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Cold Storage

Discussion in 'Commercial/Industrial Appraisals' started by Abester, Sep 30, 2011.

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  1. Abester

    Abester Senior Member

    0
    Jun 12, 2003
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    I am looking for sale data (as well as income/expense data if there is any) for cold storage facilities. The subject is a 200,000 sf facility, half of which is devoted to cold storage (50 degrees to 28 degrees) of food products. The subject has at least regional market appeal but would probably attract an owner/user from just about anywhere, so I am looking for any and all data that may be available. Thanks!
     
  2. Abester

    Abester Senior Member

    0
    Jun 12, 2003
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    Either I have really made everyone mad, or these things just aren't selling!
     
  3. PL1957

    PL1957 Senior Member

    69
    Jul 19, 2004
    Professional Status:
    Certified General Appraiser
    State:
    Illinois
    No, these things sell on a regular basis, either for owner use or as NNN lease investments. There should be tons of them in CoStar/LoopNet. Also, IIRC, there are a couple of REITs that invest in cold storage. You should be able to find their recent acquisitions/dispositions in their SEC filings.
     
  4. Abester

    Abester Senior Member

    0
    Jun 12, 2003
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    Thank you. I was hoping some of the commercial appraisers would have some sale data in file. I hate starting from scratch unless I have to. I'm trying to save time because PE wants me to write a really detailed regional and area analysis in this summary report, and I'm trying to keep costs down!
     
  5. PL1957

    PL1957 Senior Member

    69
    Jul 19, 2004
    Professional Status:
    Certified General Appraiser
    State:
    Illinois
    Don't get into the habit of using stuff people have "in their files". I've seen way too many cases where appraisers have passed on their "B" and "C" comps while saving the good stuff. The only way of making sure you have what you need is through original research. Use the stuff from others files to augment your research, not to replace it.

    BTW, there is nothing more precious than sitting across from an "expert" who's trying to give you the B/C stuff and asking him questions about A stuff that he has in his files. Eventually, ego gets the best of them and they pull the good stuff out, just to show they have it.
     
  6. Caligirl

    Caligirl Senior Member

    0
    Jan 27, 2006
    Professional Status:
    Certified General Appraiser
    State:
    California
    :rof: Good stuff from an old-timer. Awesome
     
  7. Abester

    Abester Senior Member

    0
    Jun 12, 2003
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    I guess it's a sign of the times. I have always shared data, and many of the appraisers in this area do the same. We must be the dinosaurs. Perhaps they have all been fooling me while I am giving what I have, freely and without hesitation. Have a great day.
     
  8. Caligirl

    Caligirl Senior Member

    0
    Jan 27, 2006
    Professional Status:
    Certified General Appraiser
    State:
    California
    Don't take it too hard. I started out in the biz working for brokers and a developer, and despite those established relationships I still have difficulty from time to time getting comps. Depends on the property.

    I do like PL's strategy though, that is textbook psych 101 and it doesn't cost anything. :)
     
  9. PL1957

    PL1957 Senior Member

    69
    Jul 19, 2004
    Professional Status:
    Certified General Appraiser
    State:
    Illinois
    Sharing data used to be much more prevalent before the days of national pay data sources. Everyone used to have a notebook next to the phone where we would list who called us for comps and what they were looking for. It became a source, not only for our own searches, but to refer people who called us looking for data.

    These days, unless an appraiser can demonstrate they've done some legwork themselves, asking for sales data is a sign of someone who is either too lazy to do his own work, or too cheap to subscribe to data services. I'm happy to help guys who can add something to the conversation, but I won't help guys who come to me with nothing but their hands out.
     
  10. Don Jones

    Don Jones Sophomore Member

    0
    Jul 31, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Missouri
    I have to get something off my chest. Here goes: Thus far I have thirty plus years in this business, all of which have been in the non-disclosure State of Missouri. Believe me I know what it is like to struggle with an appraisal assignment in a situation where no market data is available for the job at hand. In addition to the non-disclosure problem, this situation is compounded by the fact that I am located in one of the most economically depressed rural areas of the United States. Market activity is extremely limited for all types of property and especially commercial properties. As a result of working in this environment I have become a birddog for market data.

    Most appraisers would be amazed at the volume and variety of data I maintain in my small, one-man office. If it is a bit of data that I may not need until sometime in the distant future, I will still cabbage onto it for possible use. In addition to sales, and other market data I seek out articles pertaining to the appraisal of specialty type properties, and any other writings that may be available. I have an extensive library.

    Over the years I have received a tremendous amount of help from fellow appraisers, assessors, and others that may possess needed market data. I have always been extremely grateful for any and all of the help I have received and have willingly reciprocated in kind. I share data with local appraisers as well as anyone across the nation that may express a need. I have never failed to acknowledge any help I may have received. However, I have helped a great many appraisers over the years that never acknowledged receipt of the data, much less said a simple thank you. Just as many times as this has happened I have said, “that’s it, no more will I go to the trouble of searching my database, or the internet for someone I do not know” … Still, next time I hear of an appraiser needing help, I respond. It is just in my nature to be helpful if possible.

    I have said all of that to get to this: When someone goes to the trouble to help you by sending you data you have requested, or responded to them in any way, please acknowledge that you have received it and offer a simple thank you for your help. Maybe I’m just getting old and cantankerous, but I get disconcerted at the lack of civility that exists today. We as appraisers can do better. For the 99% of you that are not guilty of this, please disregard.
     
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