IRR is the first national appraisal and commercial real estate counseling company to open in Mississippi
National real estate services provider Integra Realty Resources has set up shop in Jackson to help provide more thorough market assessments to commercial real estate investors, lenders and deal makers.
The New York City-based Integra says its arrival in Jackson is a response to the increasingly complex and high-dollar value of commercial real estate transactions in Mississippi and caps a three-city Southern strategy of opening offices in Jacksonville, Fla., and Birmingham. The firm, which carries a North America-wide reach into Canada and the Caribbean, has 66 offices. Jackson marks its 25th office in the Southeast.
Integra has been doing behind-the-scenes valuation and consulting work in Mississippi for several years, assisting clients from cities such as Orlando and Atlanta, according to J. Walter Allen, IRR’s senior managing director who will join with urban-markets specialist Michelle Alexander to oversee the firm’s Memphis and Jackson offices.
By coming to Jackson, Allen said, “We could be in the Mississippi and Louisiana markets and have access to the Gulf coast areas.”
He expects Mississippi, Louisiana and the coast to quickly provide reams of market information. “It’s geometric – that’s about how fast the data grows,” Allen said.
Longtime Jackson real estate appraiser John Praytor will lead the firm’s seven-member office at 200 Trace Colony Park Drive, Suite B, in Ridgeland.
Praytor, who also is a real estate broker, previously owned Praytor Appraisal Services. The new full service office will serve a customer base of commercial banks, attorneys, government and private developers and investors, he said.
“We do market studies and highest-and-best-use studies that the typical appraiser in a small town would not have the means to do.”
A key, Praytor added, is the massive data Integra has relating to markets across the country. “Having that exposure to national markets really gives us a leg up on the type of expertise we can bring to the client,” he said.
Such data, Praytor said, gives him a close look at market activity, sale prices, commercial and industrial occupancies down to some of the smallest market categories. “This allows me to have an overview of a county, an MSA and even states to see how Walgreens are doing or Dollar Generals are doing.”
The Ridgeland office will have four full time appraisers and three staff members. Personnel expansions, including new appraisers, are planned over the next few months, Praytor said.
To this point, IRR has been doing a lot of hotel, warehouse, mini-storage and golf course projects in Mississippi, according to Allen.
“Going forward, we want to have the ability to handle large investment real estate, large shopping center and office projects and big development tracts,” Allen said.
“We can provide analysis of the market for office properties, fair-market rent studies. We can determine what might be a competitive set of choices.”
Integra also wants to develop its litigation support areas, he said. “We work extensively with attorneys on eminent domain cases, property estates, contract disputes.”
Much of the firm’s government work involves land-use studies for schools and university campus expansions, he added.
For anyone interested in Jackson data, Integra Realty Resources will have a page devoted to Jackson in its “Viewpoint 2014,” a rundown of national and local real estate markets that includes capital markets, investment criteria, capitalization rates, discount rates, reversion rates, market rent change rates, expense growth rates and tenant finish allowances.
The “Viewpoint” also covers sectors such as office, retail, industrial, apartments, lodging, self storage, senior housing and gaming.
Also detailed are commercial real estate activities in Japan, Canada, Mexico and the Caribbean.
“Viewpoint 2014” is scheduled to be posted for download in the week between Christmas and New Years at IRR.com. The home page will also post quarterly updates on commercial real estate activities in Jackson and IRR’s other markets.