DALLAS, March 9, 2020 /PRNewswire/ — BBG, a leading commercial due diligence firm, announced today that its expertise in litigation support services significantly contributed to a jury recently awarding $750,000 to a New Jersey used automobile dealership in a land condemnation action.
The New Jersey Department of Transportation initiated a condemnation action to acquire a right-of-way along a major highway the state had determined was necessary to replace an 80-year-old bridge. The state offered $90,000 for the property to be taken.
In preparation for the trial, BBG’s New Jersey office provided pre-appraisal planning and strategy assistance with the legal team and the property owner. The assistance included input regarding lost premium on the dealership’s showroom spaces, prepared a detailed analysis for cross-examination of the state’s appraiser, and provided testimony on the property’s valuation.
The award was seven times more than what the New Jersey Department of Transportation initially offered the property owner before the case went to trial.
BBG Managing Director Louis S. Izenberg, MAI, SRA, who led and testified for the engagement, is a highly recognized authority on real estate litigation matters regarding, property tax appeals, condemnation and civil litigation matters.
Louis Yorey, MAI, BBG National Advisory Practice Leader, commented: “The amount of the jury’s award to the property owner was fair and reasonable based on an extensive and thorough analysis of the property and facts pertaining to the case. We are thankful for Lou’s expertise and experience with these types of cases which led to a favorable outcome for our client.”
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.lauras42.sg-host.com.