KEVIN J. McROBERTS, MAI, ASA, CRE BROKER

Curriculum Vitae

Contact:

PROFESSIONAL EXPERIENCE:

President and CEO: MCRE.US / McRoberts & Associates, LLC.  Des Moines, Iowa.  Specializing in Litigation Advisory Services and Expert Witness in Real Estate Valuation, Property Rights, and related issues.  The company is an independent, fee-based, commercial real property advisory services firm, operating on a national basis.  The private practice primarily provides investment real estate counseling and valuation appraisal services to the private client and institutional sector, as well as appraisal review and litigation support to the financial and legal services sectors for various businesses, law firms, individuals, and government entities.  In addition, brokerage and transaction services, project management, development consulting, and other related CRE advisory services are provided to a global clientele.  (1985 – Present) 

Industry Significance:

Specializing in commercial property services, for many different concerns; including analysis and valuation of various real property rights for permanent, temporary, and ROW easements; condemnation proceedings in eminent domain; advisory and consulting assignments to full valuation appraisals for financing of both existing and proposed projects; appraisal review for lenders, litigation purposes and the various needs of corporate entities and the private client sector. Transactional management includes brokerage for acquisition and/or disposition for corporate and institutional investors, as well as for litigation advisory services and as expert witness.  In addition, corporate site selection for acquisition and analysis for specific build-to-suit projects is provided to clients nationwide.  Speculative investment development advisory services are also provided, including property acquisition and dispositions, leasing services and contract analysis for other real estate and real property advisory services and consulting assignments. 

Client services for acquisition and disposition, which also typically include valuation, as well as possible property management is provided to various organizations.  This includes private client as well as institutions, off-site silent private property ownership and third party interests; and based on fee simple estate, leased fee rights and leasehold or sub-leasehold interests.  Primary line of business concerning commercial investment properties and land development.  Valuation issues, and other various CRE counseling-advisory services, for private client, corporate, institutional organizations, and litigation matters is the main background of the firm.  Governmental and technical support for legal work in various counseling areas for eminent domain in valuation-appraisal, acquisition, advisory and negotiation in condemnation procedures for private and public property interests has resulted in numerous testimony as an expert witness in federal courts, various district courts throughout the country and municipal or county taxing board authorities.  Corporate facilities transaction management and creative marketing solutions bring the company full circle with many dedicated clientele.  Valuation and related advisory services include issues involving market value, investment value, private property damages, and the affect on various property rights in eminent domain through condemnation proceedings, ad valorem, and property tax assessment appeals.  Contract and lease analysis, environmental and property contamination issues, professional appraisal standards review, highest and best use, market studies, feasibility studies, and various research and due diligence services are provided.  Mortgage-loan analysis, underwriting procedures, and credit risk management in federally regulated commercial banking is provided to financial institutions. 

Overall property types, in valuations and transactions, involve both existing and proposed general commercial and industrial projects, retail uses including freestanding net lease facilities to regional shopping centers, tenanted office buildings, multi-family residential housing, mixed-use projects, hospitality facilities, health care facilities, development land, agricultural, special purpose-use properties; public rights-of-way, easements and various real property rights in urban and rural environments.  National project experience in 21 states.  Multiple project-management, and management of 14 employees in two offices pre-1997.

Senior Appraisal Review Manager:  First Horizon National Corporation.  Memphis, TN.  FHNC, Credit Risk Management.  FHNC is the holding company of First Tennessee Bank, N.A. with national headquarters located in Memphis, TN.  Senior Review Appraiser and Manager in Commercial Real Estate - Appraisal Risk Management Department.  National commercial real estate appraisal reviews for all commercial lending units, all loan amounts over $1MM in loan transaction.  All types of commercial property including industrial, retail, office, multi-family, subdivisions, development land, agricultural, recreational, and mixed-use projects on a national basis, all states.  New and existing loans, renewals, participations, A&D, M&A, and new construction.  Author and publish CRE appraisal RFPs and manage bids/award process.  Review and accept or reject third party appraisal reports for collateral valuation in support of loan amount and other criteria.  Interact with all parties to the transaction including relationship loan managers and contract appraisers.  Complete special projects with senior management and assist other appraisers. Utilize and manage RIMS, Real Estate Information Management System, in all work completed under the FHNC proprietary commercial bank policy and Federal OCC regulations.  Chair - Commercial Appraiser Review Committee, 2006-08. 
(2006 - 2011)

Senior Broker Associate:  Iowa Realty Commercial.  West Des Moines, Iowa.  Providing commercial real estate transactional brokerage services; predominantly in the arena of development land and commercial investment properties.  Private client and institutional projects for acquisition, disposition, leasing, and advisory services.  Valuation advisory services.  (2003 through 2006)

Senior Broker Associate:  CB Richard Ellis / Hubbell Commercial.  Des Moines, Iowa.  Investment property services in commercial real estate brokerage, leasing, project management, and various real property consulting services including valuation. Build-to-suit projects from client relations to site selection, acquisition, pre-construction, contractor bids, and project management through occupancy and final lease-up responsibilities.  Involved with all types of commercial property including development land, hospitality facilities, retail uses, multi-family housing, health care facilities, office, and industrial properties.  Recipient of F.M. Hubbell Memorial Production Award each year.  Out of the 30 agent office, appointed to represent and market for the organization of Hubbell Realty Company, the firm’s 50 property industrial, office, and retail portfolio.  Selected by “Gateway 2000” Computer Company national marketing team as Agent for site selection and acquisitions in the State of Iowa for “Gateway Country Stores”.   (1997 - 2002.)

Managing Partner:  CAA McRoberts & Associates, Inc.  Des Moines, Iowa.  Specializing in commercial real property valuation and consulting assignments of various property interests, appraisal review, and general real estate advisory services on a national basis.  Responsible for all areas of departmental office environment including personnel, project management, appraisal review, production, staff appraisers, support staff, marketing, budgets, and operations.  Part of multi-departmental 29 member organization.  (1993 - 1995.)

Real Estate Counselor:  Arthur J. Frahm & Associates, Inc.  Des Moines, Iowa.  Primarily involved with the appraisal and consultation of all types of real property interests.  Properties appraised consisted of commercial and residential (SFD, condominiums, and large high-rise multi-family apartment projects), office, retail, shopping centers, industrial, warehouse, agricultural, subdivisions of various uses, and special purpose properties.  Management responsibilities regarding supervision and training of other appraisers, personnel, and computer implementation.  (1979 - 1985.)

Real Estate Broker Associate:  Gray Real Estate Company.  Ames, Iowa.  Dealt with all aspects of real estate marketing.  Top producer of sales and listings at various times.  Also completed various property appraisals.  (1976 - 1979.)

PROFESSIONAL AFFILIATIONS:

Licensed Iowa Real Estate Broker #B05550000.  Certified General Real Property Appraiser, License # CG01146 State of Iowa.  Certified Appraiser  MAI. #7640,  Member of the Appraisal Institute; formerly the American Institute of Real Estate Appraisers.  Certified ASA, #1326, Accredited Senior Appraiser of the American Society of Appraisers, tested in Real Property/Urban.  GRI, Graduate REALTOR Institute. Member of the Commercial Investment Real Estate Institute.  Greater Des Moines Board of REALTORS.  Iowa and National Association of REALTORS.  Industrial Engineering Extension Advisory Committee, Iowa State University, 1986-1987.  Real Estate Advisory Board, Des Moines Area Community College.  Education Committee, Chapter 34, American Institute of Real Estate Appraisers, 1984-1987.  Commercial-Industrial Committee Member of the Iowa Association of REALTORS, 1986-1989.  Regional Professional Standards Panel Member of the American Institute of Real Estate Appraisers, appointment through 1991. Board of Directors, Pleasant Hill Development, Inc.,  1999-2001.  Listed in West's Who's Who in Real Estate and Steven's Who's Who in Real Estate, 1990-1991. Who's Who World Wide, 1995.  SEAK National Directory of Experts, 2003.  National Register’s Who’s Who in Executives and Professionals, 2004-05.  Approved appraiser for U.S. F.H.A. and V.A.  Better Business Bureau member. 

TEACHING EXPERIENCE / QUALIFICATIONS:

Instructor of appraisal seminars, and seminar development, for the Iowa Association of REALTORS.  Continuing Education Instructor for the Des Moines Public School System.  Certified Seminar Instructor with the Iowa Real Estate Commission.  Appraisal seminar instructor for the Iowa Certified Assessors, and various private educational companies within the CRE industry.  Guest lecturer at Iowa State University, Department of Industrial Engineering.  Developed and instructed seminars titled “ Overview of Commercial Appraisal” and “Cash Equivalency of Contract Financing”.

COLLEGE EDUCATION:

Iowa State University, Ames, Iowa.  Departments of Industrial Engineering and Business Administration; Dean’s list.  Des Moines Area Community College, Ankeny, Iowa. AAS Real Estate program; Dean’s list.  Drake University, Des Moines, Iowa.  Graduate Management Admissions Test.  Major of college study in Real Estate; included Finance, Real Estate Principles, Real Estate Law, Business Law, Engineering Valuation, Advanced Real Estate Mathematics, Cost Segregation, Insurance and Risk Management, Economics, Accounting, Statistics, Marketing, Drafting, Computer Science and Data Processing, Public Administration, and Human Resource Management.

ADVANCED SPECIALIZED EDUCATION:

American Institute of Real Estate Appraisers, now The Appraisal Institute - Appraisal Principles, Methods, and Techniques.  Capitalization Theory and Techniques advanced levels I, II, and III.  SFR Appraisal.  Standards of Professional Practice.  AI Code of Ethics, and USPAP - Uniform Standards of Professional Appraisal Practice.  Case Studies in Real Estate Valuation.  Valuation Analysis and Report Writing.  MAI Comprehensive Examination.  American Society of Appraisers – International Ethics.  Iowa Association of Realtors – Graduate Realtor Institute. GRI Courses 101, 201, and 301.  Financial Analysis for Commercial Real Estate - CIREI.  Putting Together Group Investments - CCIM.  Real Estate Contracts / Cash Equivalency.  Instructor for Commercial Appraisal courses - IAR.  Real Estate Instructor Development Workshop - UNI.  Easement Valuation – IDOT.  Commercial Banking.  Regulatory Real Estate Law.  Fair Housing Law.  Land Valuation and Soil Management - ARA.  BOMA – Building Owners and Managers Association.  Various other real estate courses, and numerous related seminars.

PARTIAL LIST OF MAJOR CLIENTS: ( Past & Present )

Bankers Trust Company.  I.D.B.I. of New York.  Amoco Oil Co.  Pepsi-Cola Co. Gateway 2000.  ESA Hotels.  Conseco Mortgage Capital, Inc.  Hajoca, Inc.  ESA, Extended Stay America.  Bank of Omaha. West Bank. Cutty’s Resort.  Metropolitan Federal Savings Bank, fsb.  City of Minneapolis, Minn.  City of Atlanta, Ga.  Central Life Assurance Co.  Aetna Life and Casualty.  Polk County Attorney.  City of Des Moines, IA.  City of Ames, IA.  State of Iowa.  Polk County Conservation Board.  Republic National Bank of Dallas.  Central National Bank and Trust.  First Interstate Bank.  Bank of Oklahoma.  Brenton Banks.  Iowa State Department of Transportation.  Iowa Public Broadcasting Network.  Norfolk and Western Railway Company.  3-M Corporation.  Massey Ferguson Inc.  Namalco Minerals.  American Invsco.  Salvation Army.  Acco Industries.  Executrans, Inc.  Employee Transfer Corporation.  Norwest Bank and Mortgage.  Federal Security Savings.  Brock Hotel Corp.  Meredith Publishing.  Midland Financial Savings and Loan Association.  Rock Island Railroad.  Chicago Pacific Corporation.  IBP, Inc.  Preferred Risk Insurance Co.  Kansas City Corp.  United States Postal Service.  Golden Corral Corporation.  Burger King Corp.  GMAC Commercial Mortgage Corp.  Iowa Realty Company, Inc.  Hubbell Realty Co.  Knapp Properties.  Ceco Building Systems.  Norwest Bank.  First Bank Systems. The Federal National Mortgage Association, FNMA.  The Federal Home Loan Mortgage Corporation, FHLMC.  Federal Deposit Insurance Corporation, F.D.I.C.  Resolution Trust Corporation, R.T.C. and O.C.C.  United States Department of Housing and Urban Development, HUD.  United States Department of Agriculture Farmers Home Administration.  Many national correspondent lenders.  Various real estate firms, numerous national commercial banks, developers, law offices, and individuals.  Serving all sectors of the market including private client, institutional, and governmental.

PARTIAL LIST OF GEOGRAPHIC WORK EXPERIENCE and Travel:

National On-Site Work Assignments in 21 States:  Alabama.  Arizona.  California.  Colorado.  Florida.  Georgia.  Idaho.  Illinois.  Iowa.  Maine.  Minnesota.  Missouri.  Nebraska.  New York.  North Dakota.  Pennsylvania.  South Dakota.  Tennessee, Ohio.  Utah.  Wisconsin.  Appraisal Review on properties in 48 States.  International Travel:  England.  Scotland.  Wales.  Canada.  Spain.  Mexico.  USA.

MISCELLANEOUS

Computer literate in many programs including, MS Word, Outlook, Excel, RIMS, Access, Argus, various databases, custom spreadsheets, internet, e-mail, many specialty CRE software applications, and most hardware. 

Qualified as a recognized expert witness in matters of real property in Federal Court, several District Courts, property tax board of review hearings and condemnation hearings. 

Recognized by the Iowa Supreme Court in valuation of environmental contamination appraisal methodologies.  Foster v Standard Oil Co.

Required Disclosure:  I am recertified as required by mandatory recertification as set out in the Constitution, Bylaws, and Administration Rules of the American Society of Appraisers. 

Required Disclosure:  As of this date, I am presently updating compliance with the requirements of the continuing education program of the Appraisal Institute. CEUs in process.

As a qualified and experienced Expert Witness, in numerous cases over 34 years, McRoberts has testified on a variety of Real Estate and Real Property Appraisal subjects, from basic principles, to valuation in Eminent Domain law and Ad Valorem appeals with various types of valuations and methodologies.  In Hearings, Trials, District Courts and Federal Courts throughout the Country, clients consist of property owners in the private sector and numerous government entities on the Municipal, County, State, and Federal level.  Many projects and cases involve litigation of valuation issues as in Eminent Domain and Condemnation proceedings; for total acquisitions or partial takings of various types of real estate and property rights in fee simple, or permanent and temporary easements, air rights issues, and public Rights-of-Way for projects such as new highways, street widening, utilities, various public/government improvement projects, and public or private re-development areas.  Many project entities have hired McRoberts as an expert for the Government, through a Bid/RFP process or by Direct Award, for Eminent Domain, Ad Valorem appeals, or other Specialty Litigation cases.  However, the more enjoyable work is in the private sector, such as reviewing eminent domain projects and counseling affected owners on their property rights, many where additional compensation is due from the “government” agency that may not be fully knowledgeable of the effects of the taking, and/or when using sub-standard appraisals in the offer process.  Knowing all the facts of a project and testifying on complex valuation methodologies, educating the Judge, Jury, and cross-examining Attorneys, for proper valuation and opinion of total compensation due the property owner, or other function and purpose, is enjoyable.  Working on any project still requires total independence, and not as an advocate.  However, with the experience, knowledge, and showing the proper demeanor of a true expert as a professional witness is the area in this industry that is most satisfying. Many litigation cases are settled, out of Court, after a McRoberts deposition has shown weakness in the opposition’s position.  Many real estate attorneys, the County Assessor, County Attorney, the IRS, U.S. Tax Court, U.S. Bankruptcy Courts, and the Iowa Supreme Court, are familiar with the valuation work, and/or Trial-Court abilities of McRoberts.   Historical Projects: (Partial Sample List) Utility Tax Rate Appeal   Anderson, et al (Class Action) v. City of Des Moines, Iowa. Client:  Attorney for Class Action - Plaintiff. Issue:  Individual property owner and Residents of City file litigation over an increase in the Real Estate tax rate applied to property assessment for Real Estate Taxes. This was due to the City adding an allocated Value of the “Parking” frontage easement area in the tax formula for the overall property tax per parcel.  Expert Witness McRoberts testifies in District Court, to describe and illustrate to Judge that the MV of the Parking is already inherent within the RE value, and formula for MV and taxation, of the overall adjoining private property.  Hence, to allow the RE Tax rate increase would be double taxing the parcels, over and above that allowed by law, and hence not applicable for use by the City. Conclusion: Judge agreed, and threw out that part of the City argument for a tax rate increase.  Appealed by Defendant.  McRoberts testimony-position upheld by the Iowa Supreme Court. Inverse Condemnation:   Private Property Owner v. City of Des Moines, Iowa. City down-zoned area from M-2 Industrial, to Greenbelt, without compensation.  Before and After Valuation was prepared, by McRoberts for Property Owner, with Court testimony.  Judge decides in favor of Owner, for appropriate damages and correct compensation to property owner was successful. Contamination:   Foster v. Standard Oil Co.  Standard Service station UST leaked gasoline into site and leached into adjoining private vacant development property as well as into well water lines to homes.  In District Court, McRoberts testifies as to the before and after valuation of the property, plus additional damages to the property over and above the before value of the land, because of ongoing costs of forced ownership in perpetuity, as the site became non-useable and un-marketable.  Hence, the after value of the property was actually reported as a negative number.  Court Decision for full damages to Plaintiff. Standard Oil appealed to Iowa Supreme Court who agreed with McRoberts appraisal methodology, and estimate of damages in the exact same amount, for Plaintiff Foster.  This has been considered to be a landmark case, for reference in other litigations. Eminent Domain:   Bernard v. State of Iowa.  IDOT bisects 400-acre agricultural crop farm for interstate roadway system.  McRoberts as expert witness for the Court (Plaintiff) shows full jury how the highest and best use of the land, and “Before” value, was for near-term industrial rezoning and use.  The “After” value was based on continued farmland use due to lost industrial location potential, because of the proposed non-accessible four-lane interstate system at the subject location.  Before and After valuations presented, as well as values of proposed permanent and temporary construction easements that will encroach the subject site indicating overall property damages and total “Just Compensation” to the property owner.  This was over and above the State’s offer, which was based on a single valuation, with appraisal of only the loss of fee simple farmland.  Per McRoberts, the additional loss in the “After” situation did consider the proposed highway improvements, only because of the fact that Federal Funds were used in this State project;  which then allows for consideration of the proposed improvement for any related loss in value to the subject.  Jury agreed as to McRoberts appraisal methodology, and use of the proper appraisal-compensation format instructions from the Court and per the Federal Highway Administration. Eminent Domain:   Hastings v. City of Clinton, Iowa.  Value of the “Larger Parcel”.  McRoberts valued and illustrated in Court the damage to the overall Larger Parcel which considers the Total Value of the direct property taken as well as any additional value of related separate property owned by the condemnee if the separate parcels meet the test of the Larger Parcel; which is if they are related to the direct property taken by 1) Ownership, 2) Related Use, 3) Contiguity.  If two out of the three requirements meet the test, use of this methodology may be used in the estimate of total compensation due. In this case, all three were applicable and applied for the subject industrial land taken; plus value of the applicable damages to related near-by and adjacent parcels, including land, railway spur lines, and buildings used in the same business of the subject owner. Ad Valorem:   Riparian Rights: - Protest and appeal of property assessment by City Assessor in Local Hearing and then District Court; regarding increased assessment for land value with frontage of deep water channel access on the Mississippi River.  This type of access, on the Mississippi in Iowa, is typically used by grain processing companies for on- and off-loading grain to and from barge transportation.  The McRoberts appraisal showed no additional value for River access was present over other in-land industrial parcels sold in the market. Property Partitioning:   Various successful appeals of property assessments, in the private sector, and across many counties.  Also completed independent appraisals for the Polk County Assessor. US Bankruptcy Court:   Valuation of Asset:  In Federal Court, after testimony from McRoberts; from the Bench, the Judge delivered a favorable decision to my client, and publicly admonished the opposing attorney for not knowing and properly applying the applicable law that McRoberts had used. Other Areas of successful Litigation Valuation by McRoberts in the Courts: Loss of Access:   Properties losing access due to new and revised street changes.  Although access, in itself, is not compensable, these cases represented loss in value as a result of installation of Street medians, which adversely affected the access and changed the property locational value.  (Commercial retail use) Corporate Buy-Outs. Mergers & Acquisitions. Income Tax Assets.

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Kevin J. McRoberts