The Curtain Goes Up on A Unique Opportunity
Argianas & Associates Take the Stage for the Commercial Appraisal of a Historic Theater
The Chicago appraisers at Argianas & Associates deserve a standing ovation for this unique commercial valuation! When a historic theater was being sold to a new operator by the City of Chicago, Argianas & Associates stepped in to ensure that the show would go on. Both parties needed a commercial appraisal of the historic theater that would take into consideration the distinctive real estate characteristics of the beautiful and historic building. This landmark required special considerations due to a preservation easement and specific performance clauses linked to the building. While other appraisers might have gotten stage fright at the thought of such a unique property, the team at Argianas & Associates delivered a stellar performance.
Experience is the star of the show
Luckily for the client, the team at Argianas & Associates has decades of experience appraising historical landmarks and unique buildings. So instead of just relying on a traditional “bricks and sticks” approach, the team used a strategy that assessed national and local theater goers’ demographics and recent trends in off-Broadway shows. There were also many unique features that the theater possessed including lighting, trap doors, and even an organ console lift that needed to be taken into consideration for this commercial appraisal.
costarring the fixtures
The Argianas & Associates team also understood the legal issues that are associated with real estate valuation associated with preservation easements. In addition, the team needed to analyze the fixtures in the theater so that the client could better understand the business issues associated with preserving the property. One of the building’s most unique features was a wall that was adorned with the signatures of thousands of the most famous names in show business history.
standing “o” for argianas & associates!
Determining a value for a historical landmark that also took into consideration the challenges associated with preservation easement restrictions required very specific valuation techniques. Argianas could not rely on comparables for this one-of-a-kind landmark property, nor could the team’s opinions be swayed by the nostalgia a building such as the subject provided. At the end of the story, both the City and the new operator received an appraisal that analyzed an abundance of complex data and placed it into a coherent appraisal report for this historic and beloved theater. If you have a unique commercial property and need assistance with a valuation, call Argianas & Associates at 630.390.0113. Learn more about commercial appraisals and join our mailing list to receive our e-newsletter featuring case studies, industry events and news.