42 Appraisal Firms Combine to Launch Valbridge Property Advisors

Forty-two independent CRE appraisal companies, with a total of 59 offices and 145 MAIs, have merged to form Valbridge Property Advisors.

By Scott Baltic, Contributing Editor

Richard Armalavage

How do 42, 59 and 145 add up to one? Forty-two independent CRE appraisal companies, with a total of 59 offices and 145 MAIs, have merged to form Valbridge Property Advisors, it was announced Monday. The new company, headquartered in Naples, Fla., will rank in terms of size behind only Integra Realty Resources and CBRE among companies providing CRE valuation and advisory services, a Valbridge spokesperson told Commercial Property Executive.

Valbridge is a privately owned corporation, with each office continuing to be run by local practice leaders, including at least one appraiser who holds the MAI designation from the Appraisal Institute. Financial details, such as Valbridge’s projected initial annual revenue, were not disclosed. The member offices employ a total of about 600 personnel.

Valbridge will serve local, regional, multi-market and national clients as to all types of property and land, including office, industrial, retail, multi-family, senior living and hospitality.

“Client demand for a strong independent national commercial property appraisal services platform has driven the formation of Valbridge,” CEO/President Richard L. Armalavage, MAI, said in a release. He is affiliated with Armalavage Valuation LLC, Naples, Fla.

Valbridge was “several years in the making,” the Valbridge spokesperson told CPE, adding that at least a few of the individuals were formerly with IRR or CBRE.


In addition to Armalavage, Valbridge’s C-level officers are David H. Brooks, MAI, CRE, of Lipman Frizzell & Mitchell, Columbia, Md., vice president and senior managing director; Robert G. Beaumont, MAI, of Beaumont, Matthes & Church Inc., Orlando, Fla., chief financial officer and senior managing director; and Calvin Cummings, MAI, of Cummings Appraisal Group Inc., Pasadena, Calif., chief technology officer and senior managing director.

Geri F. Armalavage, MAI, CBA, CMEA, of Armalavage Valuation, is chair of the board of directors and a senior managing director, and Matthew J. Lubawy, MAI, of Lubawy & Associates Inc., Las Vegas, is vice chair of the board and a senior managing director.

The 42 firms that comprise Valbridge are:

· Akron Appraisal Group Inc., Akron, Ohio

· Allen Brackett Shedd, Bellevue, Wash.

· Allgeier Co., Louisville, Ky.

· Argote, Derbes, Graham, Shuffield & Tatje Inc., New Orleans/Metairie, La,

· Armalavage Valuation LLC, Naples, Fla.

· Atlantic Appraisals LLC, Mt. Pleasant, S.C.

· Auble, Jolicoeur & Gentry Inc., Spokane Valley, Wash.

· Axial Advisory Group LLC, Williamsburg, Va.

· Barone, Murtha, Shonberg & Associates Inc., Pittsburgh

· Beaumont, Matthes & Church Inc., Orlando, Fla.

· Bristol Realty Counselors, Boulder, Colo.

· Broom, Moody, Johnson & Grainger Inc., Jacksonville, Fla.

· Bullock Commercial Appraisal LLC, Lexington, Mass.

· C & I Appraisal Services Inc., Memphis, Tenn.

· Cantrell Miller LLC, Atlanta

· Cummings Appraisal Group Inc., Pasadena, Calif.

· Dugger, Canaday, Grafe Inc., San Antonio, Texas

· Entreken Associates Inc., St. Petersburg, Fla.

· Free and Associates Inc., Salt Lake City

· Hulberg & Associates Inc., San Jose, Calif.

· Italia & Lemp Inc., Hartford and Norwalk, Conn.

· John Bosworth & Associates LLC, Charlotte, N.C.

· Lipman Frizzell & Mitchell, Columbia, Md.

· Lubawy & Associates Inc., Las Vegas

· Lukens & Wolf LLC, Philadelphia

· Mardell Partners Inc., Minneapolis

· Meridian Realty Advisors LLC, Knoxville, Tenn.

· Mitchell Appraisals Inc., Indianapolis

· MJN Enterprises Inc., Tucson, Ariz.

· Mountain States Appraisal & Consulting Inc., Boise, Idaho

· Paramount Appraisal Group Inc., Cary, N.C.

· Penner & Associates Inc., Fullerton, Calif.

· R.K. Barnes & Associates Inc., Brentwood, Tenn.

· Real Estate Appraisers LLC, Montgomery, Ala.

· Ribacchi & Associates, Sacramento, Calif.

· Robinson Co., Greenville, S.C.

· Roy R. Fisher Inc., Davenport, Iowa

· Shaner Appraisals Inc., Overland Park, Kan.

· The Gerald A. Teel Co. Inc., Houston

· The Oetzel-Hartman Group, East Lansing, Mich.

· Vitale Realty Advisors LLC, Brookfield, Wis.

· Walton Property Services LLC, Tulsa, Okla.

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