Matt Stephens Appointed Director at Partner Valuation Advisors Amid Continued Growth

St. Louis, MO – January 8, 2026 – Partner Valuation Advisors (Partner) is excited to announce the addition of Matt Stephens as a Director based in St. Louis. Matt brings over 20 years of experience advising institutional investors, private equity firms, and family offices across the U.S., with a proven track record of executing more than $5 billion in transactions and advisory assignments over the past five years. Matt is a Midwest regional lead of the National Multifamily Practice and a member of the National Self-Storage Practice.

Matt’s expertise spans investment sales, strategic advisory, and asset valuation across all major property types. Recognized as a multi-year CoStar Power Broker and top producer, Matt has earned a reputation as a trusted advisor in complex, high-value engagements. Most recently, he served as Director of Capital Markets at Cushman & Wakefield, where he advised clients on acquisition and disposition strategies and delivered advisory services.

“We’re thrilled to have Matt on board,” said Ryan McDonald, Managing Director at Partner. “He’s spent decades guiding clients through some of the most complex transactions in the industry, and that experience is going to be a huge asset for our team and our clients. Matt knows how to bring clarity to challenging deals, and that’s exactly what we strive for every day.”

“I was really drawn to the momentum here,” said Matt Stephens. “Partner has built something special, a culture that values collaboration and a platform that’s growing fast. Being part of that story and helping shape the next chapter is what excites me most.”

Matt holds certifications as a Certified General Appraiser and Real Estate Salesperson and is well-versed in advanced financial modeling and market analysis.

About Partner Valuation Advisors

Partner Valuation Advisors, LLC is a national commercial real estate valuation advisory firm that ranks as a top 10 appraisal firm. Partner Valuation Advisors has more than 100 valuation professionals nationally. Partner Valuation Advisors is led by Brandon Nunnink, CFA, and Eric L. Enloe, MAI, CRE, FRICS. Team members hold appraisal licenses in all 50 states and the firm has offices in Austin, Baltimore, Boise, Boston, Buffalo, Charlotte, Chicago, Cincinnati, Cleveland, Dallas, Denver, Gainesville, Grand Rapids, Houston, Indianapolis, Jacksonville, Kansas City, Knoxville, Los Angeles, Miami, Milwaukee, Mobile, Myrtle Beach, Naples, New York, Northern New Jersey, Philadelphia, Phoenix, Portland, Raleigh, San Diego, Seattle, St. George, St. Louis, Tulsa, and Washington, D.C. Partner Valuation Advisors performs commercial real estate valuations nationally for investors, lenders, and real estate occupiers and is an affiliate company of Partner Engineering and Science, Inc. Please visit us online at www.PartnerVal.com.

Inside the Buy Box

A Look at IOS Acquisitions Criteria

By: Vytas Norusis, MAI, National Practice Lead for IOS Valuation
November 11, 2025

The Industrial Outdoor Storage (IOS) market has burst onto the institutional investment radar in recent years, with institutions such as Stockbridge, J.P. Morgan, TPG Angelo Gordon, among others making significant investments in IOS operators since 2021. The institutional interest in IOS has crowded the playing field in core industrial markets, as portfolio aggregators are considering the exit opportunities from day one, building portfolios to maximize flexibility and marketability upon exit of the portfolio.

The current state of the market sees the primary method of exit for an aggregator as a recapitalization as opposed to an asset sale, which leads to more disciplined investment decisions, as the aggregator will remain in the deal for a longer timeframe. In this piece, we will explore the most common acquisitions criteria across different aggregators active in IOS, key portfolio construction considerations, and where we see the IOS market heading in 2026.

What is an IOS Property?

In order to understand the acquisitions criteria for IOS assets, the important first step is to define what is considered an IOS property. IOS is defined at a high level as follows:

Low Coverage – A typical IOS property will have a site coverage of 30% of less, with the bulk of the functional utility of the site being driven by the site improvements/ability to store materials, vehicles, or products outside.
Outdoor Storage Allowed by Right – Zoning is the most critical component of an IOS site, with many municipalities limiting the storage of vehicles, materials, or products outside.
Location near Transportation Linkages – As with traditional industrial, locations near logistics nodes is paramount for most IOS uses.

Typical IOS properties will have non-specialized building improvements, allowing a multitude of users to use both the building and site with minimal capital expenditures necessary to renovate the building. While truck terminals are considered to be an IOS use, the terminal market is more mature than the broader IOS market, and is better understood by investors and users alike. The focus of this piece will be on the less traditional IOS assets.

Most Common Criteria

While most IOS investors agree on the general definition of IOS, each investor has distinct criteria that they use to filter properties when looking for acquisitions opportunities. In reviewing the acquisitions criteria available on several of the top IOS aggregators’ websites, a few common themes shape their investment decisions. The most common criteria are as follows:

Zoning – As previously noted, the base level criteria to be considered a viable IOS site is to have zoning that allows for outdoor storage of vehicles, materials, or products. With that said, having a single allowable use within these criteria is typically considered significantly riskier than a zoning classification that allows for a multitude of outdoor storage uses. The local municipalities and zoning administrators play a large role in the value of an IOS site, as the more flexible the zoning and wider the range of allowable uses, as well as the likelihood of continued approval for IOS uses. Typically zoning suitable for IOS sites will be the heaviest industrial zoning in any particular jurisdiction. For this reason, having flexible IOS uses with several potential uses as permitted by right is a common criteria for investors.
Location – Across the spectrum of IOS aggregators, the emphasis on location proximate to transportation linkages is a common theme; however, several aggregators are focused on the top 20/30/40 markets within the US. The differentiation between transportation linkages and logistics nodes is an important one, as a location in Oklahoma City has great access to transportation but is not considered to be a comparable logistics node to the nearby Dallas-Fort Worth market. Likewise, investors are looking for areas that have stable to growing population bases, as several IOS subsectors are focused on the construction and building materials supply industries. Having access to both logistics nodes and population growth increases the depth of the prospective tenant pool, which helps drive rental rate growth.
Clean Environmental – Zoning and environmental contamination are the two items that can cause even the best-looking deals to end before they’ve even begun. Few of the top investors in the IOS sector have an appetite for environmentally contaminated sites, as buying a site that is contaminated can bring costly remediation efforts, increased liability, use constraints, and difficulty obtaining financing and insurance. While many sites that have the requisite zoning for IOS are in historically heavy industrial areas, those with contamination issues prove to be challenging for investors as they require additional due diligence to fully understand the risks associated with the purchase.

Note that the most common criteria do not include any factors regarding in-place tenancy. At this stage of the maturation of the IOS market, aggregators are primarily looking for value-add acquisitions, meaning that the investors are more readily willing to take on leasing/vacancy risk than the risks associated with zoning, location, or environmental components.

While a long term, triple net leased IOS site such as a 10-year term equipment rental facility would be attractive for most investors, the value-add nature of most aggregators’ portfolios tends to shy away from these sites as pricing on these assets does not leave sufficient upside to add value.

IOS Portfolio Construction

With the basic acquisition criteria identified, we will now explore some of the factors that aggregators are considering in building their portfolios with an eye on maximizing returns.

Portfolio Diversification – Portfolio diversification is an important risk mitigation tool that aggregators use to separate their portfolios from the competition. Diversification does not necessarily mean geographic diversity, as evidenced by groups like CanTex Cap i tal, a fundamentally sound and diverse portfolio can be built in a single market. When aggregators are building with an eye towards portfolio diversification, they’re trying to account for the ebbs and flows in demand for different user groups within the IOS space. A portfolio that only has truck terminals in port markets will be far more susceptible to shifts in the global economy than a portfolio of similar assets that includes non-port markets such as Dallas and Chicago. Likewise, a portfolio of building material supply yards in the Sunbelt can be detrimentally impacted to a higher degree by rising material prices than a portfolio in the Sunbelt that includes logistics or equipment rental users. By providing a diversity in locations, use types, and flexibility in uses, aggregators are able to mitigate downsides that are driven by broader market forces.
Tenant Credit – As aggregators are building portfolios of value-add assets, some have targeted specific investment grade credit-rated tenants even if they do not fit in the general locations that would be considered target markets. Becoming the de-facto “corporate landlord” for large corporate tenants can lead to additional opportunities for build-to-suit locations and give the aggregator a leg up on any site selection searches that the tenant may be embarking on in the future. Additionally, the focus on corporately backed leases increases the durability of the income stream, making it more attractive to institutions that serve as the exit strategy for the aggregators.
Deep focus on Fewer Markets – In conjunction with the diversification strategy, some aggregators have opted to eschew broader national expansions for a deeper dive into markets that they are already active in. With an opaque market like IOS, investing in markets that have already been vetted and researched allows for a greater speed of execution, as properly vetting an expansion market typically takes several months if not a year for an aggregator’s initial investment. Buying in a new market is not as simple as having a broker present an attractive investment opportunity; it takes time to understand the local zoning landscape, users present in the market, users that are interested in expanding in the market, local regulations, etc. Even with a deep focus on a market, challenges still arise, but by being focused on markets that they are active in, aggregators can mitigate the unknown risks that can come from expanding too far too fast.

For portfolios to be attractive to the most aggressive capital groups looking to invest in IOS, risk mitigation is key to maximize returns.

What We Expect in 2026

With an understanding of how aggregators are approaching buying individual assets and constructing portfolios, we now shift gears to talk about what we are expecting in 2026.

The IOS space still has a significant amount of runway to continue to grow, as despite the aggregation by the current players, the market is still highly fragmented. The fragmentation of the sector will continue to provide accretive investment opportunities for those that can dig deep, move fast, and execute consistently. When IOS first became its own niche asset class, early movers were able to learn on the job, with mistakes being made at fairly low stakes given the average deal size was less than $5 million; however, with the growth of the sector and capital influx, the room for error has gotten significantly lower. The combination of more eyes on the sector and higher purchase prices will lead to a continued focus on the fundamentals approach that aggregators have taken in 2025.
The coming year is expected to bring several new capital entrants into the space, through asset purchase, recapitalization, or lending. 2024 saw Peakstone enter the space with their acquisition of a portfolio from Alterra, while 2025 included several recapitalizations from pension funds and institutional investors. We expect 2026 to bring several recapitalizations from well-known institutions, as well as the entrance of foreign capital into the IOS space.
The increased lender mix will continue to drive down the cost of debt, as institutional lenders can provide more aggressive terms than the regional/local banks that have historically been the lifeblood of IOS, which will allow for pricing to continue to compress. Over the past several years, one of the top questions with IOS has been how do you price it on a capitalization rate and IRR basis. While limited price discovery in the space has occurred for stabilized assets, in 2026, we believe that IOS will continue its move towards pricing on par with comparable industrial class, with Class A IOS assets and portfolios trading on par with Class A industrial.
From a rent growth standpoint, several of the mature markets have seen rental rate growth take a step back, as the institutionalization of the space has taken much of the locally owned inventory off the market. Mature markets include many of the largest markets in the country, such as Chicago, Los Angeles, Northern New Jersey, Atlanta, and Dallas, among others. While historically IOS has shown outsized rent growth, this was partially due to the historical underpricing of the rental rates by local ownership, allowing for aggregators to get significant rental rate increases when legacy leases expired. In mature markets, we expect rental rates to normalize, albeit at higher growth rates than traditional industrial due to the scarcity of the product type and barriers to entry for new competition. Several of the secondary IOS markets have more runway for outsized rental rate growth, though even these markets are not immune to broader trends in the industrial sector, which will mitigate some of the ability to push rents higher. Secondary IOS markets would include Salt Lake City, Seattle, Portland, Boston, and Orlando. With the potential of slowing economic growth, tenants are becoming more price sensitive, mitigating rental rate growth in all markets.
In conjunction with the growth of small bay industrial as a popular investment class, we expect to see an increase in firms that are focused on what they consider irreplaceable assets, combining IOS and small bay industrial into investment vehicles. The flexibility in investment criteria will allow these investors to avoid having to classify investments into distinct categories based on what their capital expects, and outsized returns can be captured in some “tweener” assets that are too high coverage to be considered IOS, but don’t fit into any of the other traditional industrial categories. Several investment groups are already employing such a strategy, and we expect this trend to expand and continue.

The IOS sector has tremendous momentum heading into 2026, with most aggregators that we spoke with indicating that 4Q 2025 will be a banner quarter. Despite the potential headwinds, the fragmentation and higher returns than traditional industrial will continue to propel the niche to follow a similar trajectory as self-storage, mobile home communities, and build-to-rent housing as an investment sector outside of its broader asset class.

About Partner Valuation Advisors

Partner Valuation Advisors, LLC is a national commercial real estate valuation advisory firm that ranks as a top 10 appraisal firm. Partner Valuation Advisors has more than 100 valuation professionals nationally. Partner Valuation Advisors is led by Brandon Nunnink, CFA, and Eric L. En l oe, MAI, CRE, FRICS. Team members hold appraisal licenses in all 50 states and the firm has offices in Austin, Baltimore, Boise, Boston, Buffalo, Charlotte, Chicago, Cincinnati, Cleveland, Dallas, Denver, Gainesville, Grand Rapids, Houston, Indianapolis, Jacksonville, Kansas City, Knoxville, Los Angeles, Miami, Milwaukee, Mobile, Myrtle Beach, Naples, New York, Northern New Jersey, Philadelphia, Phoenix, Portland, Raleigh, San Diego, Seattle, St. George, St. Louis, Tulsa, and Washington, D.C. Partner Valuation Advisors performs commercial real estate valuations nationally for investors, lenders, and real estate occupiers and is an affiliate company of Partner Engineering and Science, Inc. Please visit us online at www.PartnerVal.com.

Beyond the Anchor: How Experiential Retail is Rewriting the Rules

By: Joe Miller, MAI, MRICS, National Practice Lead for Retail Valuation
November 4, 2025

In an era where traditional retail anchors are losing their gravitational pull, a new wave of lifestyle-driven concepts is stepping into the spotlight. Shuffleboard clubs, pickleball venues, and food halls tucked inside casinos are no longer fringe experiments. They’re becoming the heartbeat of retail revitalization. Casinos themselves are increasingly serving as multi-dimensional anchors, blending gaming, dining, shopping, and entertainment experiences that draw diverse audiences

These concepts are more than just novelties. They represent a strategic pivot toward experiential retail, a segment that continues to show resilience even as regional malls face mounting pressure from store closures and shifting consumer habits. While grocery-anchored centers and long-term net lease properties remain investor favorites, it's the unexpected rise of entertainment-infused retail that’s capturing attention in both media and client conversations.

Why They Work: Foot Traffic Without the Spend

One of the most compelling aspects of these new retail formats is their ability to drive foot traffic and increase dwell time. Shuffleboard clubs and pickleball courts offer social engagement and physical activity, while casinos drive consistent traffic and extend dwell time, creating a halo effect for adjacent tenants. These venues are targeted destinations, drawing visitors who may not be there to shop, but who linger, explore, and share their experiences online.

Although a surge in foot traffic doesn’t always translate into proportional spending, many of these concepts are designed to enhance the overall property experience, not necessarily to boost direct retail sales. That said, their presence can elevate the value of adjacent tenants and contribute to a more vibrant ecosystem.

Filling the Gaps: Dead Space Gets a Second Life

Rather than replacing traditional anchors, landlords are increasingly backfilling long-vacant spaces with high-engagement concepts, especially in secondary markets where retail demand has softened. Successful conversions include casinos, medical offices, entertainment venues, logistics hubs, and select educational uses. While educational tenants can be hit or miss, others have proven effective in stabilizing occupancy and driving traffic.

In contrast, top-tier markets continue to favor more generalized retail tenants for backfilling, maintaining a conservative approach to tenant mix. In places where risk tolerance is higher and innovation is welcomed, these lifestyle concepts are thriving.

Measuring the Impact: ROI Beyond the Register

For landlords, evaluating the return on investment for these concepts requires a broader lens. It’s not just about rent per square foot, it’s about activation, engagement, and long-term viability. These venues often serve as anchors of experience, drawing consistent traffic and creating a halo effect that benefits surrounding tenants.

These concepts also generate indirect returns, enhancing brand visibility, driving social media engagement, and creating a differentiated identity for the property. Their presence often lifts the performance of nearby tenants, creating a synergistic effect that supports long-term viability.

The Fine Print: Zoning, Clauses & Cash Flow Risk

As store closures reshape occupancy and valuation across the sector, landlords are turning to high-engagement concepts to stabilize assets. Zoning is generally flexible in large retail developments, with many adaptive uses, casinos excluded, already permitted.

Anchor transitions can trigger significant legal and financial ripple effects. Many tenants have co-tenancy clauses, and new experiential anchors like casinos or entertainment venues may not meet those terms. If other anchors are also vacant, tenants may opt to vacate or shift to reduced rent or percent-in-lieu arrangements, impacting property cash flow. These clauses often include sunset provisions, allowing tenants to exit entirely after a set period.

As retail evolves, unconventional tenants that bring energy, differentiation, and a sense of place will play a growing role in shaping the next chapter of mall performance.

About Partner Valuation Advisors

Partner Valuation Advisors, LLC is a national commercial real estate valuation advisory firm that ranks as a top 10 appraisal firm. Partner Valuation Advisors has more than 100 valuation professionals nationally. Partner Valuation Advisors is led by Brandon Nunnink, CFA, and Eric L. En l oe, MAI, CRE, FRICS. Team members hold appraisal licenses in all 50 states and the firm has offices in Austin, Baltimore, Boise, Boston, Buffalo, Charlotte, Chicago, Cincinnati, Cleveland, Dallas, Denver, Gainesville, Grand Rapids, Houston, Indianapolis, Jacksonville, Kansas City, Knoxville, Los Angeles, Miami, Milwaukee, Mobile, Myrtle Beach, Naples, New York, Northern New Jersey, Philadelphia, Phoenix, Portland, Raleigh, San Diego, Seattle, St. George, St. Louis, Tulsa, and Washington, D.C. Partner Valuation Advisors performs commercial real estate valuations nationally for investors, lenders, and real estate occupiers and is an affiliate company of Partner Engineering and Science, Inc. Please visit us online at www.PartnerVal.com.

William Picoli Joins Partner Valuation Advisors as Senior Vice President

Bolsters Northeast presence with decades of litigation support and valuation expertise

New York, NY – October 27, 2025 – Partner Valuation Advisors is proud to announce the addition of William Picoli, MAI, CRE, FRICS, as Senior Vice President. With over 35 years of experience and more than 2,500 assignments across 15 states, Picoli brings unmatched depth in valuation, litigation support, and strategic consulting for complex real estate assets.

Bill’s career spans high-profile assignments including the GM Building, 432 Park Avenue, and the Fulton Transit Center. His expertise in ground lease valuation, condemnation, and expert witness testimony has made him a trusted advisor to institutional investors, public agencies, and private owners alike.

“I’ve known Bill for years and have always admired his thoughtful approach to complex valuation challenges,” said Eric Enloe, Senior Managing Director at Partner Valuation Advisors. “He is not only a top-tier expert, but also someone clients genuinely enjoy working with. His focus on litigation and consulting projects results in Bill being a trusted advisor to his clients. We are thrilled to have such a talented professional on our team.”

Bill has advised on large-scale projects for prominent educational, healthcare, and economic development organizations, including Columbia University, NYC Economic Development Corporation, and the NYC Health and Hospitals Corporation. His work has shaped landmark developments, rezoning initiatives, and strategic planning for some of the region’s most complex real estate projects.

Notably, Bill served as a consultant to NYC’s East Midtown Rezoning proposal, advising on the pricing of development improvement bonuses (DIBs) that increased zoning density across 70 blocks.

He also provided valuation and consulting services for Columbia University’s planned acquisition and development of a new 17-acre Manhattanville campus, including complex land and development rights below the streets.

Additionally, his appraisal and development modeling for the Torre Verre Residences (53 West 53rd Street) was pivotal in securing backing from Singapore lenders for the Jean Nouvel-designed ultra-luxury tower adjacent to MoMA.

“I’m thrilled to join Partner Valuation Advisors,” said Picoli. “Their data-driven approach and national footprint align perfectly with my passion for solving challenging valuation problems and delivering clarity to clients.”

William holds a B.A. in Economics from Lake Forest College and is a Certified General Appraiser in multiple states. He is a member of the Appraisal Institute (MAI), Counselors of Real Estate (CRE), and the Royal Institution of Chartered Surveyors (FRICS).

About Partner Valuation Advisors

Three Years In, Partner Valuation Advisors Rockets to National Prominence as Valuation Powerhouse

Chicago, IL - October 10, 2025 - In just three years, Partner Valuation Advisors (Partner), a national commercial real estate valuation and advisory firm headquartered in Chicago, has emerged as one of the most influential players in the national CRE landscape. Presently, Partner Valuation Advisors has 110 professionals located in more than 40 markets nationally. Partner performs valuations of the Core 4 property types of office, retail, industrial, and multifamily and offers specialty practices in affordable housing, manufactured housing (MHC), seniors housing, self-storage, hotels, and healthcare among others.

The firm completed over 10,000 valuations in 2024, representing a staggering $225 billion in property value—more than double its 2023 volume of 4,465 valuations and $113 billion, and is on its way to surpassing those 2024 numbers in 2025. That growth has earned Partner Valuation Advisors the distinction of being a top 10 valuation firm in the United States.

“We’re often the first call in a transaction,” said Eric Enloe, MAI, CRE, FRICS, co-founder and Senior Managing Director. “That early involvement gives us a front-row seat to what’s happening in the market before it hits the headlines.”

Enloe, a veteran of JLL, co-founded the firm in 2022 with Brandon Nunnink, CFA also formerly of JLL, with a shared vision: to build a valuation firm that could deliver faster, more defensible, and data-driven insights in a market where certainty is in short supply.

Unlike traditional brokerages or capital markets firms, Partner Valuation Advisors focuses exclusively on valuation and advisory services. That singular focus has helped it become an independent authority for institutional investors, lenders, and developers navigating complex deals.

“We’re not trying to sell or finance the asset, we’re here to value it with precision and integrity,” said Nunnink. “That independence is a big reason clients trust us, but we also benefit from being part of the larger Partner family companies that performs some level of diligence on 1 in every 4 commercial real estate transactions in America.”

Clients consistently turn to Partner Valuation Advisors when timing is critical, and precision is non-negotiable, especially in competitive sale environments. They rely on valuations that stand up to the toughest scrutiny, whether from investment committees, regulators, or rating agencies. And with a front-row seat to market activity, Partner delivers insights ahead of the curve, often before trends make headlines. The firm’s proprietary processes and national platform allow it to deliver efficiently across asset types and geographies, while maintaining a high-touch, relationship-driven approach.

“We’re not just delivering a number, we’re delivering execution confidence,” said Enloe. “Our clients know they can rely on us to get it right the first time.”

The firm’s data and insights are increasingly being used not just to support transactions, but to forecast trends and guide strategy across the CRE ecosystem. From institutional investors repositioning portfolios to lenders underwriting complex assets, Partner’s work is helping clients make smarter, faster, and more defensible decisions.

In a CRE market defined by volatile bond yields, shifting asset values, and capital constraints, a modern valuation approach has become more than a necessary compliance step, it’s a strategic advantage.

“We’re seeing clients lean on us earlier and more often throughout their equity and debt investment cycles,” said Nunnink. “They want to know what’s real, what’s risky, and where the values of their assets within the market are headed.”

That demand has fueled Partner’s rapid growth, and its reputation as a barometer for broader market activity. The firm’s client engagements often precede major transaction volume, giving it a unique role as a leading indicator for the industry.

Looking ahead, Partner Valuation Advisors is doubling down on its commitment to technology, analytics, and talent, evidenced by the recent additions of industry veterans Michael Robinson, MRICS, who supports Miami and New York, and James Graber, MAI, based in Dallas and covering the South Central Region. These strategic hires are part of a broader effort to scale the firm’s impact.

At the same time, Partner is actively exploring new tools to enhance data transparency, streamline reporting, and deliver even more actionable insights to clients. “We’re just getting started,” said Nunnink. “Our goal is to be the most trusted name in CRE valuation in the U.S."

For clients navigating today’s CRE landscape, Partner Valuation Advisors offers more than just a valuation, it offers clarity, confidence, and a competitive edge in the valuation process. And in a market where execution is key, that’s a value proposition that’s hard to ignore.

About Partner Valuation Advisors

Partner Valuation Advisors, LLC is a national commercial real estate valuation advisory firm that ranks as a top 10 appraisal firm. Partner Valuation Advisors has more than 100 valuation professionals nationally. Partner Valuation Advisors is led by Brandon Nunnink, CFA, and Eric L. Enloe, MAI, CRE, FRICS. Team members hold appraisal licenses in all 50 states and the firm has offices in Austin, Baltimore, Boise, Boston, Buffalo, Charlotte, Chicago, Cincinnati, Cleveland, Dallas, Denver, Gainesville, Grand Rapids, Houston, Indianapolis, Jacksonville, Kansas City, Knoxville, Los Angeles, Miami, Milwaukee, Mobile, Naples, New York, Northern New Jersey, Oklahoma City, Philadelphia, Phoenix, Portland, Raleigh, San Diego, Seattle, St. George, St. Louis, Tulsa, and Washington, D.C. Partner Valuation Advisors performs commercial real estate valuations nationally for investors, lenders, and real estate occupiers and is an affiliate company of Partner Engineering and Science, Inc. Please visit us online at www.PartnerVal.com.

Partner Valuation Advisors Welcome Vytas Norusis as Executive Vice President in Chicago

Industry Veteran to Lead National IOS Practice Group, Expanding Partner’s Institutional Expertise

Chicago, IL – October 1, 2025 – Partner Valuation Advisors is proud to announce the addition of Vytas Norusis, MAI, as Executive Vice President, based in Chicago. With over a decade of experience in industrial valuation and a deep specialization in the Industrial Outdoor Storage (IOS) sector, Norusis brings unmatched expertise and institutional credibility to Partner’s growing national platform.

In his new role, Norusis will serve as the National Lead for Partner’s IOS Practice Group, guiding strategy and execution across markets.

Norusis brings a track record of appraising over $10 billion in industrial assets and has overseen the valuation of 10+ national IOS portfolios in the past year alone—totaling more than 200 assets across the country. His thought leadership in the IOS space has helped shape market understanding of this emerging asset class.

“Vytas is one of the most experienced IOS valuation professionals in the country,” said Joe Miller, MAI, MRICS, Managing Director at Partner Valuation Advisors. “His track record, relationships, and insights will be instrumental as we launch our dedicated IOS practice group to serve institutional clients nationwide.”

Norusis has appraised some of the earliest acquisitions by major IOS operators dating back to 2016 and has advised many of the largest ownership groups and institutions active in the space.

“I’ve been immersed in the IOS sector for nearly a decade,” said Norusis. “Partner’s platform, speed, and independence make it the ideal place to build a best-in-class IOS valuation practice.”

With the launch of our dedicated IOS Practice Group, Partner Valuation Advisors reaffirms its commitment to delivering specialized, data-driven valuation services tailored to the needs of institutional clients. We invite you to connect with our team to learn how our expertise can support your next transaction.

About Partner Valuation Advisors

Partner Valuation Advisors, LLC is a national commercial real estate valuation advisory firm that ranks as a top 10 appraisal firm. Partner Valuation Advisors has more than 100 valuation professionals nationally. Partner Valuation Advisors is led by Brandon Nunnink, CFA, and Eric L. Enloe, MAI, CRE, FRICS. Team members hold appraisal licenses in all 50 states and the firm has offices in Austin, Baltimore, Boise, Boston, Buffalo, Charlotte, Chicago, Cincinnati, Cleveland, Dallas, Denver, Gainesville, Grand Rapids, Houston, Indianapolis, Jacksonville, Kansas City, Knoxville, Los Angeles, Miami, Milwaukee, Mobile, Naples, New York, Northern New Jersey, Oklahoma City, Philadelphia, Phoenix, Portland, Raleigh, San Diego, Seattle, St. George, St. Louis, Tulsa, and Washington, D.C. Partner Valuation Advisors performs commercial real estate valuations nationally for investors, lenders, and real estate occupiers and is an affiliate company of Partner Engineering and Science, Inc. Please visit us online at www.PartnerVal.com.

Hospitals Lead the Charge: Investor Confidence Grows in Healthcare Assets

By: E r ik Hill, MAI, CRE, CCIM, MRICS
September 23, 2025

As the broader commercial real estate market continues to navigate economic headwinds, the healthcare sector has quietly charted a course of resilience and growth. While other asset classes grapple with volatility, healthcare real estate has demonstrated a unique ability to adapt, driven by rising demand, strategic investor interest, and a shifting landscape of care delivery.

In the second quarter of 2025, one of the most notable trends in healthcare real estate was the continued decline in new construction volume. At the same time, absorption rates increased, pushing national occupancy averages above 92%. This dynamic created a tightening market, where existing facilities saw increased utilization and investor interest.

Hospitals and health systems, along with private investors, emerged as the dominant buyers in the sector during the first half of the year. In contrast, REIT activity was relatively muted—a departure from previous years when institutional capital played a more prominent role. This shift underscored a growing confidence among operators and private capital in the long-term viability of healthcare assets.

From a capital markets perspective, medical office cap rates expanded slightly in Q2 compared to Q1, rising by approximately 10 to 20 basis points. Hospital transaction volume outpaced its historical average, signaling strong investor appetite. Medical office transactions remained somewhat below their historical norms, but the sector showed signs of stabilization.

Interest rates continued to pose a challenge for securing capital, but sentiment shifted. More investors became comfortable operating in a higher-rate environment, recalibrating expectations and deal structures accordingly. Construction costs remain a significant barrier to new supply, with elevated expenses driving up rent rates and making new developments harder to justify.

Despite these challenges, signs of stability have emerged. The inpatient sector experienced steady growth, and behavioral health and substance use treatment facilities attracted increased interest. These specialized assets gained traction as demand for mental health services continued to rise, presenting new opportunities for investors and developers alike.

Looking ahead to the remainder of 2025, the industry is watching closely for continued Fed rate cuts. If rate cuts continue, such a move could unlock transaction volume across all healthcare property types, providing a much-needed boost to deal flow. Additionally, portfolio transactions are anticipated to gain momentum in the second half of the year, with rumors of one or two major deals having circulated among market participants.

In a year marked by uncertainty, healthcare real estate has proven to be a beacon of stability. For investors seeking durable income and long-term growth, the sector continues to offer compelling opportunities—particularly in areas aligned with evolving care models and demographic trends. As 2025 progresses, healthcare assets are positioned to lead the charge in redefining what resilience looks like in commercial real estate.

Looking forward, the healthcare real estate sector is poised to benefit from demographic shifts, evolving care models, and potential monetary policy adjustments. Investors should monitor developments in behavioral health, inpatient care, and portfolio transactions, as these areas are likely to shape the market trajectory through the end of 2025.

About Partner Valuation Advisors

Partner Valuation Advisors, LLC is a national commercial real estate valuation advisory firm that ranks as a top 10 appraisal firm. Partner Valuation Advisors has more than 100 valuation professionals nationally. Partner Valuation Advisors is led by Brandon Nunnink, CFA, and Eric L. En l oe, MAI, CRE, FRICS. Team members hold appraisal licenses in all 50 states and the firm has offices in Austin, Baltimore, Boise, Boston, Buffalo, Charlotte, Chicago, Cincinnati, Cleveland, Dallas, Denver, Gainesville, Grand Rapids, Houston, Indianapolis, Jacksonville, Kansas City, Knoxville, Los Angeles, Miami, Milwaukee, Mobile, Naples, New York, Northern New Jersey, Oklahoma City, Philadelphia, Phoenix, Portland, Raleigh, San Diego, Seattle, St. George, St. Louis, Tulsa, and Washington, D.C. Partner Valuation Advisors performs commercial real estate valuations nationally for investors, lenders, and real estate occupiers and is an affiliate company of Partner Engineering and Science, Inc. Please visit us online at www.PartnerVal.com.

Partner Valuation Advisors Taps Industry Leader James Graber to Drive South Central Growth

The appointment reinforces Partner’s commitment to institutional excellence and national leadership in CRE valuation

Dallas, TX – September 15, 2025 – Partner Valuation Advisors (Partner) is thrilled to welcome James Graber, MAI, as Senior Managing Director, based in Dallas and supporting the entire South Central Region. This strategic appointment represents a meaningful advancement in Partner’s ongoing expansion and dedication to industry excellence across the region and nationally.

James brings a wealth of experience in commercial real estate valuation, strategic growth, and operational leadership, having held senior roles at two national real estate services firms.

In his most recent role, he served as Chief Operating Officer, where he led the development of a divisional leadership structure, implemented management and technology systems, and expanded alternative asset valuation services—including seniors housing, cost segregation, automotive, manufactured housing, and right-of-way segments.

Prior to serving as COO, James held the position of Managing Director, leading the national Seniors Housing & Healthcare Valuation & Advisory Services group, building a nationally recognized seniors housing group and expanding its reach and capabilities. He was consistently recognized as a top producer, thought leader, and mentor, with published insights in leading industry outlets such as GlobeSt., Senior Housing News, and The Real Deal.

“As demonstrated by their involvement in one in every five transactions across the United States, the scope of the Partner’s reach and influence within the Commercial Real Estate sector is substantial,” said James Graber. “I’m excited to help scale our technology, grow our institutional teams, and bring top talent into a group that’s already making a strong industry impact. Attracting the best and brightest in the industry is a key priority for me, and I look forward to building a team that sets the standard for excellence.”

“James is a powerhouse addition to our leadership team,” said Eric Enloe, MAI, CRE, FRICS, Co-founder and Senior Managing Director. “Partner Valuation Advisors has become a top 10 valuation and advisory firm in just three years. James’ experience in both core and specialty asset classes, combined with his strategic vision and operational rigor, will accelerate our momentum across the region and nationally.”

He will serve as a driving force in growing Partner’s property type teams, including both core and specialty assets, leveraging his institutional expertise and strategic vision to every facet of the business.

Partner views his leadership, insight, and drive as instrumental tools that will help the firm continue to scale and innovate across the South Central Region and beyond.

About Partner Valuation Advisors

Partner Valuation Advisors, LLC is a national commercial real estate valuation advisory firm that ranks as a top 10 appraisal firm. Partner Valuation Advisors has more than 100 valuation professionals nationally. Partner Valuation Advisors is led by Brandon Nunnink, CFA, and Eric L. Enloe, MAI, CRE, FRICS. Team members hold appraisal licenses in all 50 states and the firm has offices in Austin, Baltimore, Boise, Boston, Buffalo, Charlotte, Chicago, Cincinnati, Cleveland, Dallas, Denver, Gainesville, Grand Rapids, Houston, Indianapolis, Jacksonville, Kansas City, Knoxville, Los Angeles, Miami, Milwaukee, Mobile, Naples, New York, Northern New Jersey, Oklahoma City, Philadelphia, Phoenix, Portland, Raleigh, San Diego, Seattle, St. George, St. Louis, Tulsa, and Washington, D.C. Partner Valuation Advisors performs commercial real estate valuations nationally for investors, lenders, and real estate occupiers and is an affiliate company of Partner Engineering and Science, Inc. Please visit us online at www.PartnerVal.com.

Michael A. Robinson’s Arrival Marks Major Milestone in Partner’s Growth

Industry Veteran Joins as Managing Director, Strengthening Firm’s East Coast Leadership

Miami, FL – August 25, 2025 – Partner Valuation Advisors (Partner) is proud to announce the addition of Michael Robinson, MRICS, as a Managing Director supporting the firm’s operations in both Florida and the New York metropolitan area. Widely regarded as one of the most experienced and respected professionals in the valuation industry, Robinson brings nearly 35 years of expertise to Partner’s rapidly expanding East Coast platform.

Throughout his distinguished career, Robinson has led the valuation of thousands of commercial properties across the country, including some of the most high-profile and complex assets in the marketplace. His notable assignments include the Seagram Building at 375 Park Avenue, the retail component of the Time Warner Center, 425 Park Avenue, and 432 Park Avenue, once the tallest residential tower in the Western Hemisphere. Robinson has a strong track record serving institutional investor and debt capital clients nationally.

“Michael is a true heavyweight in our industry,” said Eric Enloe, Co-founder and Senior Managing Director at Partner. “His reputation, technical acumen, and unwavering commitment to quality make him a game-changing addition to our team. This is a pivotal hire for Partner as we continue to elevate our presence in key markets and with our institutional client base.”

Robinson’s expertise spans virtually every major property type, from multifamily and office to industrial, hospitality, and development sites. He is particularly well known for his work in portfolio valuation, partial interest valuations, financial reporting, litigation support, and estate tax disputes. His client roster includes many of the world’s most sophisticated investors and lenders.

“Joining Partner is an exciting next chapter in my career,” said Robinson. “The firm’s national platform, deep bench of talent, and track record of trusted, high-caliber work align perfectly with how I’ve always approached valuation. I look forward to helping our clients navigate today’s complex real estate landscape with clarity and confidence.”

Robinson holds a Bachelor of Science in Finance from SUNY Albany and a Master of Fine Arts from the American Film Institute. He is a Certified General Appraiser in New York and New Jersey, and a member of the Royal Institution of Chartered Surveyors (MRICS).

About Partner Valuation Advisors

Partner Valuation Advisors, LLC is a national commercial real estate valuation advisory firm that ranks as a top 10 appraisal firm. Partner Valuation Advisors has more than 100 valuation professionals nationally. Partner Valuation Advisors is led by Brandon Nunnink, CFA, and Eric L. Enloe, MAI, CRE, FRICS. Team members hold appraisal licenses in all 50 states and the firm has offices in Austin, Baltimore, Boise, Boston, Buffalo, Charlotte, Chicago, Cincinnati, Cleveland, Dallas, Denver, Gainesville, Grand Rapids, Houston, Indianapolis, Jacksonville, Kansas City, Knoxville, Los Angeles, Miami, Milwaukee, Mobile, Naples, New York, Northern New Jersey, Oklahoma City, Philadelphia, Phoenix, Portland, Raleigh, San Diego, Seattle, St. George, St. Louis, Tulsa, and Washington, D.C. Partner Valuation Advisors performs commercial real estate valuations nationally for investors, lenders, and real estate occupiers and is an affiliate company of Partner Engineering and Science, Inc. Please visit us online at www.PartnerVal.com.

Keith Bolte, MAI, AI-GRS, Joins Partner Valuation Advisors as a Director in Charlotte Office

Keith’s Arrival Strengthens Partner’s Ability to Deliver Specialized, High-Impact Valuation Insights Across the Carolinas

Charlotte, NC - August 20, 2025 – Partner Valuation Advisors LLC (Partner) is pleased to announce that Keith Bolte, MAI, AI-GRS, has joined the firm as a Director in the Charlotte, NC office. Since coming aboard, Keith has hit the ground running, bringing immediate value to clients across the Carolinas with his deep market knowledge.

Keith brings over 13 years of experience in real estate valuation, with a focus on industrial, office, retail, and multifamily properties. He also brings specialized expertise in cold storage facilities and industrial outdoor storage, asset types that are increasingly in demand across the Southeast.

“Keith’s impact was felt from day one,” said Eric Enloe, Senior Managing Director at Partner. “His ability to navigate complex assignments and deliver high-quality results has already made him a go-to resource for our clients in the region. We’re thrilled to have him on the team.”

Keith’s career has included valuation work for institutional investors, REITs, debt funds, insurance companies, and banks. He has led assignments for portfolios and single-asset engagements alike, including high-profile industrial parks, urban infill redevelopment sites, and mission-critical logistics facilities.

“Joining Partner has been a great move for me in my career,” said Keith. “The firm’s national platform, strong leadership, and commitment to excellence align perfectly with how I approach my work . I’m excited to continue growing our presence in the Carolinas and delivering meaningful insights to our clients.”

Keith holds the MAI and AI-GRS designations from the Appraisal Institute. He is a member of the North Carolina Appraisal Institute and previously held senior roles at national valuation firms.

About Partner Valuation Advisors

Partner Valuation Advisors, LLC is a national commercial real estate valuation advisory firm that ranks as a top 10 appraisal firm. Partner Valuation Advisors has more than 100 valuation professionals nationally. Partner Valuation Advisors is led by Brandon Nunnink, CFA, and Eric L. Enloe, MAI, CRE, FRICS. Team members hold appraisal licenses in all 50 states and the firm has offices in Austin, Baltimore, Boise, Boston, Buffalo, Charlotte, Chicago, Cincinnati, Cleveland, Dallas, Denver, Gainesville, Grand Rapids, Houston, Indianapolis, Jacksonville, Kansas City, Knoxville, Los Angeles, Miami, Milwaukee, Mobile, Naples, New York , Northern New Jersey, Oklahoma City, Philadelphia, Phoenix, Portland, Raleigh, San Diego, Seattle, St. George, St. Louis, Tulsa, and Washington, D.C. Partner Valuation Advisors performs commercial real estate valuations nationally for investors, lenders, and real estate occupiers and is an affiliate company of Partner Engineering and Science, Inc. Please visit us online at www.PartnerVal.com.