RIAVA Realty Advisors - Commercial Real Estate Advisory Services

<BODY TEXT="#000000" LINK="#666666" VLINK="#000000" ALINK="#FFFFFF" BGCOLOR="#A3A3A3">  WELCOME TO RIAVA RIAVA - Research, Interpret, Analyze, Value, Advise this is the core skill set paramount to every service discipline of the company. We are a provider of solutions to the commercial real estate industry; more specifically, RIAVA is an advisory firm that provides a wide variety of appraisal, consultative, and brokerage services to owners, investors, users, capital sources, and other participants involved in every aspect of the commercial real estate industry. BACKGROUND The President of RIAVA is Gregory J. Laskody, MAI, CCIM. He is a 1988 graduate (B.S.) of Florida State University’s renowned Real Estate program, and has over 15 years of diversified experience in the South Florida commercial real estate market. Mr. Laskody is a Member of the Appraisal Institute (MAI), a Certified Commercial Investment Member (CCIM) of the CCIM Institute, a licensed real estate broker and mortgage broker, and a state-certified general appraiser, all within the state of Florida. According to the Appraisal Institute and the CCIM Institute, less than 2% of practicing real estate professionals worldwide have obtained both the MAI and CCIM designations. During his career, Mr. Laskody has held positions with some of the most notable companies in commercial real estate, such as Real Estate Tax Services (later acquired by the national accounting firm of Deloitte and Touche), The Capital Company of America, (formerly Nomura Capital), and First Union’s Real Estate Capital Markets Group, which is now Wachovia. He is also an adjunct professor of Real Estate Studies at Miami-Dade College. Member, Appraisal Institute (MAI): No. 10502 Certified Commercial Investment Member, CCIM Institute (CCIM): No. 5516 State Certified General Appraiser Florida: No. RZ0001637 Licensed Real Estate Broker Florida: No. 051461 Licensed Mortgage Broker Florida: No. MB0222371 • Offering Memorandums • Acquisition/Disposition Due Diligence • Investment Sales • Broker Price Opinions Offering Memorandums RIAVA has the infrastructure and beefed-up computer technology to produce outstanding, top-notch Offering Memorandums to assist you in the marketing of your asset. Let us create a “one-of-a-kind”, individualized marketing package guaranteed to blow away a potential purchaser of your asset. Acquisition/Disposition Due Diligence Sellers - how do you know you’ll get those purchase offers at or near your asking price? Is it possible you may have missed something? Buyers - did you just overpay for that asset? RIAVA also provides Due Diligence Services (Acquisition and Disposition) in those instances where a transaction is being contemplated, and the parties require third-party due diligence. Eliminate any surprises by taking advantage of our expertise in the local market and our proprietary property database to insure that the deal you’re making makes sense. Investment Sales Did you know that RIAVA performs Investment Sales? Our principal and members are licensed real estate brokers with over 35 years of combined brokerage experience involving commercial real estate located throughout South Florida. We have the network, the resources, the contacts, and the relationships to successfully market your property to the most appropriate party. We may also have properties available for purchase or exchange - call us today to see what’s available we’ll find you a deal that fits your parameters. Broker Price Opinions In those instances where an appraisal or other valuation service is not warranted, RIAVA can provide Broker Pricing Opinions (BPOs) to assist in determining not only at what price a given property should sell, but under what kind of conditions and circumstances, and whether or not that price will be realized within a certain time frame. BPOs provide a quick and affordable alternative to formal appraisal analyses. Call us to see if a BPO will meet your requirements. WHAT WE DO RIAVA is an advisory firm that provides a wide variety of appraisal, consultative, and brokerage services to owners, investors, users, capital sources, and other participants involved in virtually every aspect of the commercial real estate industry. RIAVA’s advisors are recognized experts in the local commercial real estate market, having a dynamic combination of formal real estate education, considerable work experience, professional licenses and designations, and a vast and intimate working knowledge of commercial real estate. Our primary geographical area of expertise is the South Florida market, although the company has either performed, or been significantly and materially involved in, other transactions and assignments in other parts of the continental United States. If you are an owner, investor, user, capital source, or other participant in commercial real estate, competent valuation and advisory services are not only necessary, but critical in protecting your interests. Let RIAVA’s academically-trained, state-licensed, professionally-designated experts assist you in maximizing those interests! PROPERTY TYPES RIAVA has appraisal, consulting, advisory, assessment appeal, brokerage, and finance experience with virtually every type of commercial real estate; click here for some examples. MULTI-FAMILY • Apartments (from 6-unit buildings to portfolios of multiple investment-grade, garden-style apartment developments in excess of 1,000 units; and everything in between) • Mobile Home Parks • Low-Income Housing Tax Credits (both existing and proposed) • Multiple condominium units held as investment property OFFICE • Single-tenant/owner-user properties (from small, 5,000 square-foot owner-user buildings to over 200,000 square-foot, institutional-grade owner-user buildings) • multi-tenant (from less than 5,000 square feet to over 600,000 square feet) • Special purpose office buildings with atypical design and construction features • All office properties range in class from “A” to “D” MIXED-USE ASSETS Mixed-Use assignments include virtually every combination of property type presented above, i.e., apartment/retail; office/retail; office/industrial; apartment/office, etc. In addition to these assignments, we have also been involved in : • Golf Courses/Driving Ranges • Lodges/Private Clubs • Drive-In & Regular Theaters • Auto Dealerships • Skating Rinks • Auto Service Centers • Tourist Attractions • Parking Garages • Fairgrounds • Bowling Alleys • Places of Worship • Pre-schools/Day Care Centers ENVIROMENTALLY SENSITIVE LAND • Wetlands • Groves • Hammocks • Partially-submerged lands RETAIL • Free-standing/owner-user properties (from 10,000 square feet to over 100,000 square feet) • Unanchored, Shadow-Anchored, and Anchored Neighborhood and Community Shopping Centers • “Power” and “Deep Discount” Retail Centers • Regional Malls • Portfolios of a combination of retail property types MEDICAL • Single-tenant/owner-user and multi-tenant medical office buildings • Out-patient care and surgical centers • Veterinary hospitals • Walk-In Clinics ADULT LIV ING • Private-Pay and Government-Subsidized Facilities • ACLF’s with Alzheimer’s and in-house nursing and medical Facilities • Nursing Homes INDUSTRIAL FACILITIES • Free-standing/owner-user properties (from 10,000 square feet to over 100,000 square feet) • Unanchored, Shadow-Anchored, and Anchored Neighborhood and Community Shopping Centers • “Power” and “Deep Discount” Retail Centers • Regional Malls • Portfolios of a combination of retail property types VACANT LAND • Wetlands • Groves • Hammocks • Partially-submerged lands HOTELS • Local Hotels and Motels (Less than 20 rooms to over 50 rooms) • National (Flagged) Hotel Franchises (50 rooms to over 200 rooms) with Convention and Banquet Facilities • Resorts (with and without Golf Facilities) CONSULTATIVE SERVICES • Sale and/or Lease Negotiations • Comm Lease Review, Abstracting/Valuation • Letters of Opinion • Litigation Support • Expert Witness Testimony, & Arbitration • Highest & Best Use Analysis/Feasibility • Cost-Benefit Analysis • Market Studies and Market Analyses • Trend Analysis & Absorption Studies • Rent Surveys/Operating Expense Analyses • Discounted Cash Flow Analysis • Sensitivity Analysis • Marketability Analysis • Renovation/Rehabilitation Analyses • Conversion, & Alternate Use Analyses • Investment Analysis & Counseling • Property Tax Appeal & Counseling • Property Condition Surveys • Property Condition Inspection Reports • Asset Performance Reviews • Owner/Lender Due Diligence • Loan & Credit Underwriting • Agreed-Upon Procedures • Customized Advisory & Counseling Services Sale and/or Lease Negotiations Considering a sale or transfer of your interest in commercial real estate? Perhaps a sale/leaseback is being entertained. Whatever the scenario, RIAVA can advise on Sale and/or Lease Negotiations for all types of commercial property. Commercial Lease Review, Abstracting, and Valuation In addition, we can also perform Commercial Lease Review, Abstracting, and Valuation to determine what effects, if any, certain lease clauses may have on the value of a given lease interest, or how such lease clauses affect the overall value of a property. Letters of Opinion In those instances where a complete or limited appraisal analysis is not warranted, RIAVA may also be able to provide Letters of Opinion with regard to the disposition of an asset, or the acquisition of a new one. Litigation Support, Expert Witness Testimony, and Arbitration We can also assist in Litigation Support, Expert Witness Testimony, and Arbitration in those situations where real property interests have become the subject of a lawsuit, tax audit, or eminent domain proceeding. Highest and Best Use Analysis Feasibility Studies/Cost-Benefit Analysis Is the real property asset in which you have an interest being utilized to its maximum potential? RIAVA can perform a Highest and Best Use Analysis to determine what use is physically possible, legally permissible, financially feasible, and maximally productive. We can also employ technical Feasibility Studies/Cost-Benefit Analysis to determine which land use most appropriately fulfills the objectives of the client/investor/developer. Market Studies and Market Analyses Do you need to know about the market conditions that currently motivate its participants? Would a better understanding of the broad changes affecting supply and demand in a given market be of interest to you? RIAVA can perform Market Studies and Market Analysis to help identify and quantify these factors, and more importantly, how they affect your interests. Trend Analysis, Absorption Studies, Rent Surveys, Operating Expense Analyses How has your property’s rents, expenses, absorption, and occupancy compared to the competition? Are the owners of property in your competitive set doing something different? … Something better? Contemplating a new deal, but unsure of what’s really going on in the market? Find out RIAVA can perform Trend Analyses, Absorption Studies, Rent Surveys, and Operating Expense Analyses to address those concerns. Discounted Cash Flow Analysis and Sensitivity Analysis Do you have need for technical Discounted Cash Flow Analysis and Sensitivity Analysis? Did you REALLY make the return you thought you made on your last deal? We can help you decide what the REAL value of a deal is at a “target” rate of return. We use Argus© cash flow analysis software, along with a myriad of customized Excel spreadsheets to accurately analyze all inflows and outflows, and how they translate into assessing your investment, and what it’s really worth at given return rates. Marketability Analysis How marketable is a property (either for sale or for lease) under current market conditions? Does the utility of the improvements, whether proposed or existing, satisfy the requirements of the market it intends to capture? Marketability Analysis holds the answers let RIAVA show you how. Renovation/Rehabilitation, Conversion, and Alternate Use Analyses Are there alternative uses for a property that would provide a higher return? RIAVA can conduct Renovation/Rehabilitation, Conversion, and Alternate Use Analyses to help determine “before” and “after” values, and whether or not an existing or proposed use makes sense, given an investor’s particular yield requirements matched against current market trends and conditions. Investment Analysis and Counseling (Buy/Sell Decisions) Are you considering the purchase of an income-producing asset? What about disposing of one? Are you really in touch with what the market will bring your property? What kind of tax consequences can you expect to encounter, and what’s the best way to handle them? RIAVA also provides Investment Analysis and Counseling (Buy/Sell Decisions) to assist in the acquisition/disposition of commercial real estate assets. Ad Valorem Property Tax Appeal and Counseling Another area of RIAVA’s expertise encompasses Ad Valorem Property Tax Appeal and Counseling. Let us take a no-obligation look at how your investment is assessed to see if an assessment appeal is warranted. Members of RIAVA have successfully represented some of the largest institutional real estate owners in the country on appeals of assets located throughout the southern region of Florida - find out what we can do for you. Property Condition Surveys, Inspection Reports, and Asset Performance Reviews Do you need to know what your real estate investment requires in the way of correcting deferred maintenance, addressing capital expenditures and the like, and more importantly, how severely they may be impacting your asset? How well is your asset performing now, in comparison to six months ago? A year ago? RIAVA performs Property Condition Surveys, Inspection Reports, and Asset Performance Reviews to help sophisticated owners with the most appropriate internal countermeasures. Owner/Lender Due Diligence (Acquisition and Disposition) RIAVA also provides Owner/Lender Due Diligence (Acquisition and Disposition) in those instances where a property is either being purchased or sold, or when a lender is contemplating a mortgage loan. Members of RIAVA have experience performing formal due diligence packages for a number of various owners and lenders on properties located throughout the United States let us show you how we can perform. Loan and Credit Underwriting and Agreed-Upon Procedures An additional area of RIAVA’s work focus involves Loan and Credit Underwriting and Agreed-Upon Procedures (as a third party), which we provide to lenders and private sources of funds that either do not have the appropriate in-house underwriting infrastructure, or those that require third-party services. Our local expertise and extensive proprietary property database allow us to accurately and efficiently underwrite virtually every property type. Customized Advisory and Counseling Services Didn’t see a section describing the advisory services you need? No problem RIAVA is available to perform Customized Advisory and Counseling Services that are “tailor-made” to meet your every requirement. Call or e-mail us today so we can show you how! RIAVA CAPITAL RIAVA Realty Capital (RRC) focuses on four distinct client services, all in the arena of commercial real estate finance: Capital Advisory Services Our Capital Advisory Services assists in providing clients with creative financing options for their real estate investments. Did you know that since 1997, members of RIAVA have been responsible for the procurement and arrangement of over $100 million in combined senior mortgages, mezzanine debt, and preferred equity? Debt Origination and Placement, Equity Arrangement, Mezzanine Financing Do you have significant equity in one or more properties? Let us show you how to employ strategic leverage in order to free up capital and acquire more property. We can rearrange and restructure your capital stack through creative Equity Arrangement and Procurement, Debt Origination and Placement, and Mezzanine Financing. We are currently experiencing the lowest cost of capital in the marketplace witnessed over the past 30 years are you sure you have the most aggressive capital arrangement on your real property? Let RIAVA show you how it can be improved. APPRAISAL SERVICES • Limited & Complete Appraisals • Letters of Opinion • Review Appraisal Services • Eminent Domain • Property Rights Appraisal • Litigation Support • Expert Witness Testimony & Arbitration • Estate Valuation • Commercial Lease Review • Commercial Lease Abstracting & Valuation • Portfolio Valuation • Going-Concern Valuation • Highest & Best Use/Feasibility Studies • Customized Advisory & Appraisal Services “Limited” &“Complete” Appraisals Limited and Complete Appraisal Reports - RIAVA performs every type of appraisal analysis (“Complete” and “Limited”), with appraisal reports presented in each format (“Restricted”, “Summary”, and “Self-Contained”). All appraisals are intended to comply with the requirements of the Appraisal Institute, the Uniform Standards of Professional Appraisal Practice (USPAP), and the requirements of all other appropriate lending and/or regulatory entities, depending upon the nature and scope of the appraisal assignment. For a sampling of recent appraisal assignments, click here. Letters of Opinion In those instances where a complete or limited appraisal analysis is not warranted, RIAVA may also be able to provide Letters of Opinion. Review Appraisal Services RIAVA also provides Review Appraisal Services for those who require an opinion of another appraiser’s work. Desk and Field review services are available on virtually every property type. Eminent Domain/Property Rights Appraisal and Counseling Another area of RIAVA’s expertise is in Eminent Domain and Real Property Rights Appraisal and Counseling. We have previously represented both Condemnors’ and Condemnees’ interests. Litigation Support, Expert Witness Testimony, and Arbitration We can also assist in Litigation Support, Expert Witness Testimony, and Arbitration in those situations where real property interests have become the subject of a lawsuit, tax audit, or condemnation proceeding. Estate Valuation Estate Valuation is another of RIAVA’s specialty areas. We have advised many clients with regard to estate and tax planning surrounding the ramifications of buying, selling, owning, and transferring commercial real estate, as well as assisting clients with structuring 1031 tax-deferred exchanges. Valuation of Fractional, Partial, and Limited Interests Valuation of Fractional, Partial, and Limited Interests is also an area of expertise for us. We have valued a number of ground leases, leasehold, sub-leasehold (“sandwich” positions), and leased fee interests. Commercial Lease Review, Abstracting, and Valuation In addition, we can also perform Commercial Lease Review, Abstracting, and Valuation to determine what effects, if any, certain lease clauses may have on the value of a given lease interest, or how such lease clauses affect the overall value of a property. Portfolio Valuation RIAVA can also perform Portfolio Valuation for larger, institutional investors, either on the equity or debt side of the investment equation. We have performed valuations of mixed- and like-kind asset portfolios. Going-Concern Valuation Is there an ongoing business associated with your real property? In those instances where real property value must be separated from the enterprise value of an ongoing business, RIAVA can provide Going-Concern Valuation services for hotels, restaurants, manufacturing, service stations, and other types of property uses where a business concern is associated with real property. Highest and Best Use Analysis, Feasibility Studies/Cost-Benefit Analysis Is the real property asset in which you have an interest being utilized to its maximum potential? RIAVA can perform a Highest and Best Use Analysis to determine what use is physically possible, legally permissible, financially feasible, and maximally productive. We can also employ technical Feasibility Studies/Cost-Benefit Analysis to determine which land use most appropriately fulfills the objectives of the client/investor/developer. Customized Advisory and Appraisal Services Didn’t see a section describing the advisory services you need? No problem RIAVA is available to perform Customized Advisory and Appraisal Services that are “tailor-made” to meet your every requirement. Call or e-mail us today so we can show you how! SAMPLE ASSIGNMENTS The members of RIAVA Realty Advisors have been either materially or significantly involved, or have been a procuring cause in, the following sampling of assignments: APPRAISAL, ADVISORY, AND CONSULTATIVE ASSIGNMENTS Miami Circle - This site is located at the mouth of the Miami River and was the subject of much controversy in 2000 due to the existence of artifacts dating back to the Tequesta Indians. Prior to finding sacrificial remains during site preparation, the owners had received all city approvals, construction financing and executed construction contract to build two high-rise towers containing 600 units. This assignment involved calculating the amount of entrepreneurial profit that had been earned by the developers even though the project had not yet been completed. COMMERCIAL REAL ESTATE BROKERAGE AND FINANCE Aventura Commons - Arranged a $17,250,000 senior mortgage commitment through First Union Real Estate Capital Markets for the refinance of this retail power center located in Aventura, Florida. Appraisal, Advisory, And Consultative Assignments Miami Intermodal Center (MIC) Miami River Center Bank of America Building (formerly CenTrust Tower) Turtle Run Real Property Assets of Doral Park Port Everglades Arquitectonica Building Mirador Apartments (formerly Forte Towers) Hickory Corners Shopping Center Collins Avenue & 8th Street (Miami Beach) The Royalton Hotel (subsequently acquired by TravelLodge) Single-tenant Retail Portfolio Coconut Grove Mixed-Use Grove Square Condominiums Grove Plaza Peacock Place Pinecrest Plaza Boca Raton Medical Complex Shoppes at Palmetto Park Various Assessment Appeals Commercial Real Estate Brokerage and Finance Kendall Lake Towers Herons Plaza Monte Sano Apartments Tamarac Marketplace Kimberly Lakes Apartments Grove Gate Apartments Lofts of Lively Oaks Parkview Apartments CONTACT US RIAVA Realty Advisors, Inc. 2121 Ponce de Leon Boulevard, Suite 900 Coral Gables, FL 33134 305.448.2910 - Office 305.448.5610 - Fax info@riava.com Laskody Greg Laskody RIAVA MAI CCIM Commercial Real Estate Appraisal Commercial Real Estate Appraisers Real Estate Appraisers Commercial Realty Commercial Real Estate Commercial Property Commercial Real Estate Finance Commercial Real Estate Capital Commercial Real Estate Brokerage Property Tax Appeal Income Properties Investment Properties Due Diligence Market Studies Investment Analysis Real Estate Equity Real Estate Debt Mezzanine Financing Property Tax Consulting Site Inspections Property Inspections Agreed-Upon Procedures Loan and Credit Underwriting Lease Analysis Lease Review Market Studies Marketability Studies Feasibility Analysis Rent Studies Highest and Best Use Studies Discounted Cash Flow Analysis Eminent Domain Expert Witness Expert Witness Testimony Litigation Support “Going Concern” Valuation WELCOME TO RIAVA RIAVA - Research, Interpret, Analyze, Value, Advise this is the core skill set paramount to every service discipline of the company. We are a provider of solutions to the commercial real estate industry; more specifically, RIAVA is an advisory firm that provides a wide variety of appraisal, consultative, and brokerage services to owners, investors, users, capital sources, and other participants involved in every aspect of the commercial real estate industry. BACKGROUND The President of RIAVA is Gregory J. Laskody, MAI, CCIM. He is a 1988 graduate (B.S.) of Florida State University’s renowned Real Estate program, and has over 15 years of diversified experience in the South Florida commercial real estate market. Mr. Laskody is a Member of the Appraisal Institute (MAI), a Certified Commercial Investment Member (CCIM) of the CCIM Institute, a licensed real estate broker and mortgage broker, and a state-certified general appraiser, all within the state of Florida. According to the Appraisal Institute and the CCIM Institute, less than 2% of practicing real estate professionals worldwide have obtained both the MAI and CCIM designations. During his career, Mr. Laskody has held positions with some of the most notable companies in commercial real estate, such as Real Estate Tax Services (later acquired by the national accounting firm of Deloitte and Touche), The Capital Company of America, (formerly Nomura Capital), and First Union’s Real Estate Capital Markets Group, which is now Wachovia. He is also an adjunct professor of Real Estate Studies at Miami-Dade College. Member, Appraisal Institute (MAI): No. 10502 Certified Commercial Investment Member, CCIM Institute (CCIM): No. 5516 State Certified General Appraiser Florida: No. RZ0001637 Licensed Real Estate Broker Florida: No. 051461 Licensed Mortgage Broker Florida: No. MB0222371 • Offering Memorandums • Acquisition/Disposition Due Diligence • Investment Sales • Broker Price Opinions Offering Memorandums RIAVA has the infrastructure and beefed-up computer technology to produce outstanding, top-notch Offering Memorandums to assist you in the marketing of your asset. Let us create a “one-of-a-kind”, individualized marketing package guaranteed to blow away a potential purchaser of your asset. Acquisition/Disposition Due Diligence Sellers - how do you know you’ll get those purchase offers at or near your asking price? Is it possible you may have missed something? Buyers - did you just overpay for that asset? RIAVA also provides Due Diligence Services (Acquisition and Disposition) in those instances where a transaction is being contemplated, and the parties require third-party due diligence. Eliminate any surprises by taking advantage of our expertise in the local market and our proprietary property database to insure that the deal you’re making makes sense. Investment Sales Did you know that RIAVA performs Investment Sales? Our principal and members are licensed real estate brokers with over 35 years of combined brokerage experience involving commercial real estate located throughout South Florida. We have the network, the resources, the contacts, and the relationships to successfully market your property to the most appropriate party. We may also have properties available for purchase or exchange - call us today to see what’s available we’ll find you a deal that fits your parameters. Broker Price Opinions In those instances where an appraisal or other valuation service is not warranted, RIAVA can provide Broker Pricing Opinions (BPOs) to assist in determining not only at what price a given property should sell, but under what kind of conditions and circumstances, and whether or not that price will be realized within a certain time frame. BPOs provide a quick and affordable alternative to formal appraisal analyses. Call us to see if a BPO will meet your requirements. WHAT WE DO RIAVA is an advisory firm that provides a wide variety of appraisal, consultative, and brokerage services to owners, investors, users, capital sources, and other participants involved in virtually every aspect of the commercial real estate industry. RIAVA’s advisors are recognized experts in the local commercial real estate market, having a dynamic combination of formal real estate education, considerable work experience, professional licenses and designations, and a vast and intimate working knowledge of commercial real estate. Our primary geographical area of expertise is the South Florida market, although the company has either performed, or been significantly and materially involved in, other transactions and assignments in other parts of the continental United States. If you are an owner, investor, user, capital source, or other participant in commercial real estate, competent valuation and advisory services are not only necessary, but critical in protecting your interests. Let RIAVA’s academically-trained, state-licensed, professionally-designated experts assist you in maximizing those interests! PROPERTY TYPES RIAVA has appraisal, consulting, advisory, assessment appeal, brokerage, and finance experience with virtually every type of commercial real estate; click here for some examples. MULTI-FAMILY • Apartments (from 6-unit buildings to portfolios of multiple investment-grade, garden-style apartment developments in excess of 1,000 units; and everything in between) • Mobile Home Parks • Low-Income Housing Tax Credits (both existing and proposed) • Multiple condominium units held as investment property OFFICE • Single-tenant/owner-user properties (from small, 5,000 square-foot owner-user buildings to over 200,000 square-foot, institutional-grade owner-user buildings) • multi-tenant (from less than 5,000 square feet to over 600,000 square feet) • Special purpose office buildings with atypical design and construction features • All office properties range in class from “A” to “D” MIXED-USE ASSETS Mixed-Use assignments include virtually every combination of property type presented above, i.e., apartment/retail; office/retail; office/industrial; apartment/office, etc. In addition to these assignments, we have also been involved in : • Golf Courses/Driving Ranges • Lodges/Private Clubs • Drive-In & Regular Theaters • Auto Dealerships • Skating Rinks • Auto Service Centers • Tourist Attractions • Parking Garages • Fairgrounds • Bowling Alleys • Places of Worship • Pre-schools/Day Care Centers ENVIROMENTALLY SENSITIVE LAND • Wetlands • Groves • Hammocks • Partially-submerged lands RETAIL • Free-standing/owner-user properties (from 10,000 square feet to over 100,000 square feet) • Unanchored, Shadow-Anchored, and Anchored Neighborhood and Community Shopping Centers • “Power” and “Deep Discount” Retail Centers • Regional Malls • Portfolios of a combination of retail property types MEDICAL • Single-tenant/owner-user and multi-tenant medical office buildings • Out-patient care and surgical centers • Veterinary hospitals • Walk-In Clinics ADULT LIV ING • Private-Pay and Government-Subsidized Facilities • ACLF’s with Alzheimer’s and in-house nursing and medical Facilities • Nursing Homes INDUSTRIAL FACILITIES • Free-standing/owner-user properties (from 10,000 square feet to over 100,000 square feet) • Unanchored, Shadow-Anchored, and Anchored Neighborhood and Community Shopping Centers • “Power” and “Deep Discount” Retail Centers • Regional Malls • Portfolios of a combination of retail property types VACANT LAND • Wetlands • Groves • Hammocks • Partially-submerged lands HOTELS • Local Hotels and Motels (Less than 20 rooms to over 50 rooms) • National (Flagged) Hotel Franchises (50 rooms to over 200 rooms) with Convention and Banquet Facilities • Resorts (with and without Golf Facilities) CONSULTATIVE SERVICES • Sale and/or Lease Negotiations • Comm Lease Review, Abstracting/Valuation • Letters of Opinion • Litigation Support • Expert Witness Testimony, & Arbitration • Highest & Best Use Analysis/Feasibility • Cost-Benefit Analysis • Market Studies and Market Analyses • Trend Analysis & Absorption Studies • Rent Surveys/Operating Expense Analyses • Discounted Cash Flow Analysis • Sensitivity Analysis • Marketability Analysis • Renovation/Rehabilitation Analyses • Conversion, & Alternate Use Analyses • Investment Analysis & Counseling • Property Tax Appeal & Counseling • Property Condition Surveys • Property Condition Inspection Reports • Asset Performance Reviews • Owner/Lender Due Diligence • Loan & Credit Underwriting • Agreed-Upon Procedures • Customized Advisory & Counseling Services Sale and/or Lease Negotiations Considering a sale or transfer of your interest in commercial real estate? Perhaps a sale/leaseback is being entertained. Whatever the scenario, RIAVA can advise on Sale and/or Lease Negotiations for all types of commercial property. Commercial Lease Review, Abstracting, and Valuation In addition, we can also perform Commercial Lease Review, Abstracting, and Valuation to determine what effects, if any, certain lease clauses may have on the value of a given lease interest, or how such lease clauses affect the overall value of a property. Letters of Opinion In those instances where a complete or limited appraisal analysis is not warranted, RIAVA may also be able to provide Letters of Opinion with regard to the disposition of an asset, or the acquisition of a new one. Litigation Support, Expert Witness Testimony, and Arbitration We can also assist in Litigation Support, Expert Witness Testimony, and Arbitration in those situations where real property interests have become the subject of a lawsuit, tax audit, or eminent domain proceeding. Highest and Best Use Analysis Feasibility Studies/Cost-Benefit Analysis Is the real property asset in which you have an interest being utilized to its maximum potential? RIAVA can perform a Highest and Best Use Analysis to determine what use is physically possible, legally permissible, financially feasible, and maximally productive. We can also employ technical Feasibility Studies/Cost-Benefit Analysis to determine which land use most appropriately fulfills the objectives of the client/investor/developer. Market Studies and Market Analyses Do you need to know about the market conditions that currently motivate its participants? Would a better understanding of the broad changes affecting supply and demand in a given market be of interest to you? RIAVA can perform Market Studies and Market Analysis to help identify and quantify these factors, and more importantly, how they affect your interests. Trend Analysis, Absorption Studies, Rent Surveys, Operating Expense Analyses How has your property’s rents, expenses, absorption, and occupancy compared to the competition? Are the owners of property in your competitive set doing something different? … Something better? Contemplating a new deal, but unsure of what’s really going on in the market? Find out RIAVA can perform Trend Analyses, Absorption Studies, Rent Surveys, and Operating Expense Analyses to address those concerns. Discounted Cash Flow Analysis and Sensitivity Analysis Do you have need for technical Discounted Cash Flow Analysis and Sensitivity Analysis? Did you REALLY make the return you thought you made on your last deal? We can help you decide what the REAL value of a deal is at a “target” rate of return. We use Argus© cash flow analysis software, along with a myriad of customized Excel spreadsheets to accurately analyze all inflows and outflows, and how they translate into assessing your investment, and what it’s really worth at given return rates. Marketability Analysis How marketable is a property (either for sale or for lease) under current market conditions? Does the utility of the improvements, whether proposed or existing, satisfy the requirements of the market it intends to capture? Marketability Analysis holds the answers let RIAVA show you how. Renovation/Rehabilitation, Conversion, and Alternate Use Analyses Are there alternative uses for a property that would provide a higher return? RIAVA can conduct Renovation/Rehabilitation, Conversion, and Alternate Use Analyses to help determine “before” and “after” values, and whether or not an existing or proposed use makes sense, given an investor’s particular yield requirements matched against current market trends and conditions. Investment Analysis and Counseling (Buy/Sell Decisions) Are you considering the purchase of an income-producing asset? What about disposing of one? Are you really in touch with what the market will bring your property? What kind of tax consequences can you expect to encounter, and what’s the best way to handle them? RIAVA also provides Investment Analysis and Counseling (Buy/Sell Decisions) to assist in the acquisition/disposition of commercial real estate assets. Ad Valorem Property Tax Appeal and Counseling Another area of RIAVA’s expertise encompasses Ad Valorem Property Tax Appeal and Counseling. Let us take a no-obligation look at how your investment is assessed to see if an assessment appeal is warranted. Members of RIAVA have successfully represented some of the largest institutional real estate owners in the country on appeals of assets located throughout the southern region of Florida - find out what we can do for you. Property Condition Surveys, Inspection Reports, and Asset Performance Reviews Do you need to know what your real estate investment requires in the way of correcting deferred maintenance, addressing capital expenditures and the like, and more importantly, how severely they may be impacting your asset? How well is your asset performing now, in comparison to six months ago? A year ago? RIAVA performs Property Condition Surveys, Inspection Reports, and Asset Performance Reviews to help sophisticated owners with the most appropriate internal countermeasures. Owner/Lender Due Diligence (Acquisition and Disposition) RIAVA also provides Owner/Lender Due Diligence (Acquisition and Disposition) in those instances where a property is either being purchased or sold, or when a lender is contemplating a mortgage loan. Members of RIAVA have experience performing formal due diligence packages for a number of various owners and lenders on properties located throughout the United States let us show you how we can perform. Loan and Credit Underwriting and Agreed-Upon Procedures An additional area of RIAVA’s work focus involves Loan and Credit Underwriting and Agreed-Upon Procedures (as a third party), which we provide to lenders and private sources of funds that either do not have the appropriate in-house underwriting infrastructure, or those that require third-party services. Our local expertise and extensive proprietary property database allow us to accurately and efficiently underwrite virtually every property type. Customized Advisory and Counseling Services Didn’t see a section describing the advisory services you need? No problem RIAVA is available to perform Customized Advisory and Counseling Services that are “tailor-made” to meet your every requirement. Call or e-mail us today so we can show you how! RIAVA CAPITAL RIAVA Realty Capital (RRC) focuses on four distinct client services, all in the arena of commercial real estate finance: Capital Advisory Services Our Capital Advisory Services assists in providing clients with creative financing options for their real estate investments. Did you know that since 1997, members of RIAVA have been responsible for the procurement and arrangement of over $100 million in combined senior mortgages, mezzanine debt, and preferred equity? Debt Origination and Placement, Equity Arrangement, Mezzanine Financing Do you have significant equity in one or more properties? Let us show you how to employ strategic leverage in order to free up capital and acquire more property. We can rearrange and restructure your capital stack through creative Equity Arrangement and Procurement, Debt Origination and Placement, and Mezzanine Financing. We are currently experiencing the lowest cost of capital in the marketplace witnessed over the past 30 years are you sure you have the most aggressive capital arrangement on your real property? Let RIAVA show you how it can be improved. APPRAISAL SERVICES • Limited & Complete Appraisals • Letters of Opinion • Review Appraisal Services • Eminent Domain • Property Rights Appraisal • Litigation Support • Expert Witness Testimony & Arbitration • Estate Valuation • Commercial Lease Review • Commercial Lease Abstracting & Valuation • Portfolio Valuation • Going-Concern Valuation • Highest & Best Use/Feasibility Studies • Customized Advisory & Appraisal Services “Limited” &“Complete” Appraisals Limited and Complete Appraisal Reports - RIAVA performs every type of appraisal analysis (“Complete” and “Limited”), with appraisal reports presented in each format (“Restricted”, “Summary”, and “Self-Contained”). All appraisals are intended to comply with the requirements of the Appraisal Institute, the Uniform Standards of Professional Appraisal Practice (USPAP), and the requirements of all other appropriate lending and/or regulatory entities, depending upon the nature and scope of the appraisal assignment. For a sampling of recent appraisal assignments, click here. Letters of Opinion In those instances where a complete or limited appraisal analysis is not warranted, RIAVA may also be able to provide Letters of Opinion. Review Appraisal Services RIAVA also provides Review Appraisal Services for those who require an opinion of another appraiser’s work. Desk and Field review services are available on virtually every property type. Eminent Domain/Property Rights Appraisal and Counseling Another area of RIAVA’s expertise is in Eminent Domain and Real Property Rights Appraisal and Counseling. We have previously represented both Condemnors’ and Condemnees’ interests. Litigation Support, Expert Witness Testimony, and Arbitration We can also assist in Litigation Support, Expert Witness Testimony, and Arbitration in those situations where real property interests have become the subject of a lawsuit, tax audit, or condemnation proceeding. Estate Valuation Estate Valuation is another of RIAVA’s specialty areas. We have advised many clients with regard to estate and tax planning surrounding the ramifications of buying, selling, owning, and transferring commercial real estate, as well as assisting clients with structuring 1031 tax-deferred exchanges. Valuation of Fractional, Partial, and Limited Interests Valuation of Fractional, Partial, and Limited Interests is also an area of expertise for us. We have valued a number of ground leases, leasehold, sub-leasehold (“sandwich” positions), and leased fee interests. Commercial Lease Review, Abstracting, and Valuation In addition, we can also perform Commercial Lease Review, Abstracting, and Valuation to determine what effects, if any, certain lease clauses may have on the value of a given lease interest, or how such lease clauses affect the overall value of a property. Portfolio Valuation RIAVA can also perform Portfolio Valuation for larger, institutional investors, either on the equity or debt side of the investment equation. We have performed valuations of mixed- and like-kind asset portfolios. Going-Concern Valuation Is there an ongoing business associated with your real property? In those instances where real property value must be separated from the enterprise value of an ongoing business, RIAVA can provide Going-Concern Valuation services for hotels, restaurants, manufacturing, service stations, and other types of property uses where a business concern is associated with real property. Highest and Best Use Analysis, Feasibility Studies/Cost-Benefit Analysis Is the real property asset in which you have an interest being utilized to its maximum potential? RIAVA can perform a Highest and Best Use Analysis to determine what use is physically possible, legally permissible, financially feasible, and maximally productive. We can also employ technical Feasibility Studies/Cost-Benefit Analysis to determine which land use most appropriately fulfills the objectives of the client/investor/developer. Customized Advisory and Appraisal Services Didn’t see a section describing the advisory services you need? No problem RIAVA is available to perform Customized Advisory and Appraisal Services that are “tailor-made” to meet your every requirement. Call or e-mail us today so we can show you how! SAMPLE ASSIGNMENTS The members of RIAVA Realty Advisors have been either materially or significantly involved, or have been a procuring cause in, the following sampling of assignments: APPRAISAL, ADVISORY, AND CONSULTATIVE ASSIGNMENTS Miami Circle - This site is located at the mouth of the Miami River and was the subject of much controversy in 2000 due to the existence of artifacts dating back to the Tequesta Indians. Prior to finding sacrificial remains during site preparation, the owners had received all city approvals, construction financing and executed construction contract to build two high-rise towers containing 600 units. This assignment involved calculating the amount of entrepreneurial profit that had been earned by the developers even though the project had not yet been completed. COMMERCIAL REAL ESTATE BROKERAGE AND FINANCE Aventura Commons - Arranged a $17,250,000 senior mortgage commitment through First Union Real Estate Capital Markets for the refinance of this retail power center located in Aventura, Florida. Appraisal, Advisory, And Consultative Assignments Miami Intermodal Center (MIC) Miami River Center Bank of America Building (formerly CenTrust Tower) Turtle Run Real Property Assets of Doral Park Port Everglades Arquitectonica Building Mirador Apartments (formerly Forte Towers) Hickory Corners Shopping Center Collins Avenue & 8th Street (Miami Beach) The Royalton Hotel (subsequently acquired by TravelLodge) Single-tenant Retail Portfolio Coconut Grove Mixed-Use Grove Square Condominiums Grove Plaza Peacock Place Pinecrest Plaza Boca Raton Medical Complex Shoppes at Palmetto Park Various Assessment Appeals Commercial Real Estate Brokerage and Finance Kendall Lake Towers Herons Plaza Monte Sano Apartments Tamarac Marketplace Kimberly Lakes Apartments Grove Gate Apartments Lofts of Lively Oaks Parkview Apartments CONTACT US RIAVA Realty Advisors, Inc. 2121 Ponce de Leon Boulevard, Suite 900 Coral Gables, FL 33134 305.448.2910 - Office 305.448.5610 - Fax info@riava.com Laskody Greg Laskody RIAVA MAI CCIM Commercial Real Estate Appraisal Commercial Real Estate Appraisers Real Estate Appraisers Commercial Realty Commercial Real Estate Commercial Property Commercial Real Estate Finance Commercial Real Estate Capital Commercial Real Estate Brokerage Property Tax Appeal Income Properties Investment Properties Due Diligence Market Studies Investment Analysis Real Estate Equity Real Estate Debt Mezzanine Financing Property Tax Consulting Site Inspections Property Inspections Agreed-Upon Procedures Loan and Credit Underwriting Lease Analysis Lease Review Market Studies Marketability Studies Feasibility Analysis Rent Studies Highest and Best Use Studies Discounted Cash Flow Analysis Eminent Domain Expert Witness Expert Witness Testimony Litigation Support “Going Concern” Valuation WELCOME TO RIAVA RIAVA - Research, Interpret, Analyze, Value, Advise this is the core skill set paramount to every service discipline of the company. We are a provider of solutions to the commercial real estate industry; more specifically, RIAVA is an advisory firm that provides a wide variety of appraisal, consultative, and brokerage services to owners, investors, users, capital sources, and other participants involved in every aspect of the commercial real estate industry. BACKGROUND The President of RIAVA is Gregory J. Laskody, MAI, CCIM. He is a 1988 graduate (B.S.) of Florida State University’s renowned Real Estate program, and has over 15 years of diversified experience in the South Florida commercial real estate market. Mr. Laskody is a Member of the Appraisal Institute (MAI), a Certified Commercial Investment Member (CCIM) of the CCIM Institute, a licensed real estate broker and mortgage broker, and a state-certified general appraiser, all within the state of Florida. According to the Appraisal Institute and the CCIM Institute, less than 2% of practicing real estate professionals worldwide have obtained both the MAI and CCIM designations. During his career, Mr. Laskody has held positions with some of the most notable companies in commercial real estate, such as Real Estate Tax Services (later acquired by the national accounting firm of Deloitte and Touche), The Capital Company of America, (formerly Nomura Capital), and First Union’s Real Estate Capital Markets Group, which is now Wachovia. He is also an adjunct professor of Real Estate Studies at Miami-Dade College. Member, Appraisal Institute (MAI): No. 10502 Certified Commercial Investment Member, CCIM Institute (CCIM): No. 5516 State Certified General Appraiser Florida: No. RZ0001637 Licensed Real Estate Broker Florida: No. 051461 Licensed Mortgage Broker Florida: No. MB0222371 • Offering Memorandums • Acquisition/Disposition Due Diligence • Investment Sales • Broker Price Opinions Offering Memorandums RIAVA has the infrastructure and beefed-up computer technology to produce outstanding, top-notch Offering Memorandums to assist you in the marketing of your asset. Let us create a “one-of-a-kind”, individualized marketing package guaranteed to blow away a potential purchaser of your asset. Acquisition/Disposition Due Diligence Sellers - how do you know you’ll get those purchase offers at or near your asking price? Is it possible you may have missed something? Buyers - did you just overpay for that asset? RIAVA also provides Due Diligence Services (Acquisition and Disposition) in those instances where a transaction is being contemplated, and the parties require third-party due diligence. Eliminate any surprises by taking advantage of our expertise in the local market and our proprietary property database to insure that the deal you’re making makes sense. Investment Sales Did you know that RIAVA performs Investment Sales? Our principal and members are licensed real estate brokers with over 35 years of combined brokerage experience involving commercial real estate located throughout South Florida. We have the network, the resources, the contacts, and the relationships to successfully market your property to the most appropriate party. We may also have properties available for purchase or exchange - call us today to see what’s available we’ll find you a deal that fits your parameters. Broker Price Opinions In those instances where an appraisal or other valuation service is not warranted, RIAVA can provide Broker Pricing Opinions (BPOs) to assist in determining not only at what price a given property should sell, but under what kind of conditions and circumstances, and whether or not that price will be realized within a certain time frame. BPOs provide a quick and affordable alternative to formal appraisal analyses. Call us to see if a BPO will meet your requirements. WHAT WE DO RIAVA is an advisory firm that provides a wide variety of appraisal, consultative, and brokerage services to owners, investors, users, capital sources, and other participants involved in virtually every aspect of the commercial real estate industry. RIAVA’s advisors are recognized experts in the local commercial real estate market, having a dynamic combination of formal real estate education, considerable work experience, professional licenses and designations, and a vast and intimate working knowledge of commercial real estate. Our primary geographical area of expertise is the South Florida market, although the company has either performed, or been significantly and materially involved in, other transactions and assignments in other parts of the continental United States. If you are an owner, investor, user, capital source, or other participant in commercial real estate, competent valuation and advisory services are not only necessary, but critical in protecting your interests. Let RIAVA’s academically-trained, state-licensed, professionally-designated experts assist you in maximizing those interests! PROPERTY TYPES RIAVA has appraisal, consulting, advisory, assessment appeal, brokerage, and finance experience with virtually every type of commercial real estate; click here for some examples. MULTI-FAMILY • Apartments (from 6-unit buildings to portfolios of multiple investment-grade, garden-style apartment developments in excess of 1,000 units; and everything in between) • Mobile Home Parks • Low-Income Housing Tax Credits (both existing and proposed) • Multiple condominium units held as investment property OFFICE • Single-tenant/owner-user properties (from small, 5,000 square-foot owner-user buildings to over 200,000 square-foot, institutional-grade owner-user buildings) • multi-tenant (from less than 5,000 square feet to over 600,000 square feet) • Special purpose office buildings with atypical design and construction features • All office properties range in class from “A” to “D” MIXED-USE ASSETS Mixed-Use assignments include virtually every combination of property type presented above, i.e., apartment/retail; office/retail; office/industrial; apartment/office, etc. In addition to these assignments, we have also been involved in : • Golf Courses/Driving Ranges • Lodges/Private Clubs • Drive-In & Regular Theaters • Auto Dealerships • Skating Rinks • Auto Service Centers • Tourist Attractions • Parking Garages • Fairgrounds • Bowling Alleys • Places of Worship • Pre-schools/Day Care Centers ENVIROMENTALLY SENSITIVE LAND • Wetlands • Groves • Hammocks • Partially-submerged lands RETAIL • Free-standing/owner-user properties (from 10,000 square feet to over 100,000 square feet) • Unanchored, Shadow-Anchored, and Anchored Neighborhood and Community Shopping Centers • “Power” and “Deep Discount” Retail Centers • Regional Malls • Portfolios of a combination of retail property types MEDICAL • Single-tenant/owner-user and multi-tenant medical office buildings • Out-patient care and surgical centers • Veterinary hospitals • Walk-In Clinics ADULT LIV ING • Private-Pay and Government-Subsidized Facilities • ACLF’s with Alzheimer’s and in-house nursing and medical Facilities • Nursing Homes INDUSTRIAL FACILITIES • Free-standing/owner-user properties (from 10,000 square feet to over 100,000 square feet) • Unanchored, Shadow-Anchored, and Anchored Neighborhood and Community Shopping Centers • “Power” and “Deep Discount” Retail Centers • Regional Malls • Portfolios of a combination of retail property types VACANT LAND • Wetlands • Groves • Hammocks • Partially-submerged lands HOTELS • Local Hotels and Motels (Less than 20 rooms to over 50 rooms) • National (Flagged) Hotel Franchises (50 rooms to over 200 rooms) with Convention and Banquet Facilities • Resorts (with and without Golf Facilities) CONSULTATIVE SERVICES • Sale and/or Lease Negotiations • Comm Lease Review, Abstracting/Valuation • Letters of Opinion • Litigation Support • Expert Witness Testimony, & Arbitration • Highest & Best Use Analysis/Feasibility • Cost-Benefit Analysis • Market Studies and Market Analyses • Trend Analysis & Absorption Studies • Rent Surveys/Operating Expense Analyses • Discounted Cash Flow Analysis • Sensitivity Analysis • Marketability Analysis • Renovation/Rehabilitation Analyses • Conversion, & Alternate Use Analyses • Investment Analysis & Counseling • Property Tax Appeal & Counseling • Property Condition Surveys • Property Condition Inspection Reports • Asset Performance Reviews • Owner/Lender Due Diligence • Loan & Credit Underwriting • Agreed-Upon Procedures • Customized Advisory & Counseling Services Sale and/or Lease Negotiations Considering a sale or transfer of your interest in commercial real estate? Perhaps a sale/leaseback is being entertained. Whatever the scenario, RIAVA can advise on Sale and/or Lease Negotiations for all types of commercial property. Commercial Lease Review, Abstracting, and Valuation In addition, we can also perform Commercial Lease Review, Abstracting, and Valuation to determine what effects, if any, certain lease clauses may have on the value of a given lease interest, or how such lease clauses affect the overall value of a property. Letters of Opinion In those instances where a complete or limited appraisal analysis is not warranted, RIAVA may also be able to provide Letters of Opinion with regard to the disposition of an asset, or the acquisition of a new one. Litigation Support, Expert Witness Testimony, and Arbitration We can also assist in Litigation Support, Expert Witness Testimony, and Arbitration in those situations where real property interests have become the subject of a lawsuit, tax audit, or eminent domain proceeding. Highest and Best Use Analysis Feasibility Studies/Cost-Benefit Analysis Is the real property asset in which you have an interest being utilized to its maximum potential? RIAVA can perform a Highest and Best Use Analysis to determine what use is physically possible, legally permissible, financially feasible, and maximally productive. We can also employ technical Feasibility Studies/Cost-Benefit Analysis to determine which land use most appropriately fulfills the objectives of the client/investor/developer. Market Studies and Market Analyses Do you need to know about the market conditions that currently motivate its participants? Would a better understanding of the broad changes affecting supply and demand in a given market be of interest to you? RIAVA can perform Market Studies and Market Analysis to help identify and quantify these factors, and more importantly, how they affect your interests. Trend Analysis, Absorption Studies, Rent Surveys, Operating Expense Analyses How has your property’s rents, expenses, absorption, and occupancy compared to the competition? Are the owners of property in your competitive set doing something different? … Something better? Contemplating a new deal, but unsure of what’s really going on in the market? Find out RIAVA can perform Trend Analyses, Absorption Studies, Rent Surveys, and Operating Expense Analyses to address those concerns. Discounted Cash Flow Analysis and Sensitivity Analysis Do you have need for technical Discounted Cash Flow Analysis and Sensitivity Analysis? Did you REALLY make the return you thought you made on your last deal? We can help you decide what the REAL value of a deal is at a “target” rate of return. We use Argus© cash flow analysis software, along with a myriad of customized Excel spreadsheets to accurately analyze all inflows and outflows, and how they translate into assessing your investment, and what it’s really worth at given return rates. Marketability Analysis How marketable is a property (either for sale or for lease) under current market conditions? Does the utility of the improvements, whether proposed or existing, satisfy the requirements of the market it intends to capture? Marketability Analysis holds the answers let RIAVA show you how. Renovation/Rehabilitation, Conversion, and Alternate Use Analyses Are there alternative uses for a property that would provide a higher return? RIAVA can conduct Renovation/Rehabilitation, Conversion, and Alternate Use Analyses to help determine “before” and “after” values, and whether or not an existing or proposed use makes sense, given an investor’s particular yield requirements matched against current market trends and conditions. Investment Analysis and Counseling (Buy/Sell Decisions) Are you considering the purchase of an income-producing asset? What about disposing of one? Are you really in touch with what the market will bring your property? What kind of tax consequences can you expect to encounter, and what’s the best way to handle them? RIAVA also provides Investment Analysis and Counseling (Buy/Sell Decisions) to assist in the acquisition/disposition of commercial real estate assets. Ad Valorem Property Tax Appeal and Counseling Another area of RIAVA’s expertise encompasses Ad Valorem Property Tax Appeal and Counseling. Let us take a no-obligation look at how your investment is assessed to see if an assessment appeal is warranted. Members of RIAVA have successfully represented some of the largest institutional real estate owners in the country on appeals of assets located throughout the southern region of Florida - find out what we can do for you. Property Condition Surveys, Inspection Reports, and Asset Performance Reviews Do you need to know what your real estate investment requires in the way of correcting deferred maintenance, addressing capital expenditures and the like, and more importantly, how severely they may be impacting your asset? How well is your asset performing now, in comparison to six months ago? A year ago? RIAVA performs Property Condition Surveys, Inspection Reports, and Asset Performance Reviews to help sophisticated owners with the most appropriate internal countermeasures. Owner/Lender Due Diligence (Acquisition and Disposition) RIAVA also provides Owner/Lender Due Diligence (Acquisition and Disposition) in those instances where a property is either being purchased or sold, or when a lender is contemplating a mortgage loan. Members of RIAVA have experience performing formal due diligence packages for a number of various owners and lenders on properties located throughout the United States let us show you how we can perform. Loan and Credit Underwriting and Agreed-Upon Procedures An additional area of RIAVA’s work focus involves Loan and Credit Underwriting and Agreed-Upon Procedures (as a third party), which we provide to lenders and private sources of funds that either do not have the appropriate in-house underwriting infrastructure, or those that require third-party services. Our local expertise and extensive proprietary property database allow us to accurately and efficiently underwrite virtually every property type. Customized Advisory and Counseling Services Didn’t see a section describing the advisory services you need? No problem RIAVA is available to perform Customized Advisory and Counseling Services that are “tailor-made” to meet your every requirement. Call or e-mail us today so we can show you how! RIAVA CAPITAL RIAVA Realty Capital (RRC) focuses on four distinct client services, all in the arena of commercial real estate finance: Capital Advisory Services Our Capital Advisory Services assists in providing clients with creative financing options for their real estate investments. Did you know that since 1997, members of RIAVA have been responsible for the procurement and arrangement of over $100 million in combined senior mortgages, mezzanine debt, and preferred equity? Debt Origination and Placement, Equity Arrangement, Mezzanine Financing Do you have significant equity in one or more properties? Let us show you how to employ strategic leverage in order to free up capital and acquire more property. We can rearrange and restructure your capital stack through creative Equity Arrangement and Procurement, Debt Origination and Placement, and Mezzanine Financing. We are currently experiencing the lowest cost of capital in the marketplace witnessed over the past 30 years are you sure you have the most aggressive capital arrangement on your real property? Let RIAVA show you how it can be improved. APPRAISAL SERVICES • Limited & Complete Appraisals • Letters of Opinion • Review Appraisal Services • Eminent Domain • Property Rights Appraisal • Litigation Support • Expert Witness Testimony & Arbitration • Estate Valuation • Commercial Lease Review • Commercial Lease Abstracting & Valuation • Portfolio Valuation • Going-Concern Valuation • Highest & Best Use/Feasibility Studies • Customized Advisory & Appraisal Services “Limited” &“Complete” Appraisals Limited and Complete Appraisal Reports - RIAVA performs every type of appraisal analysis (“Complete” and “Limited”), with appraisal reports presented in each format (“Restricted”, “Summary”, and “Self-Contained”). All appraisals are intended to comply with the requirements of the Appraisal Institute, the Uniform Standards of Professional Appraisal Practice (USPAP), and the requirements of all other appropriate lending and/or regulatory entities, depending upon the nature and scope of the appraisal assignment. For a sampling of recent appraisal assignments, click here. Letters of Opinion In those instances where a complete or limited appraisal analysis is not warranted, RIAVA may also be able to provide Letters of Opinion. Review Appraisal Services RIAVA also provides Review Appraisal Services for those who require an opinion of another appraiser’s work. Desk and Field review services are available on virtually every property type. Eminent Domain/Property Rights Appraisal and Counseling Another area of RIAVA’s expertise is in Eminent Domain and Real Property Rights Appraisal and Counseling. We have previously represented both Condemnors’ and Condemnees’ interests. Litigation Support, Expert Witness Testimony, and Arbitration We can also assist in Litigation Support, Expert Witness Testimony, and Arbitration in those situations where real property interests have become the subject of a lawsuit, tax audit, or condemnation proceeding. Estate Valuation Estate Valuation is another of RIAVA’s specialty areas. We have advised many clients with regard to estate and tax planning surrounding the ramifications of buying, selling, owning, and transferring commercial real estate, as well as assisting clients with structuring 1031 tax-deferred exchanges. Valuation of Fractional, Partial, and Limited Interests Valuation of Fractional, Partial, and Limited Interests is also an area of expertise for us. We have valued a number of ground leases, leasehold, sub-leasehold (“sandwich” positions), and leased fee interests. Commercial Lease Review, Abstracting, and Valuation In addition, we can also perform Commercial Lease Review, Abstracting, and Valuation to determine what effects, if any, certain lease clauses may have on the value of a given lease interest, or how such lease clauses affect the overall value of a property. Portfolio Valuation RIAVA can also perform Portfolio Valuation for larger, institutional investors, either on the equity or debt side of the investment equation. We have performed valuations of mixed- and like-kind asset portfolios. Going-Concern Valuation Is there an ongoing business associated with your real property? In those instances where real property value must be separated from the enterprise value of an ongoing business, RIAVA can provide Going-Concern Valuation services for hotels, restaurants, manufacturing, service stations, and other types of property uses where a business concern is associated with real property. Highest and Best Use Analysis, Feasibility Studies/Cost-Benefit Analysis Is the real property asset in which you have an interest being utilized to its maximum potential? RIAVA can perform a Highest and Best Use Analysis to determine what use is physically possible, legally permissible, financially feasible, and maximally productive. We can also employ technical Feasibility Studies/Cost-Benefit Analysis to determine which land use most appropriately fulfills the objectives of the client/investor/developer. Customized Advisory and Appraisal Services Didn’t see a section describing the advisory services you need? No problem RIAVA is available to perform Customized Advisory and Appraisal Services that are “tailor-made” to meet your every requirement. Call or e-mail us today so we can show you how! SAMPLE ASSIGNMENTS The members of RIAVA Realty Advisors have been either materially or significantly involved, or have been a procuring cause in, the following sampling of assignments: APPRAISAL, ADVISORY, AND CONSULTATIVE ASSIGNMENTS Miami Circle - This site is located at the mouth of the Miami River and was the subject of much controversy in 2000 due to the existence of artifacts dating back to the Tequesta Indians. Prior to finding sacrificial remains during site preparation, the owners had received all city approvals, construction financing and executed construction contract to build two high-rise towers containing 600 units. This assignment involved calculating the amount of entrepreneurial profit that had been earned by the developers even though the project had not yet been completed. COMMERCIAL REAL ESTATE BROKERAGE AND FINANCE Aventura Commons - Arranged a $17,250,000 senior mortgage commitment through First Union Real Estate Capital Markets for the refinance of this retail power center located in Aventura, Florida. Appraisal, Advisory, And Consultative Assignments Miami Intermodal Center (MIC) Miami River Center Bank of America Building (formerly CenTrust Tower) Turtle Run Real Property Assets of Doral Park Port Everglades Arquitectonica Building Mirador Apartments (formerly Forte Towers) Hickory Corners Shopping Center Collins Avenue & 8th Street (Miami Beach) The Royalton Hotel (subsequently acquired by TravelLodge) Single-tenant Retail Portfolio Coconut Grove Mixed-Use Grove Square Condominiums Grove Plaza Peacock Place Pinecrest Plaza Boca Raton Medical Complex Shoppes at Palmetto Park Various Assessment Appeals Commercial Real Estate Brokerage and Finance Kendall Lake Towers Herons Plaza Monte Sano Apartments Tamarac Marketplace Kimberly Lakes Apartments Grove Gate Apartments Lofts of Lively Oaks Parkview Apartments CONTACT US RIAVA Realty Advisors, Inc. 2121 Ponce de Leon Boulevard, Suite 900 Coral Gables, FL 33134 305.448.2910 - Office 305.448.5610 - Fax info@riava.com Laskody Greg Laskody RIAVA MAI CCIM Commercial Real Estate Appraisal Commercial Real Estate Appraisers Real Estate Appraisers Commercial Realty Commercial Real Estate Commercial Property Commercial Real Estate Finance Commercial Real Estate Capital Commercial Real Estate Brokerage Property Tax Appeal Income Properties Investment Properties Due Diligence Market Studies Investment Analysis Real Estate Equity Real Estate Debt Mezzanine Financing Property Tax Consulting Site Inspections Property Inspections Agreed-Upon Procedures Loan and Credit Underwriting Lease Analysis Lease Review Market Studies Marketability Studies Feasibility Analysis Rent Studies Highest and Best Use Studies Discounted Cash Flow Analysis Eminent Domain Expert Witness Expert Witness Testimony Litigation Support “Going Concern” Valuation WELCOME TO RIAVA RIAVA - Research, Interpret, Analyze, Value, Advise this is the core skill set paramount to every service discipline of the company. We are a provider of solutions to the commercial real estate industry; more specifically, RIAVA is an advisory firm that provides a wide variety of appraisal, consultative, and brokerage services to owners, investors, users, capital sources, and other participants involved in every aspect of the commercial real estate industry. BACKGROUND The President of RIAVA is Gregory J. Laskody, MAI, CCIM. He is a 1988 graduate (B.S.) of Florida State University’s renowned Real Estate program, and has over 15 years of diversified experience in the South Florida commercial real estate market. Mr. Laskody is a Member of the Appraisal Institute (MAI), a Certified Commercial Investment Member (CCIM) of the CCIM Institute, a licensed real estate broker and mortgage broker, and a state-certified general appraiser, all within the state of Florida. According to the Appraisal Institute and the CCIM Institute, less than 2% of practicing real estate professionals worldwide have obtained both the MAI and CCIM designations. During his career, Mr. Laskody has held positions with some of the most notable companies in commercial real estate, such as Real Estate Tax Services (later acquired by the national accounting firm of Deloitte and Touche), The Capital Company of America, (formerly Nomura Capital), and First Union’s Real Estate Capital Markets Group, which is now Wachovia. He is also an adjunct professor of Real Estate Studies at Miami-Dade College. Member, Appraisal Institute (MAI): No. 10502 Certified Commercial Investment Member, CCIM Institute (CCIM): No. 5516 State Certified General Appraiser Florida: No. RZ0001637 Licensed Real Estate Broker Florida: No. 051461 Licensed Mortgage Broker Florida: No. MB0222371 • Offering Memorandums • Acquisition/Disposition Due Diligence • Investment Sales • Broker Price Opinions Offering Memorandums RIAVA has the infrastructure and beefed-up computer technology to produce outstanding, top-notch Offering Memorandums to assist you in the marketing of your asset. Let us create a “one-of-a-kind”, individualized marketing package guaranteed to blow away a potential purchaser of your asset. Acquisition/Disposition Due Diligence Sellers - how do you know you’ll get those purchase offers at or near your asking price? Is it possible you may have missed something? Buyers - did you just overpay for that asset? RIAVA also provides Due Diligence Services (Acquisition and Disposition) in those instances where a transaction is being contemplated, and the parties require third-party due diligence. Eliminate any surprises by taking advantage of our expertise in the local market and our proprietary property database to insure that the deal you’re making makes sense. Investment Sales Did you know that RIAVA performs Investment Sales? Our principal and members are licensed real estate brokers with over 35 years of combined brokerage experience involving commercial real estate located throughout South Florida. We have the network, the resources, the contacts, and the relationships to successfully market your property to the most appropriate party. We may also have properties available for purchase or exchange - call us today to see what’s available we’ll find you a deal that fits your parameters. Broker Price Opinions In those instances where an appraisal or other valuation service is not warranted, RIAVA can provide Broker Pricing Opinions (BPOs) to assist in determining not only at what price a given property should sell, but under what kind of conditions and circumstances, and whether or not that price will be realized within a certain time frame. BPOs provide a quick and affordable alternative to formal appraisal analyses. Call us to see if a BPO will meet your requirements. WHAT WE DO RIAVA is an advisory firm that provides a wide variety of appraisal, consultative, and brokerage services to owners, investors, users, capital sources, and other participants involved in virtually every aspect of the commercial real estate industry. RIAVA’s advisors are recognized experts in the local commercial real estate market, having a dynamic combination of formal real estate education, considerable work experience, professional licenses and designations, and a vast and intimate working knowledge of commercial real estate. Our primary geographical area of expertise is the South Florida market, although the company has either performed, or been significantly and materially involved in, other transactions and assignments in other parts of the continental United States. If you are an owner, investor, user, capital source, or other participant in commercial real estate, competent valuation and advisory services are not only necessary, but critical in protecting your interests. Let RIAVA’s academically-trained, state-licensed, professionally-designated experts assist you in maximizing those interests! PROPERTY TYPES RIAVA has appraisal, consulting, advisory, assessment appeal, brokerage, and finance experience with virtually every type of commercial real estate; click here for some examples. MULTI-FAMILY • Apartments (from 6-unit buildings to portfolios of multiple investment-grade, garden-style apartment developments in excess of 1,000 units; and everything in between) • Mobile Home Parks • Low-Income Housing Tax Credits (both existing and proposed) • Multiple condominium units held as investment property OFFICE • Single-tenant/owner-user properties (from small, 5,000 square-foot owner-user buildings to over 200,000 square-foot, institutional-grade owner-user buildings) • multi-tenant (from less than 5,000 square feet to over 600,000 square feet) • Special purpose office buildings with atypical design and construction features • All office properties range in class from “A” to “D” MIXED-USE ASSETS Mixed-Use assignments include virtually every combination of property type presented above, i.e., apartment/retail; office/retail; office/industrial; apartment/office, etc. In addition to these assignments, we have also been involved in : • Golf Courses/Driving Ranges • Lodges/Private Clubs • Drive-In & Regular Theaters • Auto Dealerships • Skating Rinks • Auto Service Centers • Tourist Attractions • Parking Garages • Fairgrounds • Bowling Alleys • Places of Worship • Pre-schools/Day Care Centers ENVIROMENTALLY SENSITIVE LAND • Wetlands • Groves • Hammocks • Partially-submerged lands RETAIL • Free-standing/owner-user properties (from 10,000 square feet to over 100,000 square feet) • Unanchored, Shadow-Anchored, and Anchored Neighborhood and Community Shopping Centers • “Power” and “Deep Discount” Retail Centers • Regional Malls • Portfolios of a combination of retail property types MEDICAL • Single-tenant/owner-user and multi-tenant medical office buildings • Out-patient care and surgical centers • Veterinary hospitals • Walk-In Clinics ADULT LIV ING • Private-Pay and Government-Subsidized Facilities • ACLF’s with Alzheimer’s and in-house nursing and medical Facilities • Nursing Homes INDUSTRIAL FACILITIES • Free-standing/owner-user properties (from 10,000 square feet to over 100,000 square feet) • Unanchored, Shadow-Anchored, and Anchored Neighborhood and Community Shopping Centers • “Power” and “Deep Discount” Retail Centers • Regional Malls • Portfolios of a combination of retail property types VACANT LAND • Wetlands • Groves • Hammocks • Partially-submerged lands HOTELS • Local Hotels and Motels (Less than 20 rooms to over 50 rooms) • National (Flagged) Hotel Franchises (50 rooms to over 200 rooms) with Convention and Banquet Facilities • Resorts (with and without Golf Facilities) CONSULTATIVE SERVICES • Sale and/or Lease Negotiations • Comm Lease Review, Abstracting/Valuation • Letters of Opinion • Litigation Support • Expert Witness Testimony, & Arbitration • Highest & Best Use Analysis/Feasibility • Cost-Benefit Analysis • Market Studies and Market Analyses • Trend Analysis & Absorption Studies • Rent Surveys/Operating Expense Analyses • Discounted Cash Flow Analysis • Sensitivity Analysis • Marketability Analysis • Renovation/Rehabilitation Analyses • Conversion, & Alternate Use Analyses • Investment Analysis & Counseling • Property Tax Appeal & Counseling • Property Condition Surveys • Property Condition Inspection Reports • Asset Performance Reviews • Owner/Lender Due Diligence • Loan & Credit Underwriting • Agreed-Upon Procedures • Customized Advisory & Counseling Services Sale and/or Lease Negotiations Considering a sale or transfer of your interest in commercial real estate? Perhaps a sale/leaseback is being entertained. Whatever the scenario, RIAVA can advise on Sale and/or Lease Negotiations for all types of commercial property. Commercial Lease Review, Abstracting, and Valuation In addition, we can also perform Commercial Lease Review, Abstracting, and Valuation to determine what effects, if any, certain lease clauses may have on the value of a given lease interest, or how such lease clauses affect the overall value of a property. Letters of Opinion In those instances where a complete or limited appraisal analysis is not warranted, RIAVA may also be able to provide Letters of Opinion with regard to the disposition of an asset, or the acquisition of a new one. Litigation Support, Expert Witness Testimony, and Arbitration We can also assist in Litigation Support, Expert Witness Testimony, and Arbitration in those situations where real property interests have become the subject of a lawsuit, tax audit, or eminent domain proceeding. Highest and Best Use Analysis Feasibility Studies/Cost-Benefit Analysis Is the real property asset in which you have an interest being utilized to its maximum potential? RIAVA can perform a Highest and Best Use Analysis to determine what use is physically possible, legally permissible, financially feasible, and maximally productive. We can also employ technical Feasibility Studies/Cost-Benefit Analysis to determine which land use most appropriately fulfills the objectives of the client/investor/developer. Market Studies and Market Analyses Do you need to know about the market conditions that currently motivate its participants? Would a better understanding of the broad changes affecting supply and demand in a given market be of interest to you? RIAVA can perform Market Studies and Market Analysis to help identify and quantify these factors, and more importantly, how they affect your interests. Trend Analysis, Absorption Studies, Rent Surveys, Operating Expense Analyses How has your property’s rents, expenses, absorption, and occupancy compared to the competition? Are the owners of property in your competitive set doing something different? … Something better? Contemplating a new deal, but unsure of what’s really going on in the market? Find out RIAVA can perform Trend Analyses, Absorption Studies, Rent Surveys, and Operating Expense Analyses to address those concerns. Discounted Cash Flow Analysis and Sensitivity Analysis Do you have need for technical Discounted Cash Flow Analysis and Sensitivity Analysis? Did you REALLY make the return you thought you made on your last deal? We can help you decide what the REAL value of a deal is at a “target” rate of return. We use Argus© cash flow analysis software, along with a myriad of customized Excel spreadsheets to accurately analyze all inflows and outflows, and how they translate into assessing your investment, and what it’s really worth at given return rates. Marketability Analysis How marketable is a property (either for sale or for lease) under current market conditions? Does the utility of the improvements, whether proposed or existing, satisfy the requirements of the market it intends to capture? Marketability Analysis holds the answers let RIAVA show you how. Renovation/Rehabilitation, Conversion, and Alternate Use Analyses Are there alternative uses for a property that would provide a higher return? RIAVA can conduct Renovation/Rehabilitation, Conversion, and Alternate Use Analyses to help determine “before” and “after” values, and whether or not an existing or proposed use makes sense, given an investor’s particular yield requirements matched against current market trends and conditions. Investment Analysis and Counseling (Buy/Sell Decisions) Are you considering the purchase of an income-producing asset? What about disposing of one? Are you really in touch with what the market will bring your property? What kind of tax consequences can you expect to encounter, and what’s the best way to handle them? RIAVA also provides Investment Analysis and Counseling (Buy/Sell Decisions) to assist in the acquisition/disposition of commercial real estate assets. Ad Valorem Property Tax Appeal and Counseling Another area of RIAVA’s expertise encompasses Ad Valorem Property Tax Appeal and Counseling. Let us take a no-obligation look at how your investment is assessed to see if an assessment appeal is warranted. Members of RIAVA have successfully represented some of the largest institutional real estate owners in the country on appeals of assets located throughout the southern region of Florida - find out what we can do for you. Property Condition Surveys, Inspection Reports, and Asset Performance Reviews Do you need to know what your real estate investment requires in the way of correcting deferred maintenance, addressing capital expenditures and the like, and more importantly, how severely they may be impacting your asset? How well is your asset performing now, in comparison to six months ago? A year ago? RIAVA performs Property Condition Surveys, Inspection Reports, and Asset Performance Reviews to help sophisticated owners with the most appropriate internal countermeasures. Owner/Lender Due Diligence (Acquisition and Disposition) RIAVA also provides Owner/Lender Due Diligence (Acquisition and Disposition) in those instances where a property is either being purchased or sold, or when a lender is contemplating a mortgage loan. Members of RIAVA have experience performing formal due diligence packages for a number of various owners and lenders on properties located throughout the United States let us show you how we can perform. Loan and Credit Underwriting and Agreed-Upon Procedures An additional area of RIAVA’s work focus involves Loan and Credit Underwriting and Agreed-Upon Procedures (as a third party), which we provide to lenders and private sources of funds that either do not have the appropriate in-house underwriting infrastructure, or those that require third-party services. Our local expertise and extensive proprietary property database allow us to accurately and efficiently underwrite virtually every property type. Customized Advisory and Counseling Services Didn’t see a section describing the advisory services you need? No problem RIAVA is available to perform Customized Advisory and Counseling Services that are “tailor-made” to meet your every requirement. Call or e-mail us today so we can show you how! RIAVA CAPITAL RIAVA Realty Capital (RRC) focuses on four distinct client services, all in the arena of commercial real estate finance: Capital Advisory Services Our Capital Advisory Services assists in providing clients with creative financing options for their real estate investments. Did you know that since 1997, members of RIAVA have been responsible for the procurement and arrangement of over $100 million in combined senior mortgages, mezzanine debt, and preferred equity? Debt Origination and Placement, Equity Arrangement, Mezzanine Financing Do you have significant equity in one or more properties? Let us show you how to employ strategic leverage in order to free up capital and acquire more property. We can rearrange and restructure your capital stack through creative Equity Arrangement and Procurement, Debt Origination and Placement, and Mezzanine Financing. We are currently experiencing the lowest cost of capital in the marketplace witnessed over the past 30 years are you sure you have the most aggressive capital arrangement on your real property? Let RIAVA show you how it can be improved. APPRAISAL SERVICES • Limited & Complete Appraisals • Letters of Opinion • Review Appraisal Services • Eminent Domain • Property Rights Appraisal • Litigation Support • Expert Witness Testimony & Arbitration • Estate Valuation • Commercial Lease Review • Commercial Lease Abstracting & Valuation • Portfolio Valuation • Going-Concern Valuation • Highest & Best Use/Feasibility Studies • Customized Advisory & Appraisal Services “Limited” &“Complete” Appraisals Limited and Complete Appraisal Reports - RIAVA performs every type of appraisal analysis (“Complete” and “Limited”), with appraisal reports presented in each format (“Restricted”, “Summary”, and “Self-Contained”). All appraisals are intended to comply with the requirements of the Appraisal Institute, the Uniform Standards of Professional Appraisal Practice (USPAP), and the requirements of all other appropriate lending and/or regulatory entities, depending upon the nature and scope of the appraisal assignment. For a sampling of recent appraisal assignments, click here. Letters of Opinion In those instances where a complete or limited appraisal analysis is not warranted, RIAVA may also be able to provide Letters of Opinion. Review Appraisal Services RIAVA also provides Review Appraisal Services for those who require an opinion of another appraiser’s work. Desk and Field review services are available on virtually every property type. Eminent Domain/Property Rights Appraisal and Counseling Another area of RIAVA’s expertise is in Eminent Domain and Real Property Rights Appraisal and Counseling. We have previously represented both Condemnors’ and Condemnees’ interests. Litigation Support, Expert Witness Testimony, and Arbitration We can also assist in Litigation Support, Expert Witness Testimony, and Arbitration in those situations where real property interests have become the subject of a lawsuit, tax audit, or condemnation proceeding. Estate Valuation Estate Valuation is another of RIAVA’s specialty areas. We have advised many clients with regard to estate and tax planning surrounding the ramifications of buying, selling, owning, and transferring commercial real estate, as well as assisting clients with structuring 1031 tax-deferred exchanges. Valuation of Fractional, Partial, and Limited Interests Valuation of Fractional, Partial, and Limited Interests is also an area of expertise for us. We have valued a number of ground leases, leasehold, sub-leasehold (“sandwich” positions), and leased fee interests. Commercial Lease Review, Abstracting, and Valuation In addition, we can also perform Commercial Lease Review, Abstracting, and Valuation to determine what effects, if any, certain lease clauses may have on the value of a given lease interest, or how such lease clauses affect the overall value of a property. Portfolio Valuation RIAVA can also perform Portfolio Valuation for larger, institutional investors, either on the equity or debt side of the investment equation. We have performed valuations of mixed- and like-kind asset portfolios. Going-Concern Valuation Is there an ongoing business associated with your real property? In those instances where real property value must be separated from the enterprise value of an ongoing business, RIAVA can provide Going-Concern Valuation services for hotels, restaurants, manufacturing, service stations, and other types of property uses where a business concern is associated with real property. Highest and Best Use Analysis, Feasibility Studies/Cost-Benefit Analysis Is the real property asset in which you have an interest being utilized to its maximum potential? RIAVA can perform a Highest and Best Use Analysis to determine what use is physically possible, legally permissible, financially feasible, and maximally productive. We can also employ technical Feasibility Studies/Cost-Benefit Analysis to determine which land use most appropriately fulfills the objectives of the client/investor/developer. Customized Advisory and Appraisal Services Didn’t see a section describing the advisory services you need? No problem RIAVA is available to perform Customized Advisory and Appraisal Services that are “tailor-made” to meet your every requirement. Call or e-mail us today so we can show you how! SAMPLE ASSIGNMENTS The members of RIAVA Realty Advisors have been either materially or significantly involved, or have been a procuring cause in, the following sampling of assignments: APPRAISAL, ADVISORY, AND CONSULTATIVE ASSIGNMENTS Miami Circle - This site is located at the mouth of the Miami River and was the subject of much controversy in 2000 due to the existence of artifacts dating back to the Tequesta Indians. Prior to finding sacrificial remains during site preparation, the owners had received all city approvals, construction financing and executed construction contract to build two high-rise towers containing 600 units. This assignment involved calculating the amount of entrepreneurial profit that had been earned by the developers even though the project had not yet been completed. COMMERCIAL REAL ESTATE BROKERAGE AND FINANCE Aventura Commons - Arranged a $17,250,000 senior mortgage commitment through First Union Real Estate Capital Markets for the refinance of this retail power center located in Aventura, Florida. Appraisal, Advisory, And Consultative Assignments Miami Intermodal Center (MIC) Miami River Center Bank of America Building (formerly CenTrust Tower) Turtle Run Real Property Assets of Doral Park Port Everglades Arquitectonica Building Mirador Apartments (formerly Forte Towers) Hickory Corners Shopping Center Collins Avenue & 8th Street (Miami Beach) The Royalton Hotel (subsequently acquired by TravelLodge) Single-tenant Retail Portfolio Coconut Grove Mixed-Use Grove Square Condominiums Grove Plaza Peacock Place Pinecrest Plaza Boca Raton Medical Complex Shoppes at Palmetto Park Various Assessment Appeals Commercial Real Estate Brokerage and Finance Kendall Lake Towers Herons Plaza Monte Sano Apartments Tamarac Marketplace Kimberly Lakes Apartments Grove Gate Apartments Lofts of Lively Oaks Parkview Apartments CONTACT US RIAVA Realty Advisors, Inc. 2121 Ponce de Leon Boulevard, Suite 900 Coral Gables, FL 33134 305.448.2910 - Office 305.448.5610 - Fax info@riava.com Laskody Greg Laskody RIAVA MAI CCIM Commercial Real Estate Appraisal Commercial Real Estate Appraisers Real Estate Appraisers Commercial Realty Commercial Real Estate Commercial Property Commercial Real Estate Finance Commercial Real Estate Capital Commercial Real Estate Brokerage Property Tax Appeal Income Properties Investment Properties Due Diligence Market Studies Investment Analysis Real Estate Equity Real Estate Debt Mezzanine Financing Property Tax Consulting Site Inspections Property Inspections Agreed-Upon Procedures Loan and Credit Underwriting Lease Analysis Lease Review Market Studies Marketability Studies Feasibility Analysis Rent Studies Highest and Best Use Studies Discounted Cash Flow Analysis Eminent Domain Expert Witness Expert Witness Testimony Litigation Support “Going Concern” Valuation WELCOME TO RIAVA RIAVA - Research, Interpret, Analyze, Value, Advise this is the core skill set paramount to every service discipline of the company. We are a provider of solutions to the commercial real estate industry; more specifically, RIAVA is an advisory firm that provides a wide variety of appraisal, consultative, and brokerage services to owners, investors, users, capital sources, and other participants involved in every aspect of the commercial real estate industry. BACKGROUND The President of RIAVA is Gregory J. Laskody, MAI, CCIM. He is a 1988 graduate (B.S.) of Florida State University’s renowned Real Estate program, and has over 15 years of diversified experience in the South Florida commercial real estate market. Mr. Laskody is a Member of the Appraisal Institute (MAI), a Certified Commercial Investment Member (CCIM) of the CCIM Institute, a licensed real estate broker and mortgage broker, and a state-certified general appraiser, all within the state of Florida. According to the Appraisal Institute and the CCIM Institute, less than 2% of practicing real estate professionals worldwide have obtained both the MAI and CCIM designations. During his career, Mr. Laskody has held positions with some of the most notable companies in commercial real estate, such as Real Estate Tax Services (later acquired by the national accounting firm of Deloitte and Touche), The Capital Company of America, (formerly Nomura Capital), and First Union’s Real Estate Capital Markets Group, which is now Wachovia. He is also an adjunct professor of Real Estate Studies at Miami-Dade College. Member, Appraisal Institute (MAI): No. 10502 Certified Commercial Investment Member, CCIM Institute (CCIM): No. 5516 State Certified General Appraiser Florida: No. RZ0001637 Licensed Real Estate Broker Florida: No. 051461 Licensed Mortgage Broker Florida: No. MB0222371 • Offering Memorandums • Acquisition/Disposition Due Diligence • Investment Sales • Broker Price Opinions Offering Memorandums RIAVA has the infrastructure and beefed-up computer technology to produce outstanding, top-notch Offering Memorandums to assist you in the marketing of your asset. Let us create a “one-of-a-kind”, individualized marketing package guaranteed to blow away a potential purchaser of your asset. Acquisition/Disposition Due Diligence Sellers - how do you know you’ll get those purchase offers at or near your asking price? Is it possible you may have missed something? Buyers - did you just overpay for that asset? RIAVA also provides Due Diligence Services (Acquisition and Disposition) in those instances where a transaction is being contemplated, and the parties require third-party due diligence. Eliminate any surprises by taking advantage of our expertise in the local market and our proprietary property database to insure that the deal you’re making makes sense. Investment Sales Did you know that RIAVA performs Investment Sales? Our principal and members are licensed real estate brokers with over 35 years of combined brokerage experience involving commercial real estate located throughout South Florida. We have the network, the resources, the contacts, and the relationships to successfully market your property to the most appropriate party. We may also have properties available for purchase or exchange - call us today to see what’s available we’ll find you a deal that fits your parameters. Broker Price Opinions In those instances where an appraisal or other valuation service is not warranted, RIAVA can provide Broker Pricing Opinions (BPOs) to assist in determining not only at what price a given property should sell, but under what kind of conditions and circumstances, and whether or not that price will be realized within a certain time frame. BPOs provide a quick and affordable alternative to formal appraisal analyses. Call us to see if a BPO will meet your requirements. WHAT WE DO RIAVA is an advisory firm that provides a wide variety of appraisal, consultative, and brokerage services to owners, investors, users, capital sources, and other participants involved in virtually every aspect of the commercial real estate industry. RIAVA’s advisors are recognized experts in the local commercial real estate market, having a dynamic combination of formal real estate education, considerable work experience, professional licenses and designations, and a vast and intimate working knowledge of commercial real estate. Our primary geographical area of expertise is the South Florida market, although the company has either performed, or been significantly and materially involved in, other transactions and assignments in other parts of the continental United States. If you are an owner, investor, user, capital source, or other participant in commercial real estate, competent valuation and advisory services are not only necessary, but critical in protecting your interests. Let RIAVA’s academically-trained, state-licensed, professionally-designated experts assist you in maximizing those interests! PROPERTY TYPES RIAVA has appraisal, consulting, advisory, assessment appeal, brokerage, and finance experience with virtually every type of commercial real estate; click here for some examples. MULTI-FAMILY • Apartments (from 6-unit buildings to portfolios of multiple investment-grade, garden-style apartment developments in excess of 1,000 units; and everything in between) • Mobile Home Parks • Low-Income Housing Tax Credits (both existing and proposed) • Multiple condominium units held as investment property OFFICE • Single-tenant/owner-user properties (from small, 5,000 square-foot owner-user buildings to over 200,000 square-foot, institutional-grade owner-user buildings) • multi-tenant (from less than 5,000 square feet to over 600,000 square feet) • Special purpose office buildings with atypical design and construction features • All office properties range in class from “A” to “D” MIXED-USE ASSETS Mixed-Use assignments include virtually every combination of property type presented above, i.e., apartment/retail; office/retail; office/industrial; apartment/office, etc. In addition to these assignments, we have also been involved in : • Golf Courses/Driving Ranges • Lodges/Private Clubs • Drive-In & Regular Theaters • Auto Dealerships • Skating Rinks • Auto Service Centers • Tourist Attractions • Parking Garages • Fairgrounds • Bowling Alleys • Places of Worship • Pre-schools/Day Care Centers ENVIROMENTALLY SENSITIVE LAND • Wetlands • Groves • Hammocks • Partially-submerged lands RETAIL • Free-standing/owner-user properties (from 10,000 square feet to over 100,000 square feet) • Unanchored, Shadow-Anchored, and Anchored Neighborhood and Community Shopping Centers • “Power” and “Deep Discount” Retail Centers • Regional Malls • Portfolios of a combination of retail property types MEDICAL • Single-tenant/owner-user and multi-tenant medical office buildings • Out-patient care and surgical centers • Veterinary hospitals • Walk-In Clinics ADULT LIV ING • Private-Pay and Government-Subsidized Facilities • ACLF’s with Alzheimer’s and in-house nursing and medical Facilities • Nursing Homes INDUSTRIAL FACILITIES • Free-standing/owner-user properties (from 10,000 square feet to over 100,000 square feet) • Unanchored, Shadow-Anchored, and Anchored Neighborhood and Community Shopping Centers • “Power” and “Deep Discount” Retail Centers • Regional Malls • Portfolios of a combination of retail property types VACANT LAND • Wetlands • Groves • Hammocks • Partially-submerged lands HOTELS • Local Hotels and Motels (Less than 20 rooms to over 50 rooms) • National (Flagged) Hotel Franchises (50 rooms to over 200 rooms) with Convention and Banquet Facilities • Resorts (with and without Golf Facilities) CONSULTATIVE SERVICES • Sale and/or Lease Negotiations • Comm Lease Review, Abstracting/Valuation • Letters of Opinion • Litigation Support • Expert Witness Testimony, & Arbitration • Highest & Best Use Analysis/Feasibility • Cost-Benefit Analysis • Market Studies and Market Analyses • Trend Analysis & Absorption Studies • Rent Surveys/Operating Expense Analyses • Discounted Cash Flow Analysis • Sensitivity Analysis • Marketability Analysis • Renovation/Rehabilitation Analyses • Conversion, & Alternate Use Analyses • Investment Analysis & Counseling • Property Tax Appeal & Counseling • Property Condition Surveys • Property Condition Inspection Reports • Asset Performance Reviews • Owner/Lender Due Diligence • Loan & Credit Underwriting • Agreed-Upon Procedures • Customized Advisory & Counseling Services Sale and/or Lease Negotiations Considering a sale or transfer of your interest in commercial real estate? Perhaps a sale/leaseback is being entertained. Whatever the scenario, RIAVA can advise on Sale and/or Lease Negotiations for all types of commercial property. Commercial Lease Review, Abstracting, and Valuation In addition, we can also perform Commercial Lease Review, Abstracting, and Valuation to determine what effects, if any, certain lease clauses may have on the value of a given lease interest, or how such lease clauses affect the overall value of a property. Letters of Opinion In those instances where a complete or limited appraisal analysis is not warranted, RIAVA may also be able to provide Letters of Opinion with regard to the disposition of an asset, or the acquisition of a new one. Litigation Support, Expert Witness Testimony, and Arbitration We can also assist in Litigation Support, Expert Witness Testimony, and Arbitration in those situations where real property interests have become the subject of a lawsuit, tax audit, or eminent domain proceeding. Highest and Best Use Analysis Feasibility Studies/Cost-Benefit Analysis Is the real property asset in which you have an interest being utilized to its maximum potential? RIAVA can perform a Highest and Best Use Analysis to determine what use is physically possible, legally permissible, financially feasible, and maximally productive. We can also employ technical Feasibility Studies/Cost-Benefit Analysis to determine which land use most appropriately fulfills the objectives of the client/investor/developer. Market Studies and Market Analyses Do you need to know about the market conditions that currently motivate its participants? Would a better understanding of the broad changes affecting supply and demand in a given market be of interest to you? RIAVA can perform Market Studies and Market Analysis to help identify and quantify these factors, and more importantly, how they affect your interests. Trend Analysis, Absorption Studies, Rent Surveys, Operating Expense Analyses How has your property’s rents, expenses, absorption, and occupancy compared to the competition? Are the owners of property in your competitive set doing something different? … Something better? Contemplating a new deal, but unsure of what’s really going on in the market? Find out RIAVA can perform Trend Analyses, Absorption Studies, Rent Surveys, and Operating Expense Analyses to address those concerns. Discounted Cash Flow Analysis and Sensitivity Analysis Do you have need for technical Discounted Cash Flow Analysis and Sensitivity Analysis? Did you REALLY make the return you thought you made on your last deal? We can help you decide what the REAL value of a deal is at a “target” rate of return. We use Argus© cash flow analysis software, along with a myriad of customized Excel spreadsheets to accurately analyze all inflows and outflows, and how they translate into assessing your investment, and what it’s really worth at given return rates. Marketability Analysis How marketable is a property (either for sale or for lease) under current market conditions? Does the utility of the improvements, whether proposed or existing, satisfy the requirements of the market it intends to capture? Marketability Analysis holds the answers let RIAVA show you how. Renovation/Rehabilitation, Conversion, and Alternate Use Analyses Are there alternative uses for a property that would provide a higher return? RIAVA can conduct Renovation/Rehabilitation, Conversion, and Alternate Use Analyses to help determine “before” and “after” values, and whether or not an existing or proposed use makes sense, given an investor’s particular yield requirements matched against current market trends and conditions. Investment Analysis and Counseling (Buy/Sell Decisions) Are you considering the purchase of an income-producing asset? What about disposing of one? Are you really in touch with what the market will bring your property? What kind of tax consequences can you expect to encounter, and what’s the best way to handle them? RIAVA also provides Investment Analysis and Counseling (Buy/Sell Decisions) to assist in the acquisition/disposition of commercial real estate assets. Ad Valorem Property Tax Appeal and Counseling Another area of RIAVA’s expertise encompasses Ad Valorem Property Tax Appeal and Counseling. Let us take a no-obligation look at how your investment is assessed to see if an assessment appeal is warranted. Members of RIAVA have successfully represented some of the largest institutional real estate owners in the country on appeals of assets located throughout the southern region of Florida - find out what we can do for you. Property Condition Surveys, Inspection Reports, and Asset Performance Reviews Do you need to know what your real estate investment requires in the way of correcting deferred maintenance, addressing capital expenditures and the like, and more importantly, how severely they may be impacting your asset? How well is your asset performing now, in comparison to six months ago? A year ago? RIAVA performs Property Condition Surveys, Inspection Reports, and Asset Performance Reviews to help sophisticated owners with the most appropriate internal countermeasures. Owner/Lender Due Diligence (Acquisition and Disposition) RIAVA also provides Owner/Lender Due Diligence (Acquisition and Disposition) in those instances where a property is either being purchased or sold, or when a lender is contemplating a mortgage loan. Members of RIAVA have experience performing formal due diligence packages for a number of various owners and lenders on properties located throughout the United States let us show you how we can perform. Loan and Credit Underwriting and Agreed-Upon Procedures An additional area of RIAVA’s work focus involves Loan and Credit Underwriting and Agreed-Upon Procedures (as a third party), which we provide to lenders and private sources of funds that either do not have the appropriate in-house underwriting infrastructure, or those that require third-party services. Our local expertise and extensive proprietary property database allow us to accurately and efficiently underwrite virtually every property type. Customized Advisory and Counseling Services Didn’t see a section describing the advisory services you need? No problem RIAVA is available to perform Customized Advisory and Counseling Services that are “tailor-made” to meet your every requirement. Call or e-mail us today so we can show you how! RIAVA CAPITAL RIAVA Realty Capital (RRC) focuses on four distinct client services, all in the arena of commercial real estate finance: Capital Advisory Services Our Capital Advisory Services assists in providing clients with creative financing options for their real estate investments. Did you know that since 1997, members of RIAVA have been responsible for the procurement and arrangement of over $100 million in combined senior mortgages, mezzanine debt, and preferred equity? Debt Origination and Placement, Equity Arrangement, Mezzanine Financing Do you have significant equity in one or more properties? Let us show you how to employ strategic leverage in order to free up capital and acquire more property. We can rearrange and restructure your capital stack through creative Equity Arrangement and Procurement, Debt Origination and Placement, and Mezzanine Financing. We are currently experiencing the lowest cost of capital in the marketplace witnessed over the past 30 years are you sure you have the most aggressive capital arrangement on your real property? Let RIAVA show you how it can be improved. APPRAISAL SERVICES • Limited & Complete Appraisals • Letters of Opinion • Review Appraisal Services • Eminent Domain • Property Rights Appraisal • Litigation Support • Expert Witness Testimony & Arbitration • Estate Valuation • Commercial Lease Review • Commercial Lease Abstracting & Valuation • Portfolio Valuation • Going-Concern Valuation • Highest & Best Use/Feasibility Studies • Customized Advisory & Appraisal Services “Limited” &“Complete” Appraisals Limited and Complete Appraisal Reports - RIAVA performs every type of appraisal analysis (“Complete” and “Limited”), with appraisal reports presented in each format (“Restricted”, “Summary”, and “Self-Contained”). All appraisals are intended to comply with the requirements of the Appraisal Institute, the Uniform Standards of Professional Appraisal Practice (USPAP), and the requirements of all other appropriate lending and/or regulatory entities, depending upon the nature and scope of the appraisal assignment. For a sampling of recent appraisal assignments, click here. Letters of Opinion In those instances where a complete or limited appraisal analysis is not warranted, RIAVA may also be able to provide Letters of Opinion. Review Appraisal Services RIAVA also provides Review Appraisal Services for those who require an opinion of another appraiser’s work. Desk and Field review services are available on virtually every property type. Eminent Domain/Property Rights Appraisal and Counseling Another area of RIAVA’s expertise is in Eminent Domain and Real Property Rights Appraisal and Counseling. We have previously represented both Condemnors’ and Condemnees’ interests. Litigation Support, Expert Witness Testimony, and Arbitration We can also assist in Litigation Support, Expert Witness Testimony, and Arbitration in those situations where real property interests have become the subject of a lawsuit, tax audit, or condemnation proceeding. Estate Valuation Estate Valuation is another of RIAVA’s specialty areas. We have advised many clients with regard to estate and tax planning surrounding the ramifications of buying, selling, owning, and transferring commercial real estate, as well as assisting clients with structuring 1031 tax-deferred exchanges. Valuation of Fractional, Partial, and Limited Interests Valuation of Fractional, Partial, and Limited Interests is also an area of expertise for us. We have valued a number of ground leases, leasehold, sub-leasehold (“sandwich” positions), and leased fee interests. Commercial Lease Review, Abstracting, and Valuation In addition, we can also perform Commercial Lease Review, Abstracting, and Valuation to determine what effects, if any, certain lease clauses may have on the value of a given lease interest, or how such lease clauses affect the overall value of a property. Portfolio Valuation RIAVA can also perform Portfolio Valuation for larger, institutional investors, either on the equity or debt side of the investment equation. We have performed valuations of mixed- and like-kind asset portfolios. Going-Concern Valuation Is there an ongoing business associated with your real property? In those instances where real property value must be separated from the enterprise value of an ongoing business, RIAVA can provide Going-Concern Valuation services for hotels, restaurants, manufacturing, service stations, and other types of property uses where a business concern is associated with real property. Highest and Best Use Analysis, Feasibility Studies/Cost-Benefit Analysis Is the real property asset in which you have an interest being utilized to its maximum potential? RIAVA can perform a Highest and Best Use Analysis to determine what use is physically possible, legally permissible, financially feasible, and maximally productive. We can also employ technical Feasibility Studies/Cost-Benefit Analysis to determine which land use most appropriately fulfills the objectives of the client/investor/developer. Customized Advisory and Appraisal Services Didn’t see a section describing the advisory services you need? No problem RIAVA is available to perform Customized Advisory and Appraisal Services that are “tailor-made” to meet your every requirement. Call or e-mail us today so we can show you how! SAMPLE ASSIGNMENTS The members of RIAVA Realty Advisors have been either materially or significantly involved, or have been a procuring cause in, the following sampling of assignments: APPRAISAL, ADVISORY, AND CONSULTATIVE ASSIGNMENTS Miami Circle - This site is located at the mouth of the Miami River and was the subject of much controversy in 2000 due to the existence of artifacts dating back to the Tequesta Indians. Prior to finding sacrificial remains during site preparation, the owners had received all city approvals, construction financing and executed construction contract to build two high-rise towers containing 600 units. This assignment involved calculating the amount of entrepreneurial profit that had been earned by the developers even though the project had not yet been completed. COMMERCIAL REAL ESTATE BROKERAGE AND FINANCE Aventura Commons - Arranged a $17,250,000 senior mortgage commitment through First Union Real Estate Capital Markets for the refinance of this retail power center located in Aventura, Florida. Appraisal, Advisory, And Consultative Assignments Miami Intermodal Center (MIC) Miami River Center Bank of America Building (formerly CenTrust Tower) Turtle Run Real Property Assets of Doral Park Port Everglades Arquitectonica Building Mirador Apartments (formerly Forte Towers) Hickory Corners Shopping Center Collins Avenue & 8th Street (Miami Beach) The Royalton Hotel (subsequently acquired by TravelLodge) Single-tenant Retail Portfolio Coconut Grove Mixed-Use Grove Square Condominiums Grove Plaza Peacock Place Pinecrest Plaza Boca Raton Medical Complex Shoppes at Palmetto Park Various Assessment Appeals Commercial Real Estate Brokerage and Finance Kendall Lake Towers Herons Plaza Monte Sano Apartments Tamarac Marketplace Kimberly Lakes Apartments Grove Gate Apartments Lofts of Lively Oaks Parkview Apartments CONTACT US RIAVA Realty Advisors, Inc. 2121 Ponce de Leon Boulevard, Suite 900 Coral Gables, FL 33134 305.448.2910 - Office 305.448.5610 - Fax info@riava.com Laskody Greg Laskody RIAVA MAI CCIM Commercial Real Estate Appraisal Commercial Real Estate Appraisers Real Estate Appraisers Commercial Realty Commercial Real Estate Commercial Property Commercial Real Estate Finance Commercial Real Estate Capital Commercial Real Estate Brokerage Property Tax Appeal Income Properties Investment Properties Due Diligence Market Studies Investment Analysis Real Estate Equity Real Estate Debt Mezzanine Financing Property Tax Consulting Site Inspections Property Inspections Agreed-Upon Procedures Loan and Credit Underwriting Lease Analysis Lease Review Market Studies Marketability Studies Feasibility Analysis Rent Studies Highest and Best Use Studies Discounted Cash Flow Analysis Eminent Domain Expert Witness Expert Witness Testimony Litigation Support “Going Concern” Valuation WELCOME TO RIAVA RIAVA - Research, Interpret, Analyze, Value, Advise this is the core skill set paramount to every service discipline of the company. We are a provider of solutions to the commercial real estate industry; more specifically, RIAVA is an advisory firm that provides a wide variety of appraisal, consultative, and brokerage services to owners, investors, users, capital sources, and other participants involved in every aspect of the commercial real estate industry. BACKGROUND The President of RIAVA is Gregory J. Laskody, MAI, CCIM. He is a 1988 graduate (B.S.) of Florida State University’s renowned Real Estate program, and has over 15 years of diversified experience in the South Florida commercial real estate market. Mr. Laskody is a Member of the Appraisal Institute (MAI), a Certified Commercial Investment Member (CCIM) of the CCIM Institute, a licensed real estate broker and mortgage broker, and a state-certified general appraiser, all within the state of Florida. According to the Appraisal Institute and the CCIM Institute, less than 2% of practicing real estate professionals worldwide have obtained both the MAI and CCIM designations. During his career, Mr. Laskody has held positions with some of the most notable companies in commercial real estate, such as Real Estate Tax Services (later acquired by the national accounting firm of Deloitte and Touche), The Capital Company of America, (formerly Nomura Capital), and First Union’s Real Estate Capital Markets Group, which is now Wachovia. He is also an adjunct professor of Real Estate Studies at Miami-Dade College. Member, Appraisal Institute (MAI): No. 10502 Certified Commercial Investment Member, CCIM Institute (CCIM): No. 5516 State Certified General Appraiser Florida: No. RZ0001637 Licensed Real Estate Broker Florida: No. 051461 Licensed Mortgage Broker Florida: No. MB0222371 • Offering Memorandums • Acquisition/Disposition Due Diligence • Investment Sales • Broker Price Opinions Offering Memorandums RIAVA has the infrastructure and beefed-up computer technology to produce outstanding, top-notch Offering Memorandums to assist you in the marketing of your asset. Let us create a “one-of-a-kind”, individualized marketing package guaranteed to blow away a potential purchaser of your asset. Acquisition/Disposition Due Diligence Sellers - how do you know you’ll get those purchase offers at or near your asking price? Is it possible you may have missed something? Buyers - did you just overpay for that asset? RIAVA also provides Due Diligence Services (Acquisition and Disposition) in those instances where a transaction is being contemplated, and the parties require third-party due diligence. Eliminate any surprises by taking advantage of our expertise in the local market and our proprietary property database to insure that the deal you’re making makes sense. Investment Sales Did you know that RIAVA performs Investment Sales? Our principal and members are licensed real estate brokers with over 35 years of combined brokerage experience involving commercial real estate located throughout South Florida. We have the network, the resources, the contacts, and the relationships to successfully market your property to the most appropriate party. We may also have properties available for purchase or exchange - call us today to see what’s available we’ll find you a deal that fits your parameters. Broker Price Opinions In those instances where an appraisal or other valuation service is not warranted, RIAVA can provide Broker Pricing Opinions (BPOs) to assist in determining not only at what price a given property should sell, but under what kind of conditions and circumstances, and whether or not that price will be realized within a certain time frame. BPOs provide a quick and affordable alternative to formal appraisal analyses. Call us to see if a BPO will meet your requirements. WHAT WE DO RIAVA is an advisory firm that provides a wide variety of appraisal, consultative, and brokerage services to owners, investors, users, capital sources, and other participants involved in virtually every aspect of the commercial real estate industry. RIAVA’s advisors are recognized experts in the local commercial real estate market, having a dynamic combination of formal real estate education, considerable work experience, professional licenses and designations, and a vast and intimate working knowledge of commercial real estate. Our primary geographical area of expertise is the South Florida market, although the company has either performed, or been significantly and materially involved in, other transactions and assignments in other parts of the continental United States. If you are an owner, investor, user, capital source, or other participant in commercial real estate, competent valuation and advisory services are not only necessary, but critical in protecting your interests. Let RIAVA’s academically-trained, state-licensed, professionally-designated experts assist you in maximizing those interests! PROPERTY TYPES RIAVA has appraisal, consulting, advisory, assessment appeal, brokerage, and finance experience with virtually every type of commercial real estate; click here for some examples. MULTI-FAMILY • Apartments (from 6-unit buildings to portfolios of multiple investment-grade, garden-style apartment developments in excess of 1,000 units; and everything in between) • Mobile Home Parks • Low-Income Housing Tax Credits (both existing and proposed) • Multiple condominium units held as investment property OFFICE • Single-tenant/owner-user properties (from small, 5,000 square-foot owner-user buildings to over 200,000 square-foot, institutional-grade owner-user buildings) • multi-tenant (from less than 5,000 square feet to over 600,000 square feet) • Special purpose office buildings with atypical design and construction features • All office properties range in class from “A” to “D” MIXED-USE ASSETS Mixed-Use assignments include virtually every combination of property type presented above, i.e., apartment/retail; office/retail; office/industrial; apartment/office, etc. In addition to these assignments, we have also been involved in : • Golf Courses/Driving Ranges • Lodges/Private Clubs • Drive-In & Regular Theaters • Auto Dealerships • Skating Rinks • Auto Service Centers • Tourist Attractions • Parking Garages • Fairgrounds • Bowling Alleys • Places of Worship • Pre-schools/Day Care Centers ENVIROMENTALLY SENSITIVE LAND • Wetlands • Groves • Hammocks • Partially-submerged lands RETAIL • Free-standing/owner-user properties (from 10,000 square feet to over 100,000 square feet) • Unanchored, Shadow-Anchored, and Anchored Neighborhood and Community Shopping Centers • “Power” and “Deep Discount” Retail Centers • Regional Malls • Portfolios of a combination of retail property types MEDICAL • Single-tenant/owner-user and multi-tenant medical office buildings • Out-patient care and surgical centers • Veterinary hospitals • Walk-In Clinics ADULT LIV ING • Private-Pay and Government-Subsidized Facilities • ACLF’s with Alzheimer’s and in-house nursing and medical Facilities • Nursing Homes INDUSTRIAL FACILITIES • Free-standing/owner-user properties (from 10,000 square feet to over 100,000 square feet) • Unanchored, Shadow-Anchored, and Anchored Neighborhood and Community Shopping Centers • “Power” and “Deep Discount” Retail Centers • Regional Malls • Portfolios of a combination of retail property types VACANT LAND • Wetlands • Groves • Hammocks • Partially-submerged lands HOTELS • Local Hotels and Motels (Less than 20 rooms to over 50 rooms) • National (Flagged) Hotel Franchises (50 rooms to over 200 rooms) with Convention and Banquet Facilities • Resorts (with and without Golf Facilities) CONSULTATIVE SERVICES • Sale and/or Lease Negotiations • Comm Lease Review, Abstracting/Valuation • Letters of Opinion • Litigation Support • Expert Witness Testimony, & Arbitration • Highest & Best Use Analysis/Feasibility • Cost-Benefit Analysis • Market Studies and Market Analyses • Trend Analysis & Absorption Studies • Rent Surveys/Operating Expense Analyses • Discounted Cash Flow Analysis • Sensitivity Analysis • Marketability Analysis • Renovation/Rehabilitation Analyses • Conversion, & Alternate Use Analyses • Investment Analysis & Counseling • Property Tax Appeal & Counseling • Property Condition Surveys • Property Condition Inspection Reports • Asset Performance Reviews • Owner/Lender Due Diligence • Loan & Credit Underwriting • Agreed-Upon Procedures • Customized Advisory & Counseling Services Sale and/or Lease Negotiations Considering a sale or transfer of your interest in commercial real estate? Perhaps a sale/leaseback is being entertained. Whatever the scenario, RIAVA can advise on Sale and/or Lease Negotiations for all types of commercial property. Commercial Lease Review, Abstracting, and Valuation In addition, we can also perform Commercial Lease Review, Abstracting, and Valuation to determine what effects, if any, certain lease clauses may have on the value of a given lease interest, or how such lease clauses affect the overall value of a property. Letters of Opinion In those instances where a complete or limited appraisal analysis is not warranted, RIAVA may also be able to provide Letters of Opinion with regard to the disposition of an asset, or the acquisition of a new one. Litigation Support, Expert Witness Testimony, and Arbitration We can also assist in Litigation Support, Expert Witness Testimony, and Arbitration in those situations where real property interests have become the subject of a lawsuit, tax audit, or eminent domain proceeding. Highest and Best Use Analysis Feasibility Studies/Cost-Benefit Analysis Is the real property asset in which you have an interest being utilized to its maximum potential? RIAVA can perform a Highest and Best Use Analysis to determine what use is physically possible, legally permissible, financially feasible, and maximally productive. We can also employ technical Feasibility Studies/Cost-Benefit Analysis to determine which land use most appropriately fulfills the objectives of the client/investor/developer. Market Studies and Market Analyses Do you need to know about the market conditions that currently motivate its participants? Would a better understanding of the broad changes affecting supply and demand in a given market be of interest to you? RIAVA can perform Market Studies and Market Analysis to help identify and quantify these factors, and more importantly, how they affect your interests. Trend Analysis, Absorption Studies, Rent Surveys, Operating Expense Analyses How has your property’s rents, expenses, absorption, and occupancy compared to the competition? Are the owners of property in your competitive set doing something different? … Something better? Contemplating a new deal, but unsure of what’s really going on in the market? Find out RIAVA can perform Trend Analyses, Absorption Studies, Rent Surveys, and Operating Expense Analyses to address those concerns. Discounted Cash Flow Analysis and Sensitivity Analysis Do you have need for technical Discounted Cash Flow Analysis and Sensitivity Analysis? Did you REALLY make the return you thought you made on your last deal? We can help you decide what the REAL value of a deal is at a “target” rate of return. We use Argus© cash flow analysis software, along with a myriad of customized Excel spreadsheets to accurately analyze all inflows and outflows, and how they translate into assessing your investment, and what it’s really worth at given return rates. Marketability Analysis How marketable is a property (either for sale or for lease) under current market conditions? Does the utility of the improvements, whether proposed or existing, satisfy the requirements of the market it intends to capture? Marketability Analysis holds the answers let RIAVA show you how. Renovation/Rehabilitation, Conversion, and Alternate Use Analyses Are there alternative uses for a property that would provide a higher return? RIAVA can conduct Renovation/Rehabilitation, Conversion, and Alternate Use Analyses to help determine “before” and “after” values, and whether or not an existing or proposed use makes sense, given an investor’s particular yield requirements matched against current market trends and conditions. Investment Analysis and Counseling (Buy/Sell Decisions) Are you considering the purchase of an income-producing asset? What about disposing of one? Are you really in touch with what the market will bring your property? What kind of tax consequences can you expect to encounter, and what’s the best way to handle them? RIAVA also provides Investment Analysis and Counseling (Buy/Sell Dec