Appraising in a small market requires two things:
- Competency with all property types
- Coverage of a large geographic area
Let’s go to Alexandria, LA, where Austin Johnson and I appraised a ±45,000 square foot, repurposed Toys-R-Us that was thoroughly updated and reconfigured into a Multitenant Medical Office, some of whose tenants are quite specialized and serve much of Central Louisiana. Repurposed/Second Generation buildings are always an adventure in depreciation quantification as there are multiple moving parts to consider with this calculation, and the final figure is usually both objective and subjective. Above all, this assignment was an excellent case study on how to create value after losing a credit tenant in a struggling market.
