Client: Owners of a Major League Baseball Team

Location: Northeastern United States

Issue: The client required assistance in determining the value for an iconic baseball stadium and negotiating with the municipality to arrive at a fair real property assessment.

Project requirement: WREA performed a study of rents paid by major league baseball teams for both privately and publicly owned stadiums throughout the United States. WREA quantified the categories of revenues, isolated those revenues attributable to the real property and applied the appropriate ratios to the baseball stadium at issue.

Result: The client was able to negotiate a fair and equitable real property assessment and avoided protracted litigation.

Client: Major development company and legal counsel

Location: Mid-Atlantic region of the United States

Issue: Owners of two adjoining parcels leased land to a development company for construction of a large mixed-use project comprised of high-end retail, luxury condominiums and a hotel. The landlords breached the ground lease by refusing to grant estoppel certificates and contesting the building permits.

Project requirement: WREA professionals conducted a market study of the supply and demand for retail and residential space as well as hotel rooms during the relevant time periods, prepared an analysis of the value of the development if it had proceeded as anticipated as well as an analysis of the profits lost as a result of the breach.

Result: A jury awarded the client lost profits of $36M plus attorneys fees. The landlord appealed but the decision was upheld by the Court of Appeals.

Client: Development company and legal counsel

Location: Mid-Atlantic region of the United States

Issue: Developers hired a national construction company to build a 664-bed student housing facility on the perimeter of a large university. The construction contract required substantial completion well in advance of commencement of the Fall term. The construction company failed to comply with the schedule, resulting in a monetary loss of rental income until the Spring term. In addition, there were substantial construction defects that compromised the integrity of the exterior and interior of the building. The developer sued the construction company for damages.

Project requirement: WREA professionals conducted an analysis of the supply and demand for good quality student housing during the relevant time periods, prepared an analysis of the value of the development if it had proceeded on schedule and if it had been constructed in compliance with the contractual agreement as well as an analysis of the revenue lost as a result of the construction delay and defects.

Result: The case was heard by a mediator, who awarded damages to the development company based on the contractual agreement, monetary losses due to project delay and the cost to repair all construction defects.

Client: Major development company and legal counsel

Location: Southeastern United States

Issue: Developer had obtained financing from a lender to construct a mixed-use project comprised of retail, office and residential condominiums overlooking the Harbor. The project was on time, was under budget and in compliance with the required number of sale commitments. The FDIC took over the lender and refused to honor the loan commitment, which ended the project. The developer sued the FDIC for damages.

Project requirement: WREA professionals conducted an analysis of the supply, demand and achievable price for retail, office and residential space in the market during the relevant time periods, prepared an analysis of the value of the development if it had proceeded as anticipated as well as an analysis of the monetary losses caused by the FDIC's actions.

Result: The case was settled prior to trial.

Client: Consortium of major corporations and legal counsel

Location: Northeastern United States

Issue: The owners of a Superfund site had declared bankruptcy and the corporations that had done business with the owners were held liable for remediating the site as well as paying for off-site damages caused by the migration of hazardous substances. The consortium and legal counsel required professional assistance in determining the monetary damages to surrounding land owners.

Project requirement: WREA professionals analyzed the impact of environmental contamination on the affected properties including the lack of marketability and the short and long term diminution in value. We worked with environmental engineers to quantify the clean up costs and time line for remediation.

Result: The consortium was able to comply with Federal mandates to fund the clean up as well as negotiate with the affected property owners.

Client: REIT and legal counsel

Location: Western United States

Issue: REIT had acquired a portfolio of net leased properties from an investment group based on reported financial performance and the risk profile of the tenants. The investment group had assembled the portfolio over a one year period through sale/leaseback transactions. Subsequent to acquisition by the REIT, most of the tenants defaulted on the leases and vacated the properties. The REIT filed suit claiming that the financial reporting was fraudulent and that the leases were never sustainable.

Project requirement: WREA was retained by the REIT to provide expert testimony on the commercial reasonableness of the financial projections and the sustainability of the individual leases.

Result: The case was settled prior to trial.

Client: Investors in a publicly traded REIT and legal counsel

Location: Mid-Atlantic region of the United States

Issue: Investors were suing the managers of a publicly traded REIT claiming that the management costs were excessive and that the managers had failed to correctly assess fair value and report impairments to the SEC over a three year period.

Project requirement: WREA was retained by the investors to review financial and other documents during the relevant time period and provide expert testimony related to the management costs of competitive REITS, the value of the assets in the portfolio over the relevant time period and the impairments that should have been reported to the SEC.

Result: The case was settled prior to trial.

Client: Investors in TIC national portfolio

Location: 150 existing and development properties in locations throughout the United States

Issue: Investors were suing the managers of a national portfolio of TIC assets who had filed bankruptcy to avoid liquidation of non-performing assets.

Project requirement: WREA reviewed the portfolio to determine which assets should be liquidated and which assets had upside potential with prudent management and development expertise.

Result: WREA was able to help the clients limit risk and maximize value.

Client: Development company and legal counsel

Location: Southeastern United States

Issue: Development company was unable to sell completed condominium units prior to the economic downturn because the law firm responsible for drafting the condominium documents had not complied with state regulations. As a result, unit closings were delayed and the development company sustained monetary losses.

Project requirement: WREA was retained by legal counsel to quantify the damages resulting from the delayed unit sales as well as the impact of the economic downturn on potential revenue.

Result: The case is ongoing.

Client: Utility company

Location: California

Issue: A major west coast city was attempting to acquire all of the transmission and distribution assets within the jurisdictional boundaries by eminent domain in order to municipalize the operating network.

Project requirement: WREA was retained by the general counsel of the utility company to quantify the damages resulting from the eminent domain acquisition of the T&D assets as well as the operating network.

Result: The city withdrew the legal action.

Client: Insurance company and legal counsel

Location: West Coast

Issue: The insurance company had financed the development of a regional shopping center and the developer had declared bankruptcy midway through construction. The matter at issue was the value of project as it existed and the probable future value when complete.

Project requirement: WREA was retained by legal counsel to value the existing development and perform a market study to determine the feasibility of the development as proposed, the cost to finish the project and the time requirements to fully lease the space.

Result: The judge ruled for the client.

Client: Private investment fund

Location: Northeastern United States

Issue: Client was negotiating to acquire a large ski resort that included a luxury hotel, retail, existing condominiums and developable land entitled for commercial and/or residential development.

Project requirement: WREA was retained to analyze the existing development and determine the most profitable mix of potential uses based on market demand and achievable price for the various components.

Result: The client acquired the property and revised the existing entitlements to reflect market demand.

Client: National developer

Location: Southeastern United States

Issue: Client had acquired 4,000 acres of land that was master planned for residential, commercial and industrial development in a high growth area near a major port and adjacent to an interstate highway.

Project requirement: WREA was retained to analyze the master plan and determine if it reflected the most profitable mix of potential uses based on market demand, achievable price for the various components and proximity to the port.

Result: WREA recommended revising the master plan to focus less on residential development and more on industrial uses to accommodate international manufacturers and shipping companies from Asia and Europe.

Client: Owner of a regional bank building

Location: Southeastern United States

Issue: The lease to the bank was due for renewal and the tenant and landlord could not agree on market rent.

Project requirement: WREA was retained to analyze leases of competitive free-standing bank buildings and determine the appropriate market rent.

Result: The lease was renewed at the suggested rate.

Client: Investment Bank

Location: United States

Issue: The client needed assistance in developing a short and long term disposition strategy for a portfolio of on-going development projects throughout the United States and identifying potential buyers for the assets.

Project requirement: WREA was retained to analyze each project and determine the short and long term economic viability based on the competitive market environment. We provided a variety of development alternatives based on the strength of the individual projects and identified regional and national investors actively acquiring assets.

Result: The client was able to prioritize disposition of the assets based on WREA recommendations.

Client: National defense contractor

Location: United States

Issue: The client had corporate campuses throughout the United States and wanted to determine which locations offered the best alternatives for expansion from a demographic, real estate and regulatory perspective.

Project requirement: WREA was retained to analyze the economic, demographic and regulatory issues that affected each corporate facility and prepare a short and long term real estate strategy to accommodate both corporate expansion and consolidation.

Result: The client was able to implement a corporate real estate strategy using the WREA findings.

Client: State governmental agency

Location: Northeastern United States

Issue: The client had excess property in a prime urban location that was in high demand for upscale mixed-use development.

Project requirement: WREA was retained to analyze the most profitable use of the property and develop a disposition strategy for the land and air rights. WREA also assisted the client evaluate offers and select the most viable development group.

Result: The client was able to secure a commitment at a favorable price.

Client: REIT

Location: Midwestern United States

Issue: The client was acquiring five telecommunication companies to expand the existing network. The portfolios included real estate assets ranging from corporate headquarters to small distribution facilities.

Project requirement: WREA was retained to analyze the real estate assets and determine the contributory value to the acquiring REIT.

Result: The client acquired the companies and is operating a successful telecommunications network across the Midwest.

Client: Consortium of Lenders

Location: Las Vegas, Nevada

Issue: The owners of a major casino and resort were in bankruptcy and had filed a workout plan with the court. The clients needed professional assistance in determining the reasonableness of the proposal.

Project requirement: WREA was retained to analyze the owners' financial projections and determine the short and long-term economic viability based on the competitive market environment and prospects for future operations.

Result: The consortium requested several modifications to the workout plan, which were granted by the court.

Client: REIT

Location: Northeastern United States

Issue: The client had several Class A office properties in prime urban locations throughout the Northeast and was considering selling one or more of the buildings.

Project requirement: WREA prepared financial projections and performed property valuations assuming a three to five year holding period.

Result: The client was able to strategically sell some assets but retained those with strong upside potential.

Client: Shopping Mall REIT

Location: Northern Virginia

Issue: The client was appealing the real estate assessment for Fiscal years 2009 through 2012.

Project requirement: WREA prepared appraisals of the property for each fiscal year based on economic conditions during the relevant time period.

Result: The client was able to negotiate with the County for a reduction in taxes.

Client: Group of Investors

Location: Northeastern United States

Issue: The client was seeking financing for a full service resort comprised of three hotels, a golf course and excess land permitted for residential development.

Project requirement: WREA prepared financial projections for each component and performed property valuations.

Client: State and Local Government

Location: Southern United States

Issue: The client was in the process of selling a major sports arena and needed to determine a reasonable price based on several development scenarios.

Project requirement: WREA assisted the client by preparing valuations of the property based on alternate development scenarios.

Client: National Railroad

Location: Texas

Issue: The client was selling a rail corridor to a regional short line railroad.

Project requirement: WREA prepared an appraisal of the rail corridor using appropriate valuation techniques.

Client: Consortium of Lenders

Location: Pacific Northwest

Issue: The client had financed the construction of a biodiesel facility that had closed three months after completion because production costs exceeded market price for the product.

Project requirement: WREA conducted extensive market research to determine the best reuse of the facility and identify potential corporate investors/buyers. We provided the client with a range in value depending on the proposed use and investment structure.

Result: An investment group acquired the facility.

Client: Governmental Agency

Location: Southeastern United States

Issue: The client was seeking financing from the Federal Government for construction of an intermodal facility and related development to support expansion of the eleventh busiest port in the country.

Project requirement: WREA performed an appraisal of properties owned by the agency ranging from office and industrial buildings to a rail corridor connecting an international automobile manufacturer to the regional transportation network.

Client: Utility Company

Location: West Coast

Issue: A municipal government was trying to acquire a portion of the clients' transmission and distribution (T&D) assets by eminent domain.

Project requirement: WREA performed a valuation of the underlying land and property rights as well as the value of the assembled network. We analyzed acquisitions of existing T&D networks throughout the country to identify investment parameters and determine the time requirements, environmental risks and cost associated with constructing a new network.

Client: Private investment fund

Location: Northeastern United States

Issue: Client was negotiating to acquire a large ski resort that included a luxury hotel, retail, existing condominiums and developable land entitled for commercial and/or residential development.

Project requirement: WREA was retained to analyze the existing development and determine the most profitable mix of potential uses based on market demand and achievable price for the various components.

Result: The client acquired the property and revised the existing entitlements to reflect market demand.

Client: National developer

Location: Southeastern United States

Issue: Client had acquired 4,000 acres of land that was master planned for residential, commercial and industrial development in a high growth area near a major port and adjacent to an interstate highway.

Project requirement: WREA was retained to analyze the master plan and determine if it reflected the most profitable mix of potential uses based on market demand, achievable price for the various components and proximity to the port.

Result: WREA recommended revising the master plan to focus less on residential development and more on industrial uses to accommodate international manufacturers and shipping companies from Asia and Europe.