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

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.

Office and Retail Find Their Footing

By Eric Enloe, MAI, CRE, FRICS, Joseph Miller, MAI, MRICS & James Burgwald, Senior Vice President, published on August 05, 2025 on GlobeSt.com

As we pass the midpoint of 2025, both office and retail real estate sectors are showing signs of stabilization—though each faces distinct pressures. Office recovery remains uneven, with financial and professional services driving leasing activity, while corporate users seize discounted assets in core markets. Retail continues to show resilience, especially in grocery-anchored and net lease properties, despite ongoing store closures and bankruptcies.

In this latest GlobeSt article, Senior Managing Director Eric Enloe, MAI, CRE, FRICS; Managing Director Joseph Miller, MAI, MRICS; and Senior Vice President James Burgwald explore how strategic acquisitions, tenant quality, and long-term fundamentals are shaping investor confidence across both the office and retail sectors.

Retail Market Update: Holding Steady Despite Store Closures

Low Vacancy, High Rent Spreads Continue to Support Retail Real Estate Investment

By Joseph Miller, MAI, MRICS, Managing Director for Partner Valuation Advisors, published on May 05, 2025, on GlobeSt.com

As we continue to move through 2025, which is likely to bring continued economic uncertainty, many investors will be watching to see how retail closure and backfills impact their overall portfolio. While there are retailers in the market looking for space, many are being more cautious than their predecessors when signing large, long-term leases. Many investors also believe that retail in the U.S. is under demolition and as we continue to see mall redevelopments take way and the available retail vacancies should continue to trend downwards, creating opportunities for retail owners.

In this latest GlobeSt article, Joseph Miller discusses how low vacancy will offset store closures, how grocery-anchored stores are still favored, and shares some trends to watch for the rest of 2025.

Putting the Active in Active Adult

By Brian Chandler, MAI, CRE, FRICS, Senior Managing Director for Partner Valuation Advisors, is cited in the February/March 2025 edition of Seniors Housing Business magazine.

As the senior housing industry's Active Adult subsector matures and gains popularity, communities cater to a younger demographic with amenities like fitness centers and travel programs.

"It's still in its infancy right now," Brian Chandler, Senior Managing Director for Partner Valuation Advisors, says of the subsector, "but it's starting to pick up from what we're seeing."

Chandler cites a number of amenities he's seen, including full-scale fitness centers, swimming pools, bistros, pickleball and bocce ball courts, and enhanced common areas among the attractions.

Read the full article to learn more about this popular subsector.

Optimism for the Hotel Investment Market

Despite Headwinds, Topline RevPAR Is Expected to Grow Through the Remainder of 2025 into 2026

By McKenna Luke, MAI, Managing Director, at Partner Valuation Advisors | Published here and GlobeSt.com, on March 13, 2025.

The hospitality sector is enjoying renewed interest from investors, with more deals in the pipeline, increased refinancing, and improved transaction volume. While the industry still faces challenges, optimism prevails for modest growth over the next year.

Anticipated Headwinds and Tailwinds to Hospitality Performance

The general consensus is that topline RevPAR will grow modestly through 2025 and into 2026, albeit likely below inflationary levels. On the positive side, demand for both business and leisure travel remains robust or continues to rebound depending on the segment. Leisure travel remains a cornerstone of the new demand mix, although somewhat bumpy in the last four years given the pent-up demand for leisure travel, deficit of international travelers to the US, and reduced spending within the economy and midscale chains due to inflationary pressures and economic uncertainty. A continued return-to-office movement and lower debt costs bode well for commercial travel to increase in both frequency and length of stay. Convention center bookings are strong for 2025/2026 and large-scale events such as the World Cup should drive demand.

However, expenses are expected to outpace RevPAR gains, as climate events continue to push insurance rates higher and changes to immigration and trade policy impact the cost of staffing and goods. Although revenues have met or exceeded 2019 levels, total profitability, especially when considering inflation adjustments, remains below the pre-pandemic figures for a number of assets.

While hotel operators and owners are embracing AI and other tech to increase efficiency, they remain focused on human connection with guests as a cornerstone of the industry. AI and innovation can reduce costs by improving scheduling and staffing efficiency; boost overall revenue through rate adjustments or F&B revenues; and free up hoteliers to interact more often with guests. A myriad of other solutions on the horizon will help increase profit and increase connection with guests. Operators who sit on the sidelines and ignore AI will not only decrease the guest experience but leave money on the table.

While the cost of debt remains elevated, tightening spreads and increased availability of debt have and will support transactions and refinancing. Many investors have begun to move off the sidelines and are no longer waiting to get deals done.

Historically, hospitality has not been the darling of real estate investment due to higher perceived risk and volatility. However, hospitality assets offer the ability to combat inflation with daily rate changes. This, along with hospitality’s current performance relative to other asset classes—especially office—has revigorated interest in the hospitality sector over the last two years. As an asset class, hospitality offers both yield and growth, especially given the industry’s desire to continue to innovate, drive revenue in creative ways, and embrace innovation for cost savings. Smart investors have realized there are portions of hospitality that are less risky, such as extended-stay, which has driven somewhat of a hybrid investor pool.

Hot Hospitality Segments 2025

As we look into 2025 and beyond, some specific sectors that are expected to perform well include extended-stay properties, outdoor experiential lodging, boutique and luxury hotels, and branded-residential.

Luxury demand remains strong and investor/lending interest in trophy assets or Single Asset Single Borrower (SASB) deals were a bright spot in 2024. Furthermore, the pricing ability within the luxury segment has combated rising costs, supporting an overall strong return.

The outdoor and experiential hospitality segment continues to grow since its relatively recent inception, with increasing institutional investment over the past 5-7 years. Prior to the pandemic, outdoor and experiential hospitality was limited to one-off “glamping” destination ranging from a tent without AC or heat to ultra-luxury, multi-bedroom units. The lack of definition and available data within the segment has resulted in a slow burn of investor interest and increased demand over recent years. Success in outdoor and experiential hospitality requires an understanding of past successes and failures within the segment, the ability to scale and retain a unique customer experience, and access to relevant data. Be sure to work with an experienced advisor in this unique space as data can be limited, seasonality and infrastructure requirements differ from typical hospitality, and barriers-to-entry can widely vary.

Extended-stay remains a targeted investment within the industry, especially given the higher profit margins and investor overlap with segments such as multifamily. Economy extended-stay has led the segment in terms of new developments and large portfolio transactions in recent years. Midscale extended-stay, a segment established within the last few years, is the newest path of growth and fits the niche between traditional extended-stay and economy extended-stay. While construction financing overall remains somewhat constrained, the lower construction costs and overall investment in both economy and midscale extended-stay should support continued pipeline growth. The only question is, will luxury, serviced, extended-stay be next? Or will this demand remain within the growing branded residence segment?

Hotel Construction Pipeline

Projections for new supply growth in 2025 should support stable or growing overall occupancy, while new supply may increase into 2026 or 2027. In the decade prior to COVID, 2010 to 2019, average supply growth was between 1 to 2%. Since the pandemic and even as recently as 2023 and 2024, supply growth was still down by half. New supply is expected to increase in 2025; however, projects under construction remains compressed outside of a few key markets such as Phoenix. Knowing the actual construction pipeline, which projects are financed, and which projects are almost shovel-ready will be an important distinction for investors in the near term. While construction costs and cost of debt can present hurdles, strong projects have been able to obtain financing in recent months.

Conclusions

With careful strategy, investors can capitalize on more transactions, new construction, and modest growth over the coming year. Seek out advisors with focused hospitality expertise who can support informed investment decisions with tools like feasibility and market studies. Consider engaging consultants with hotel experience to provide due diligence assessments and risk management services. Augmenting your strategy with a team of highly qualified experts will ensure you have the data you need to take advantage of the opportunities presented by this growing market.

LIGHTBOX-Episode 21: Private REIT Market Momentum

Dive into the latest insights on the private REIT market with Episode 21 of The CRE Weekly Digest by LIGHTBOX Private REIT Market Momentum.

Partner Valuation Advisors’ Brandon Nunnink and Eric Enloe, MAI, CRE, FRICS join podcast hosts @Manus Clancy, @Dianne P. Crocker, and @Martha Coacher. They break down the key trends shaping the commercial real estate landscape.

Here are the highlights you don’t want to miss:
📈 Explore how the bid-ask spread between public and private REIT markets is narrowing, signaling increased transaction potential.
💼 Gain a deeper understanding of cap rate trends for multifamily and industrial properties—and why some markets are rebounding faster than others.
🏢 Discover fresh opportunities in selective office investments, as suburban and central business district markets show varied recovery patterns. How is the shift in valuations impacting CRE investments?

Listen to Podcast

A Peek into the Economic Crystal Ball

The current U.S. economy could be best described as a mixed bag. The recently released Q2 real GDP estimate showed an annual rate increase of 2.8%. Yet, employment growth is starting to lag. Meanwhile, the Federal Reserve continues its higher-for-longer interest rate stance, wanting to be sure that inflation is on a downward trend before commencing any cutting.

Read Full A rticle

Partner Valuation Advisors Adds McKenna Luke to Lead National Hospitality Practice

Chicago, IL - June 3, 2024 – Partner Valuation Advisors, a top 10 national appraisal firm, continues to expand its leadership team with the addition of McKenna Luke, MAI, who joins to lead the firm’s National Hospitality Practice Group. Ms. Luke will be responsible for driving the growth of the firm’s hospitality work related to appraisals, market studies, large portfolio engagements, and consulting assignments.

Ms. Luke has overseen and completed thousands of assignments spanning hospitality properties from a small, independently owned motel to the most expensive resort in the U.S. She brings extensive nationwide hotel consulting and valuation experience having worked in 45 states and valued roughly $9 billion of assets in 2023 alone, combining for a total of more than $30 billion in the last five years.

“McKenna is a nationally renowned professional in the hotels and hospitality field, and we are thrilled to have her be part of our team,” said Partner Valuation Advisors’ Senior Managing Director, Eric L. Enloe, MAI, CRE, FRICS. “Her background in the hospitality area spans virtually every market, asset type, and stage of a project.”

Ms. Luke has earned a reputation as a trusted advisor for hotel development and brings a deep understanding of hospitality markets, having consulted on complex assignments including portfolios, hotels, condo-hotels, resorts, resort residential, mixed-use, waterparks, golf, membership clubs, glamping, and experiential destinations. In addition to traditional hospitality work, she has conducted valuations of casino operations in Las Vegas, Atlantic City, and Pennsylvania, as well as ski resorts in California, Montana, North Carolina, and Canada.

“I look forward to leading the growth within the hospitality division at Partner Valuation Advisors in concert with industry-leading professionals spanning a multitude of asset types,” said Ms. Luke. “The industry has evolved beyond a stand-alone hotel to embrace a number uses in one box and creative offerings in the hospitality space. Our tech-forward and innovative solutions across numerous asset types will bring new approaches that are closely aligned with today’s industry needs.”

Prior to joining Partner Valuation Advisors, Ms. Luke served as a Managing Director at HVS, where over a nearly 12-year period she directly completed or supervised thousands of appraisals throughout the Southwest and nationally, oversaw firm-wide appraisal standards, developed a training and development program, and managed client relations.

Ms. Luke graduated summa cum laude from the University of Denver, from which she later earned an MBA. She holds numerous state-certified general appraisal licenses and is a Designated Member of the Appraisal Institute (MAI).