Woodman Herr
TAMPA, FL—Dallas-based BBG, a national commercial real estate due diligence firm, has acquired Herr Valuation Advisors, a locally-based real estate appraisal firm. Terms were not disclosed.
The deal marks BBG's second acquisition within the past five months. In October 2019, BBG acquired New Jersey-based Izenberg Appraisal Associates. BBG has a total of 36 offices nationwide. HVA is known for its expertise in appraisals of various commercial property types in west-central Florida and elsewhere across the state.
BBG says the acquisition will complement and strengthen BBG's services to clients in this key strategic market, which has shown strong growth due to a robust economy and an expanding population. Tampa's thriving commercial real estate market is forecast to have more than $13 billion in non-residential and multi-family projects in the pipeline over the next decade.
Since its founding in 2002, HVA has been involved in a range of valuation assignments across diverse property types including, office, industrial and special-use, multi-family, agriculture, retail, golf courses, marinas, litigation support, jurisdictional land and environmentally sensitive wetlands, lease analysis, and market feasibility studies.
HVA Founder and President Woodman Herr was named as director at BBG's Tampa office. HVA's six employees will also join the BBG Tampa team at One Tampa City Center.
An industry veteran, Herr has had a long career at HVA and other Florida real estate firms, bringing more than 35 years of experience providing commercial real estate valuation and consulting services in the Tampa Bay area.
"Since launching BBG's Tampa office in 2017, the firm has made tremendous strides and taken advantage of strategic expansion opportunities in order to best serve one of the nation's most active and dynamic commercial real estate markets with a state-wide service footprint," said Eric Hoening, managing director of BBG's Tampa office. "Our acquisition of HVA will expand our capacity to meet the needs of our clients."
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