRICS, as Managing Director and National Practice Lead of its Retail Valuation Practice, and Scott Belsky, as Managing Director and National Practice Lead of its Manufactured Housing Communities (MHC) and RV Resort practice. The latest additions support the rapid national growth trajectory charted by co-founders Brandon Nunnink, CFA, and Eric Enloe, MAI, CRE, FRICS.

In August 2022, Partner Engineering and Science, Inc. formed Partner Valuation Advisors in Chicago as a technology-forward advisory firm that serves the needs of investors, lenders, and real estate occupiers. The firm continues to hire commercial real estate experts in markets across the U.S., expanding its valuation team to a current count of 20 people.

Mr. Miller is a respected valuations expert with more than 10 years of commercial real estate appraisal experience in retail, office, senior housing, industrial, multifamily, self-storage, and special use assets. He has appraised commercial real estate in all 50 States as well as Canada, Mexico, and Puerto Rico.

Mr. Belsky joins the firm with more than 10 years of commercial real estate appraisal experience in industrial, retail, office, multifamily, manufactured housing, and self-storage assets. He has appraised commercial real estate in all 50 States as well as Canada and Mexico.

“Accurately appraising retail properties is more demanding than ever in today’s economy,” said Miller. “Consumer spending is a driver of retail property values. As we head into the holiday season, consumer spending will determine which retailers continue to thrive and which will have to reevaluate their physical footprints. With the possibility of store closures, landlords potentially face new vacancies and the question of how best to backfill them, which is particularly challenging in the case of large spaces like department stores. Do they split up the space and lease to multiple tenants? Do they lease the first floor and mothball upper floors? These decisions have a material impact on the valuations and are a topic frequently discussed with landlords, investors, and lenders. As the retail sector continues to face headwinds, the overall retail market will face similar headwinds.”

Partner’s Senior Managing Director Eric Enloe believes Miller is the right choice to lead the retail team in a challenging market. “Joe is one of the most talented valuation professionals in the country. He is a trusted advisor to many top investor and lender clients on complex retail assets as well as triple net portfolios because he provides valuation and consulting that is deeper than just guidance. He knows the market, knows the players, and speaks the language as well as any other valuation professional I have met, and delivers that expertise with exemplary client service.”

Based in Chicago, Miller will build and manage a national team focused on retail valuations, including retail subsets such as regional malls, triple net retail, and lifestyle centers. His vision for the Retail Valuation Practice is “to be a top-of-market provider with the flexibility to pivot to each clients’ unique needs. Some need the traditional 200-page valuation report, and some need something more streamlined and concise. Our job is to listen carefully to our clients, so we recognize those needs, and then tailor their experience and their deliverables accordingly.”

Before joining Partner, Mr. Miller served as Managing Director and National Practice Lead – Retail at JLL Valuation Advisory, and as a Director of Integra Realty Resources (IRR) Chicago. He has significant experience leading multi-state portfolios for institutional clients and has appraised some of the most prominent commercial properties in the United States including The Old Post Office redevelopment (Chicago, IL), Hudson Yards (New York, NY), Lincoln Yards (Chicago, IL), Wynn Encore and Plaza Retail (Las Vegas, NV), and Parkmerced (San Francisco, CA).

When asked why he chose Partner as his professional home, Mr. Miller said, “I see it as an opportunity to bring needed change to an industry that hasn’t evolved in 20+ years. I get to be part of a leadership team that builds a new kind of valuation firm, focused on tech-forward solutions and bringing clients more thoughtful deliverables.”

A sought-after expert in MHC assets, Chicago-based Belsky directs MHC valuation projects nationwide. “Our dedicated Manufactured Housing Community and RV Resort team closely tracks the marketplace,” says Belsky. “We speak daily with the industry’s largest owners, operators, and lenders, ensuring we stay on top of investment trends and transactions happening throughout the country. As of late, the industry has seen upward pressure on interest rates; however, MHC values have held relatively stable. There is still a material amount of equity chasing the product type as a result of an overall need for affordable housing.”

Belsky’s goal for the MHC and RV Resort Practice is to infuse this up-to-the-minute market intelligence into all its valuation products, and to “deliver the quickest-to-market reports while providing consistent, high-quality products across platforms.” 

Enloe notes, “Scott’s extensive background working with the largest owners and lenders in the MHC arena, coupled with the MHC-focused valuation team he has assembled, enables him to provide the best client experience in the country. Whether a single asset or 100+ property portfolio, his deep understanding of the dynamics of the industry, market activity, and trends comes through in the valuations he performs.”

Before joining Partner, Mr. Belsky served as Managing Director and National Practice Lead – Manufactured Housing at JLL Valuation Advisory. Prior to JLL, he served as a generalist appraising office, industrial, multifamily, retail, self-storage and manufactured housing communities at Integra Realty Resources in Chicago. Mr. Belsky has significant experience leading multi-state portfolios and has appraised some of the largest multifamily and MHC portfolios in the United States.

When asked why he made the leap to join Partner, Mr. Belsky said, “I’m excited to bring a new, tech-forward approach to commercial real estate valuations. And I’m even more excited to be able to provide a full-service offering to my clients by bundling our valuation services with third-party due diligence reports from our sister company, Partner Engineering and Science.”

For more information or to contact Mr. Miller directly, click here.  For more information or to contact Mr. Belsky directly, click here.

About Partner Engineering and Science, Inc.

Partner Valuation Advisors is a Chicago-based affiliate company of Partner Engineering and Science, Inc. The valuation enterprise was introduced in 2022 with the formation of a new team of leaders focused on performing commercial real estate valuations nationally for investors, lenders and real estate occupiers. The team is led by Brandon Nunnink, CFA, and Eric Enloe, MAI, CRE, FRICS. Please visit us online at www.PartnerVal.com.

About Partner Engineering and Science, Inc.

Partner is the most trusted choice for 3rd party due diligence and consulting in the commercial real estate industry, providing full-service engineering, environmental and energy services throughout the Americas, Europe, and around the globe. With a multidisciplinary approach, Partner serves clients at all stages from initial due diligence and design to development and construction, as well as the ongoing maintenance and optimization of a real estate asset. 

Media Contact:

Partner Engineering and Science
Erika Haberlen
Marketing Director, Principal
310-615-4500
[email protected]

Eric Enloe Quoted in BISNOW

Eric Enloe Quoted in BISNOW Article about a Recession and Industrial Values

September 8, 2022 – After years of a red-hot CRE market, the potential recession on the horizon could impact CRE values, and the drop could be greater for certain property types. In this BISNOW article, Eric Enloe (Partner Valuation Advisors), is quoted about how the recession could impact valuations for industrial properties. 

Click here to read the article.

Contact:

Eric Enloe
Senior Managing Director
[email protected]

Valuation Advisors Launched

Partner Valuation Advisors Launched, CRE Industry Leaders Brandon Nunnink and Eric Enloe Spearhead Tech-Forward Firm

Los Angeles & Chicago, August 31, 2022 – Partner Engineering and Science, Inc. formed a new real estate valuation firm called Partner Valuation Advisors that will be led by commercial real estate industry leaders Brandon Nunnink, CFA, and Eric Enloe, MAI, CRE, FRICS. Nunnink and Enloe will serve as co-founders and Senior Managing Directors in the national practice.

The pair is based in Chicago and brings more than 40 years of combined valuation and advisory experience, including valuing more than $2 trillion of assets. They are driven by a vision to build Partner Valuation Advisors as a technology-forward advisory firm to serve the needs of investors, lenders, and real estate occupiers.

Joseph Derhake, founder and CEO of Los Angeles-based Partner, said, “Partner’s goal is to make real estate investing easier, faster, and safer for our clients. Bundling the appraisal with the Phase I Environmental Site Assessment and Property Condition Assessment makes the process easier and faster. When the reports match and address issues in a concerted way, the client will see more intelligent advice. Brandon and Eric enjoy national reputations that instantly make our practice a trusted national valuation firm. We are actively hiring technology-focused appraisal talent around the country.”

The need for accurate and rapidly deployed asset evaluations is critical today to make smart investment and lending decisions in this volatile market. Investors continue to allocate record levels of capital into commercial real estate, and increasingly complex transactions require a high level of expertise. Partner plans to accomplish that by introducing valuation advisory leaders into the mix earlier in the process so they can leverage their decades of industry experience to produce actionable plans.

Nunnink said, “Partner Valuation Advisors will offer a fresh, tech-forward advisory approach from day one, allowing us to produce high-quality, customized valuation solutions quickly. Our process of data aggregation and the potential for dashboard client deliverables differs from legacy firms that are entrenched in an outdated style of operations that can be less efficient. Historically, we have valued some of the largest and most complex assets in the U.S., and providing a seamless client experience is paramount among our goals for the firm. We are also intent on creating an innovative and collaborative culture that appeals to both seasoned valuers and the next generation of real estate professionals.”

Enloe added, “We share a similar vision as Joe and everyone on the Partner team and believe that by marrying valuation experts with the industry leaders in due diligence and ESG (Environmental, Social, Governance), we can deliver even more value to investors evaluating institutional-level portfolio transactions, as well as complex CRE projects, whether that be office towers or retail malls. This is the first time a valuation firm is being paired with a team that delivers ESG expertise, and we think that will appeal to investors seeking to leverage that sustainability and resiliency knowledge into smarter investment decisions.”

Partner is a trusted market leader with a distinct culture that offers the most comprehensive and high-quality bundle of services, which are not available anywhere else in the marketplace. Clients realize advantages because Partner’s approach to technology and data is supported by dozens of coders building end-to-end solutions to manage projects, mine data, report, and populate dashboards, all of which allow clients to quickly make intelligent and informed decisions. Partner’s strong track record is anchored on the roughly 70,000 projects it touches annually, which equates to 1/6th of all CRE transactions executed in the U.S. each year and generates a massive underlying database that can be leveraged into actionable deliverables.

Over his career, Nunnink has been an advocate for technology transformations and notes that will continue at Partner. “It’s too hard to change legacy firms; we have found it is better to start from scratch,” he said. “Legacy valuation firms have to work in present systems with limitations, but we’ve always been driven to build for the future. We chose to build from scratch because we found the right ‘Partner’ already delivering on our vision in complementary business lines.”

Enloe will lead Partner Valuation Advisors after being one of the founders of JLL’s Valuation & Advisory team nationally and the Head of Commercial Valuation. Enloe was also JLL Americas’ Valuation Leader for the Global Client Care Program, a member of JLL’s Valuation Executive Committee, and a member of JLL’s Midwest Executive Committee, which included capital markets, leasing, work dynamics, project development services, and property management. Enloe’s expertise encompasses large-scale portfolio originations and execution, as well as building and managing teams of valuation professionals nationally. The senior real estate leader has experience valuing all asset types, including office, retail, multifamily, and industrial, as well as special purpose asset types, including regional malls, self-storage, manufactured housing, hotels, educational facilities, and going-concern valuations on complex assets. Earlier in his career, Enloe served in various leadership roles for more than 18 years at Integra Realty Resources in the Midwest, including growing the Chicago office into the largest capital markets valuation office in the company. He earned a bachelor’s degree from the University of Notre Dame, holds appraisal licenses in 50 states, is a member of the Counselors of Real Estate (CRE), and is a Fellow of the Royal Institute of Chartered Surveyors (FRICS).

Nunnink will lead Partner Valuation Advisors after serving as COO of JLL Valuation & Advisory Services in the Americas. Based in Chicago, he built a valuation and advisory team that started with a Midwest and South-Central presence and grew to be a national platform. Nunnink has been trusted to provide complex advisory services to some of America's largest corporations. He specializes in real estate information systems, business valuations, partial interest valuations, and manufactured housing data and valuation. Earlier in his career, Nunnink served as an Executive Director of Integra Realty Resources in Chicago for more than eight years. Prior to entering the valuation space, Nunnink was a CMBS lender with LaSalle Bank/ABN AMRO in Chicago and London, where he led over $2 billion in U.S.-based real estate transactions and over €500M in European transactions. He earned a bachelor’s degree in Business Administration, a master’s degree in Accountancy, Financial Reporting & Auditing Services from the University of Notre Dame, and he is a Chartered Financial Analyst (CFA).

About Partner Valuation Advisors

Partner Valuation Advisors is a Chicago-based affiliate company of Partner Engineering and Science, Inc. The valuation enterprise was introduced in 2022 with the formation of a new team of leaders focused on performing commercial real estate valuations nationally for investors, lenders, and real estate occupiers. The team is led by Brandon Nunnink, CFA, and Eric Enloe, MAI, CRE, FRICS. Please visit us online at www.PartnerVal.com.

About Partner Engineering and Science, Inc.

Partner is the most trusted choice for 3rd party due diligence and consulting in the commercial real estate industry, providing full-service engineering, environmental, and energy services throughout the Americas, Europe, and around the globe. With a multidisciplinary approach, Partner serves clients at all stages from initial due diligence and design to development and construction, as well as the ongoing maintenance and optimization of a real estate asset. 

*Editor’s Note: Photos available upon request.

Media Contact:

Partner Engineering and Science
Erika Haberlen
Marketing Director, Principal
310-615-4500
[email protected]

Striving to Create a Culture That Believes in Teamwork

Eric Enloe Quoted in ConnectCRE article about Recruitment and Retention in the CRE Industry

December 15, 2022 – Partner Valuation Advisors strives to create a culture that believes in teamwork and trying to serve our clients with a great work product in a highly professional manner. In this ConnectCRE article, Eric Enloe discusses how Partner Valuation Advisors trains new employees and the infrastructure that helps them succeed.. 

Click here to read the article.

Contact:

Eric Enloe
Senior Managing Director
[email protected]