DALLAS, Oct. 15, 2019 /PRNewswire/ -- BBG, a leading national commercial due diligence firm, today announced that it has acquired Izenberg Appraisal Associates, Inc., a New Jersey-based real estate appraisal and consulting firm specializing in litigation support and related services. Terms of the transaction were not disclosed.
The acquisition of this widely known and well-respected firm significantly expands BBG's valuation litigation services and other capabilities in the region and nationwide. The office, located in Chatham, is BBG's third in the Northeast region and 36th office nationally.
BBG appointed Louis Yorey, MAI, MRICS, as Senior Managing Director of the New Jersey office. Mr. Yorey will also remain as the National Practice Leader of BBG's Advisory Services.
BBG also named Izenberg Appraisal Associates President Louis S. Izenberg, MAI, SRA, as Managing Director of the New Jersey office. The firm's employees will also join the BBG office.
Mr. Izenberg is a highly recognized authority on real estate valuation issues, with a proven track record in providing expert witness testimony and other services in real estate-related court cases. As part of BBG, his team will continue providing these services to attorneys, private clients, corporations, developers, not-for-profit entities, and numerous federal, state and municipal government agencies.
A career spanning more than 35 years, Mr. Izenberg has appraised thousands of commercial properties in Metropolitan New Jersey. He has focused on the appraisal of commercial properties for litigation, bankruptcy, and eminent domain purposes, arbitration, and estate tax and planning,
Since its inception, Izenberg Appraisal Associates has been involved in numerous precedent-setting court cases, including City of Linden v. Benedict Motel, Hartz Mountain v Secaucus Township, JCRA v. Kerrigan, Merrill Creek Reservoir v. Harmony, the Sands Casino bankruptcy and many high-profile litigation assignments. An active member of the Appraisal Institute, Mr. Izenberg served on the organization's regional Review and Counseling committee and is the prior Board of Director for the Metropolitan NJ Chapter of the Appraisal Institute. He is also a Certified General Real Estate Appraiser in New York and New Jersey.
BBG CEO Chris Roach commented on the firm's latest acquisition: "Our acquisition of Izenberg Appraisal Associates significantly broadens our footprint in the Northeast and further establishes BBG as one of the country's leading commercial real estate due diligence firms. With this acquisition, we have added appreciably to our litigation support, valuation and other services. We are very excited about Louis Izenberg and his team joining our group of accomplished and dedicated professionals in delivering the highest-quality results for our clients and continuing to drive BBG's future growth."
Mr. Yorey added: "With New Jersey being one of the highest-density states in the country with an active commercial real estate market, it made perfect sense for BBG to expand its presence here. But rather than open a new office, the best option was to acquire a highly regarded New Jersey firm with a reputation of providing excellent client service and extensive local market knowledge. Izenberg Appraisal Associates more than met this criteria in our acquisition search. We are extremely fortunate to have his firm join BBG."
Mr. Izenberg commented: "We are thrilled to join BBG in its mission to deliver the best possible outcomes for clients. BBG's full-service solutions across all property types, its national reach and significant resources, combined with our firm's extensive knowledge of the New Jersey market and expertise in litigation support and other service lines, will greatly benefit existing and prospective clients."
BBG offers comprehensive due diligence services including valuation, advisory, property assessment, energy services, cost separation, and zoning. Headquartered in Dallas, the firm has 36 offices in key US markets and more than 2,700 clients. BBG has achieved a reputation for personal attention, on-time delivery and deep expertise in multi-family, office, retail and industrial sectors. For more information about BBG, please visit www.bbgres.com.