BBG Acquires Florida Real Estate Appraisal Firm

DALLAS, Feb. 3, 2020 /PRNewswire/ -- BBG, a leading national commercial real estate due diligence firm, today announced that it acquired Herr Valuation Advisors, Inc., a Tampa-based real estate appraisal firm. Terms of the transaction were not disclosed.

The deal marks BBG's second acquisition within the past five months. In October 2019, BBG acquired New Jersey-based Izenberg Appraisal Associates, Inc. BBG has a total of 36 offices nationwide.

HVA, a leading Florida appraisal firm, is widely known for its extensive expertise in appraisals of various commercial property types in west-central Florida and elsewhere across the state.

The HVA acquisition will complement and strengthen BBG's services to clients in this key strategic market, which has shown strong growth due to a robust economy and an expanding population. Tampa's thriving commercial real estate market is forecasted to have more than $13 billion in non-residential and multi-family projects in the pipeline over the next decade.

Since its founding in 2002, HVA has been involved in a range of valuation assignments across diverse property types including office, industrial and special-use, multi-family, agriculture, retail, golf courses, marinas, litigation support, jurisdictional land and environmentally sensitive wetlands, lease analysis, and market feasibility studies.

HVA Founder and President Woodman Herr, MAI, was named as Director at BBG's Tampa office. HVA's six employees will also join the BBG Tampa team at One Tampa City Center.

An industry veteran, Mr. Herr has had a long and illustrious career at HVA and other Florida real estate firms, bringing more than 35 years of experience providing commercial real estate valuation and consulting services in the Tampa Bay area. At HVA, he quickly gained a reputation as a highly knowledgeable and respected appraiser of many local, regional and national banks, attorneys, government agencies and others.

Also, during his career, Mr. Herr has been active in many industry organizations, including the Appraisal Institute's Florida Gulf Coast Chapter as a past president.

Eric Hoening, MAI, BBG's Managing Director of the Tampa office, commented on the HVA acquisition: "Since launching BBG's Tampa office in 2017, the firm has made tremendous strides and taken advantage of strategic expansion opportunities in order to best serve one of the nation's most active and dynamic commercial real estate markets with a statewide service footprint. Our acquisition of HVA will expand our capacity to meet the needs of our clients. Woody and his staff of professionals are second-to-none in their breadth of local market knowledge and expertise. Their strict adherence to a client-centric model will be instrumental in providing the best possible business outcomes. It's a natural fit for both firms." 

Mr. Herr commented: "The entire HVA team is ecstatic about the opportunity to join the nation's largest independent due diligence firm. Now we can offer clients access to BBG's market-leading and conflict-free valuation platform, advanced technology and a larger team of highly devoted and talented professionals experienced in all property types. We are ready to meet the exacting demands of a rapidly changing market environment. These and other benefits of the acquisition will enable us to provide more resources to our clients that they will need to continue to grow their business."

About BBG
BBG offers comprehensive due diligence services including valuation, advisory, property assessment, energy services, cost segregation, 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.

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SOURCE BBG

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