Thoughtful Analyses for Important Transactions
What We Do
Whether it is a single asset or a portfolio of properties, our highly skilled real estate valuation and cost segregation specialists are ready to service your needs. We cover a broad range of property types and interests (ownership and lease) in real property.
We are engaged to assist with buy/sell/lease consideration, financial reporting, tax planning and reporting, and dispute.
Who We Serve
Marshall & Stevens has a diverse client base including public and private companies, investors and funds, financing sources and trusted advisors.
No matter the purpose or property location, the real estate valuation and consulting services we provide comply fully with state and federal requirements. and sets the standard for high-quality client service. Our analyses enable you to confidently make the vital real estate decisions necessary for your business to succeed.
The Big Picture
Oftentimes, real estate is part of a larger transaction, involving other assets or businesses. In many cases, we work closely with professionals in our in-house Machinery and Equipment and Financial Valuation practices to provide analyses for:
- Buy/Sell/Lease Consideration
- Cost Segregation Analyses
- Dispute Resolution and Litigation Support
- Estate and Gift Tax Planning and Reporting
- Fairness Opinions
- Financial Reporting
- Healthcare compliance
- Insurance Placement
- Mergers, Acquisitions and Divestiture
- Property Tax Reporting and Dispute
- Repairs and Maintenance Advisory
How Marshall & Stevens can help with Real Estate Valuation
Our Real Estate Valuation team collaborates with our internal multi-disciplinary professionals to provide the value analyses and fresh independent opinions to fiduciaries, financing sources and investors for public and private company transactions.
Bankruptcy, Reorganization and Restructuring Services
Investigative accounting, business and asset valuations, financial consulting, and expert witness testimony are the tools Marshall & Stevens brings to distressed entities looking for a fresh start.
Property Tax Valuation Services
Property taxes are applied ad valorem, meaning based on the assessed value of the property. To assure the reasonableness of property tax basis, it is vital to work with independent professionals who have the right...
Buy/Sell Consideration
For over 90 years, Marshall & Stevens has helped businesses, financing sources, and others answer the question: What is the investment worth?
Frequently Asked Questions
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Marshall & Stevens meets the IRS’ “Qualified Appraiser” standard, valuing real estate, businesses, intangible assets, and equipment for estate and gift tax reporting purposes.
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Marshall & Stevens performs portfolio valuations for a large and diverse pool of investments and investment funds.
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Marshall & Stevens provides forensic accounting, valuations, damages calculations, consulting, and expert witness testimony in a wide variety of litigation and arbitration cases.
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Marshall & Stevens has staff that serve as receivers and who perform investigative/forensic accounting services. We also assist with bankruptcy and restructuring as may be required.
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Marshall & Stevens provides valuation, solvency/insolvency opinions, and other consulting services to assist with bankruptcy, restructuring and recapitalization transactions.
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Marshall & Stevens performs hundreds of valuations and cost segregation analyses every year for renewable energy project developers, sponsors, and investors.
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Marshall & Stevens provides appraisals of machinery, equipment, vehicles, and special purpose property for financing, financial reporting, property tax, insurance, and litigation.
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Marshall & Stevens has a large team of valuation professionals, all of which have industries where they have a particular expertise, including: agriculture, automotive, chemical, construction and engineering, consumer products, energy and infrastructure, entertainment and media, food and beverage, healthcare, hospitality and gaming, manufacturing and distribution, real estate, professional services, technology.
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Marshall & Stevens values companies and assets around the world. Our staff travels as necessary to conduct site inspections, management interviews and perform other due diligence.
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Marshall & Stevens understand the highly regulated healthcare industry. We provide independent valuations of physician and dental practices, management services organizations (MSO’s) and agreements (MSA’s), clinics, hospitals, and assets.
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Marshall & Stevens has a team of specialist that assist business owners with understanding the current value of their business, how to increase value, and to provide exit strategies.
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We work with your advisors to provide valuations that can be used to facilitate the formation of ESOPs, implementation of management incentive plans, stock options, etc. Your tax advisor will help you determine which incentive programs are best for you.
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The accelerated depreciation benefits from a cost segregation analysis on acquired real estate (or improvements for leased space) can typically pay for a material percentage of the transaction costs and/or multiple financing payments.
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Upon request, we provide diverse value opinions for the same assets based upon the purpose and standard of value to efficiently accommodate the need for financing, financial reporting, tax reporting, and insurance. The efficiency in performing all these analyses at the same time leads to pricing benefits for our clients.
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Most companies are diligent about adding acquired assets to their books. A large percentage of companies do not focus on eliminating assets from their books when sold or retired. The asset may have reached a $0 depreciable value, but each asset costs money when it comes to the replacement value for insurance purposes. Why does a 200-bed hospital have 500 beds on its asset list? Why does a 600-seat multiscreen movie theatre have 1,000 seats on its books and a projector from 1993?
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The accelerated depreciation benefits (tax savings) from a cost segregation analysis on acquired real estate (or just improvements to a leased space) can typically pay for a material percentage of the transaction costs and/or multiple financing payments.
The cost segregation analysis provides an allocation of a portion of 1250 real property assets to 1245 personal property, which may result in quicker depreciation of some assets on the property tax rolls.
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Our specialists have a great deal of experience providing detailed replacement cost analyses that help our clients negotiate a lower property insurance cost.
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We perform onsite inspections of facilities to improve the accuracy of the asset records and the valuation analysis. Site inspections keep investors from capitalizing and paying for property taxes and insurance on assets no longer owned or in use (aka Ghost Assets).
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Real estate should be looked at strategically for potential beneficial tax reporting, financial reporting, depreciation including cost segregation and bonus depreciation, financing including sale leaseback, etc.
The fair market value of acquired real estate is often much higher than the seller’s capitalized basis and the allocation between land (not depreciable) and improvements (depreciable) is often different than what the assessor has determined.
For financial reporting, the value of acquired real estate needs to be allocated to land, building and improvements, and intangible assets.
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The accelerated depreciation benefits (tax savings) from a cost segregation analysis on acquired real estate (sometimes just tenant improvements) can typically pay for a material percentage of the transaction costs and/or multiple financing payments.
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Financial reporting compliance requires a determination of fair lease rate.
A large percentage of transactions include lease agreements that are not at current fair market value. This is more often the case when the owner of the business is also the owner of the real estate.
In the acquisition of a medical practice, for instance, the acquiror must not pay a higher than market rate to acquire or lease the property from the seller.
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Each audit firm has their preference for the way certain financial instruments should be valued. We initiate a call with the audit team before performing the analyses to reduce the potential for delays and surprises.
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We focus on efficiency. Our team includes senior valuation professionals with experience working at international audit firms – they did the same review work your audit firm valuation professionals do – making them a great resource to our clients. These specialists understand the materiality thresholds while meeting regulatory requirements.
We provide negative and positive assurance letters upon request.
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Real estate should be looked at strategically for potential beneficial tax reporting, financial reporting, depreciation including cost segregation and bonus depreciation, financing including sale leaseback, etc.
For financial reporting, the value of acquired real estate needs to be allocated to land, building and improvements, and intangible assets.
The fair market value of acquired real estate is often much higher than the seller’s capitalized basis and the allocation between land (not depreciable) and improvements (depreciable) is often different than what the assessor has determined.
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The accelerated depreciation benefits (tax savings) from a cost segregation analysis on acquired real estate (sometimes just tenant improvements) can typically pay for a material percentage of the transaction costs and/or multiple financing payments.
The Marshall & Stevens Difference
Marshall & Stevens provides Fairness and Solvency Opinions, valuation analyses, investigative accounting, and expert witness services to assist public and private clients with their important transactions and litigation matters.
Client Highlights
Here are a few client success stories from public and private companies we’ve worked with
Real Estate Valuation Contacts at Marshall & Stevens
Background
Patrick Craig is a Principal, Executive Managing Director, and National Practice Leader for the Real Estate Valuation Practice at Marshall & Stevens Incorporated.
Mr. Craig has over 30 years of experience in the real estate business involving valuation of single assets or portfolios, serving clients in the financial services, banking, REIT, insurance, legal, accounting, audit, corporate, development, pension and asset management sectors. His experience includes valuation and consulting for proposed and existing real estate projects and real estate portfolios including office, industrial, apartment, retail, hotel, mixed-use, self-storage, and community facility uses. He has also worked on matters of dispute including serving as a valuation expert in litigation.
Mr. Craig entered the real estate business in 1986. Prior to joining Marshall & Stevens, he led the Northeast valuation practice for Colliers International, while running the firm’s Portfolio Valuation Group and Business Innovation Committee and serving on the firm’s Global Leadership Team. Prior to Colliers International, he spent almost two decades with Cushman & Wakefield serving in numerous leadership roles including co-leader of its Portfolio Valuation Group, as Chairman of the firm’s Business Innovation Committee, and as a member of the Global Business Initiatives Council. Prior to Cushman & Wakefield, he held real estate appraisal positions at Dorman & Wilson and European American Bank.
He has served on the Board of Directors for the NY Chapter of the Appraisal Institute. He is an affiliate member of ADISA, a member of the Real Estate Board of New York, NCREIF, and the International Council of Shopping Centers. He is licensed as a Certified General Real Estate Appraiser in: New York, New Jersey, Connecticut, Pennsylvania, Georgia, Florida, Michigan, Virginia, Iowa and Illinois.
Professional Highlights
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- Board of Directors, New York Chapter, former
- Affiliate Member, Alternative & Direct Investment Securities Association (ADISA)
- Member, Real Estate Board of New York
- Member, National Council of Real Estate Investment Fiduciaries (NCREIF)
- Member, International Council of Shopping Centers
- Marshall & Stevens, Inc.
Executive Managing Director, 2013-present - ARGUS Software
Senior Vice President, Client Management, 2012-2013 - Colliers International
Regional Managing Director - Northeastern US, 2010-2012 - Cushman & Wakefield
Senior Managing Director, 1991-2010 - EAB Bank
Vice President, 1990-1991 - Dorman & Wilson
Associate, 1986-1990
Background
Gino Alosco is a Director within the Real Estate Valuation Practice for Marshall & Stevens Incorporated. Working from our Los Angeles Office, he leads a team in the valuation of a variety of real property investments across the US.
Mr. Alosco’s experience includes valuation and consulting for proposed and existing projects including hotel, medical office and other health care properties, industrial, multifamily, office, retail, self-storage, mixed-use, community facility properties, and vacant land. Analyses performed include lease valuations and rent studies.
Mr. Alosco serves a variety of clients in the financial services, banking, insurance, legal and corporate development sectors. He is engaged to perform analyses for financing, financial reporting, tax reporting, wealth transfer, insurance placement, and buy/sell consideration.
Prior to joining Marshall & Stevens, Mr. Alosco held a management position with the Fordham University Department of Transportation.
Mr. Alosco earned a Bachelor of Science in Business Administration with a concentration in Finance and a minor in Sustainable Business from Fordham University. He attends continuing education courses sponsored by the Appraisal Institute as well as professional real estate seminars and meetings. Mr. Alosco is a Candidate for Designation in the Appraisal Institute.
He is licensed as a Certified General Real Estate Appraiser in the State of Arizona, California, Colorado, and New York.
Professional Highlights
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- Marshall & Stevens, Inc.
2015-present
‣ Director, 2021-present
‣ Senior Associate, 2018-2021
‣ Associate, 2015-2018
‣ Real Estate Research Intern/Analyst, 2015 - Fordham University Department of Transportation
Maintenance Coordinator, 2012-2015 - Urban Yoga Foundation
Finance Intern, 2014
Background
Emily Ferreira is a Director within the Real Estate Valuation Practice for Marshall & Stevens Incorporated. She leads a team in the valuation of a variety of real property investments.
Ms. Ferreira’s experience includes valuation and consulting for proposed and existing real estate projects including hotel, medical office, and other health care properties, industrial, multifamily, office, retail, self-storage, mixed-use, community facility properties, and vacant land. She has extensive experience valuing institutional assets and is an expert with discounted cash flow analyses. She serves clients in the pension, private equity, REIT, financial services, banking, insurance, legal and corporate development sectors. She is engaged to perform analyses for financing, financial reporting, tax reporting, wealth transfer, insurance placement, and buy/sell consideration.
Ms. Ferreira earned a Bachelor of Arts degree in Mathematics with concentrations in Computer Science and Business Studies from New York University. She attends continuing education courses sponsored by the Appraisal Institute and professional real estate seminars.
Ms. Ferreira is a Candidate for Designation in the Appraisal Institute. Ms. Ferreira is licensed as a Certified General Real Estate Appraiser in the State of New York.
Professional Highlights
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- Marshall & Stevens, Inc.
Director, 2015-present - PF2 Securities Evaluations
Research Intern, 2015 - Marshall & Stevens, Inc.
Intern, 2014
Background
Matt Schlatter is a Director within the Real Estate Valuation Practice for Marshall & Stevens Incorporated. Working from our New York Office, he leads a team in the valuation of a variety of real property investments across the US.
Mr. Schlatter’s experience includes valuation and consulting for proposed and existing projects including medical office and other health care properties, industrial, multifamily, office, retail, self-storage, mixed-use, community facility properties, and vacant land. Analyses performed include lease valuations and rent studies.
Mr. Schlatter serves a variety of clients in the financial services, banking, insurance, legal and corporate development sectors. He is engaged to perform analyses for financing, financial reporting, tax reporting, wealth transfer, insurance placement, and buy/sell consideration.
Mr. Schlatter attends continuing education courses sponsored by the Appraisal Institute as well as professional real estate seminars and meetings. Mr. Schlatter is a Candidate for Designation in the Appraisal Institute.
Professional Highlights
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- Marshall & Stevens, Inc.
June 2015-present
‣ Director, 2021-present
‣ Senior Associate, 2017-2021
‣ Associate, 2015-2017
‣ Real Estate Intern, 2015 - BlackRock
Corporate Services, Sourcing and Vendor Management Intern, 2014 - Flynn Zito Capital Management, LLC
Part-Time Associate, 2012-2014
Background
Douglas Van Wickler is a Senior Director in the Real Estate Valuation Practice at Marshall & Stevens Incorporated. Mr. Van Wickler has been actively engaged in the Real Estate Valuation profession since 1986. Along with his historical concentration of appraisal experience in the northeast, he has enjoyed expanding his practice throughout all areas of the United States, including Alaska and Hawaii, since joining the firm in 2013. During this time, he has also gained international exposure by performing property valuations in China, Japan, Canada, Sweden, and Denmark.
In addition to appraising traditional office, industrial, retail, and apartment properties, Mr. Van Wickler has specialized experience in the valuation of easements, vacant land, leasehold assets, special purpose properties, manufacturing plants, industrial port facilities, and power plants/renewable energy projects, as well as transportation, education, healthcare, and recreational facilities, among others. Valuation and consultation services are provided to clients in the public utilities, financial services, banking, insurance, legal, accounting, audit, corporate, development, pension, and asset management sectors.
Prior to joining Marshall and Stevens in 2013, Mr. Van Wickler was based in New York, serving as the Senior Appraiser at Diversified Valuation Group for 17 years.
Mr. Van Wickler obtained his bachelor’s degree from the University of Richmond, VA. He is licensed as a Certified General Real Estate Appraiser in the State of New York and New Jersey (pending).
Professional Highlights
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Senior Director, 2013-present - Van Wickler Appraisals, Inc.
President, 1992-2013 - Diversified Valuation Group
Acting Senior Appraiser, 1996-2013
Relevant Insights
Cost Segregation and Estate Tax Reporting – Tax Reduction for Heirs!
Real Estate Allocations - Financial and Tax Reporting
