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JLL Moving into CRE Valuation with Acquisition of Dominy’s Integra Firm in Houston

JLL is buying Integra Realty Resources to launch its entry into the valuation business in the U.S. From left, Mike Welch, Dan Bellow and David Dominy of Houston.

JLL is buying Integra Realty Resources to launch its entry into the valuation business in the U.S. From left, Mike Welch, Dan Bellow and David Dominy of Houston.

HOUSTON – JLL is moving into the real estate appraisal and counseling with its pending acquisition of the Houston affiliate of Integra Realty Resources, a commercial real estate valuation, counseling and advisory firm.

The Houston office of Integra Realty Resources is led by David Dominy, Michael Welch and Kenneth Levenson. Dominy built the business that was originally founded in 1962 by his father, Jerry Dominy, and became one of the original members of the IRR network in 1999.

The acquisition, announced Monday, is expected to close Oct. 15. The transaction represents the launch of JLL’s global Valuation & Advisory Services in the U.S. market and will serve as the foundation for a full-service national valuation business.

“JLL provides sophisticated and impartial valuation and appraisal services in more than 40 countries across Europe, Asia Pacific and the Americas. Making these services available in the United States is the next logical step in the evolution of our global business,” said John Gates, CEO, Markets, JLL Americas.

Integra Realty Resources is a national network of real estate valuation and counseling firms. Throughout his nearly 35 years of comprehensive real estate and valuation experience, Dominy has led wide-ranging valuation and counseling assignments for landmark office buildings, multifamily properties, shopping centers, seniors living and healthcare properties, and industrial assets. He also is a former Vice Chairman of the Board of IRR and will lead JLL’s Valuation & Appraisal Services business in Houston. Dominy is a former chairman of the Houston chapter of the Counselors of Real Estate (CRE) organization.

“We made it our mission to be the best valuation and appraisal firm in the market and, as we looked to our future, we wanted to partner with the best global real estate firm,” said Dominy. “We found a strong cultural fit at JLL as both companies operate with the highest professional standards and put clients first. JLL is the only place we wanted to be.”

Welch joined Dominy in 1990, helping to steer the growth of the IRR – Houston business and serving as IRR’s Chairman of the Board and Chief Executive Officer. Levenson also joined in 1990 and brings wide-ranging appraisal valuation, litigation support, feasibility analysis and development consulting expertise to JLL. Welch will lead JLL’s Valuation & Advisory Services business in the United States.

IRR – Houston’s nearly 40 valuation and advisory experts provide consulting, evaluation, valuation, feasibility and market study services for commercial office, industrial, multifamily and vacant land properties. The affiliate specializes in eminent domain and right-of-way appraisal services as well as capital markets appraisals and litigation services.

“IRR – Houston’s expertise complements our existing capabilities and delivers the most comprehensive market intelligence to our clients,” said Dan Bellow, Market Director, JLL Houston. “We admire the way IRR – Houston conducts its business, which mirrors our culture of teamwork, ethics and excellence. This addition is an important step in our strategic growth.”

Bellow, a veteran in Houston’s commercial real estate industry, has represented Exxon Mobil, Halliburton and a number of major energy firms and he served as chairman of the Greater Houston Partnership in 2009.

Sept. 26, 2016 Realty News Report Copyright 2016

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