Qualifications of Michael J. Samuels, MAI, CRE, FRICS
Michael J. Samuels has over 35 years of experience in real estate valuation, investment analysis, financial and market/feasibility analysis, property acquisition and development. Mr. Samuels' experience includes a diversified background in the valuation, research of and acquisition of real estate on a national basis. The scope of work performed includes market value appraisals, highest and best use analysis, investment acquisition advisory services, structuring tax exempt bond issues for real estate acquisition and development, real estate syndication, and development consulting services ranging from construction oversight to development of marketing programs. These activities have been performed for major private developers, pension property trusts, leading financial institutions, investment banking firms, individual investors and leading law firms. In addition, Mr. Samuels has been a guest lecturer for the Urban Land Institute, Wharton School of Business - University of Pennsylvania, Temple University, International Council of Shopping Centers and at seminars on real estate syndication and suburban sprawl issues in Pennsylvania. Mr. Samuels has addressed the Ohio Preservation Society on the valuation of historic properties and the International Marina Institute on marina valuation issues.
As a Certified General Real Estate Appraiser, licensed in the States of Pennsylvania, Delaware and New Jersey all work product and testimony is governed by the Uniform Standards of Professional Appraisal Practice as adopted by the Appraisal Foundation. The Appraisal Foundation was authorized by Congress as the source of Appraisal Standards and Appraiser Qualifications.
REAL ESTATE EXPERIENCE
CLARION/SAMUELS ASSOCIATES: S & S REALTY ASSOCIATES, Inc.: President/Owner January 1990 - Present
Provide real estate consulting and valuation services relating to a wide range of investment and non-investment grade real estate for acquisition, disposition and financial institution related work-out scenarios. Litigation support and expert testimony involving development and valuation issues. Samples of the range of work include:
Asset Acquisition and Disposition Consulting and Marketing
On behalf of a Philadelphia financial institution structured a development plan for an REO, 158-acre parcel of land. Negotiated agreements of sale with both a national and then a regional retailer that allowed the bank to achieve net returns in excess of their book basis, including accrued interest.
Provided consulting services to the Chester County Commissioners and West Whiteland Township regarding the valuation, negotiation and acquisition of 700+ acres of land at the Church Farm School.
Evaluated, marketed and structured parcel of land for sale for power shopping center development.
Specialization in residential and commercial developments
Conducted over 1,000 residential subdivision appraisals totaling over 80,000 units/lots
Conducted market and site selection studies for a major institutional investor.
Consulted for private investor/developer on the development of two industrial/office parks totaling 120 acres.
Historic Property/Façade Easement Valuation
Myrtle Grove, St. Michaels, Maryland - Appraisal of historic estate on Maryland's eastern shore for National Trust for Historic Preservation
Bellevue-Stratford, Philadelphia, PA -- The Bellevue is a 920,000 square foot complex containing retail stores, offices, a 172-room Park Hyatt Hotel, a parking garage and a health club. The complex is listed in the National Register of Historic Places.
Bowie-Sevier, Washington, D.C. – Appraisal of Georgetown mansion built in 1790 for façade easement donation purposes.
YMCA, Cleveland, Ohio – Façade easement donation valuation.
Fort Sheridan, Highwood, Illinois – 94 historic structures on an army base converted to residential use
South Rim of the Grand Canyon, Arizona – historic structures developed by the Santa Fe Railroad and The Fred Harvey Company, including structures such as Hopi House, Hermit’s Rest, Lookout Studio, Desert View Watchtower, El Tovar Hotel, Bright Angel Lodge, and Phantom Ranch designed by Mary Colter, Architect
Indian Run Farm, Exton, PA – 55-acre farmstead improved with 6 historic structures.
Real Estate Impact Studies
Co-Author – “Costs of Suburban Sprawl in Pennsylvania” for 10,000 Friends of Pennsylvania
“Impact of Downzoning on Agricultural Land Value in the State of New Jersey” for the New Jersey Farm Bureau
Impact of cellular phone tower construction on residential property value
Impact of regional and community shopping centers on residential and commercial property value
Impact of contamination on property value
Impacts of wind farms and chemical wastewater treatment facilities on residential property value
THE LINPRO COMPANY: Director of Operations January 1987 – January 1990
Responsible for all aspects of the development process including land acquisition, site planning and engineering, rezoning, subdivision and land development approvals, building development, leasing and financing. In addition to land acquisition and development activities, managed a marketing staff responsible for the leasing of 500,000 square feet of Class A, suburban office space and 100,000 square feet of industrial space. Experience includes both commercial and residential development activities. Linpro is presently operating under the name LCOR.
FIDELITY MUTUAL LIFE INSURANCE COMPANY Second Vice President RADNOR FINANCIAL GROUP: Senior Vice President July 1981 – December 1986
Member of the senior management team for the sponsor of tax advantaged real estate investments. Over a three-year period, Radnor Financial Group, a subsidiary of the Fidelity Mutual Life Insurance Company, raised $60 million of equity for the acquisition and development of over $100 million of real estate.
Direct participation in and management of all economic, demographic and real estate market analysis, acquisition of construction and permanent financing, tax structuring of sponsored investments and supervision of the syndication process including coordination of the analytical staff and legal and accounting professionals.
Supervised acquisition (3,000 apartment units), development and leasing activities including the new construction and rehabilitation of 3 office buildings totaling 270,000 square feet of rentable space and a 230,000 square foot enclosed community shopping center.
LAVENTHOL & HORWATH: Real Estate Consultant January 1980 - July 1981
Primary responsibility for conducting market and feasibility studies for various types of proposed developments.
Representative project assignments include a 40-acre office park, 1,200 unit and 3,500 unit planned residential developments, and a mixed-use project to contain 1,100 condominium units, a 360,000 square foot office building and 100,000 square foot shopping mall.
PROFESSIONAL EDUCATION
MASTER OF SCIENCE REAL ESTATE APPRAISAL AND INVESTMENT ANALYSIS University of Wisconsin, Madison – 1979
BACHELOR OF SCIENCE IN FINANCE Specialization in Real Estate and Urban Land Economics Minor: Urban and Regional Planning University of Illinois, Urbana – 1978
PROFESSIONAL AFFILIATIONS
Certified General Real Estate Appraiser
Pennsylvania – GA-000332-L New Jersey – RG-01527 Delaware – X1-0000133
Pennsylvania Real Estate Broker – RM-418989
MAI designation, Appraisal Institute
CRE designation, Counselors of Real Estate, affiliate of the National Association of Realtors Delaware Valley Chapter President – 2009
FRICS designation, Fellow of the Royal Institute of Chartered Surveyors
Tredyffrin Township Planning Commission (Chester County, Pennsylvania) 1994 to 2003
TESTIMONY
Qualified before condemnation Boards of View in Philadelphia, Chester, Delaware, Montgomery, Bucks and Berks Counties in Pennsylvania
Municipal Boards in Pennsylvania, including Philadelphia, and New Jersey
Common Pleas Courts in Berks, Bucks, Chester, Delaware, Montgomery and York Counties, Pennsylvania
United States Bankruptcy Court for the Southern District of Florida
United States District Court for the Eastern District of Pennsylvania