Featured Properties

MaRous & Company has appraised:

• Corporate offices/headquarters of Fortune 500 companies, major airlines, and others ranging from 200,000 sq. ft. to 1,500,000 sq. ft. in Chicago (Fulton Market, Gold Coast, River North, and The Loop) and suburbs
• Hotels in Chicago (Fulton Market, Gold Coast, River North, and The Loop) and suburbs
• Large industrial complexes, warehouses, publishing facilities, self-storage and distribution facilities in Illinois; buildings from 400,000 sq. ft. to 2,000,000 sq. ft. on properties from 41 to 195 acres
• Vacant office, residential, mixed-use, and special use land ranging from 15 to 5,000 acres throughout northern Illinois
• Business and industrial parks in suburban Chicago
• Retail stores including 30 Chicago area shopping centers, 100 big-box stores, 
• Large Residential projects in Chicago and Chicago suburbs
• Airport-related properties including more than 100 parcels in and around O’Hare International, Chicago Midway International, Palwaukee Municipal, Chicago Aurora, DuPage, and Lambert-St. Louis International airports

In addition to valuations, MaRous & Company has performed marketing and feasibility studies analyzing the impact of:

• landfill on adjacent property values
• low-income housing on adjacent residential property values
• natural gas to electric power plants
• sanitary sewers
• solar farms
• waste transfer facilities
• proposed quarry expansion on neighboring properties
• commercial and parking uses on adjacent residential property values
• significant zoning changes 
• wind farms

Suburban Casino

In February 2023, MaRous & Company appraised the fee simple interest of a major suburban casino on behalf of the local school districts for property tax purposes. The property is a gaming facility, entertainment, restaurant, and parking garage connected by an enclosed pedestrian bridge. The site is approximately 20 acres, with the main facility comprising over 200,000 square feet of gross building area and the parking garage with a size of over 900,000 square feet. The result was a negotiated settlement between the parties regarding the property’s fair market value assessment.

Former International Racecourse for Redevelopment

In the spring and summer of 2023, MaRous & Company appraised the fee simple interest of the former racecourse in suburban Chicago on behalf of the local school districts for two separate tax years for property tax negotiations. Notably, in February of 2023, a professional sports franchise purchased the former racecourse for development of their reported $5 billion stadium, residential, commercial  and entertainment complex. The site features approximately 325 acres of land and approximately 1.5 million square feet of gross building area. The result was a settlement significantly increasing the property’s fair market value assessment.

Suburban Baseball Stadium

In the fall of 2020, during the high point of the COVID-19 pandemic, MaRous & Company appraised the leasehold interest of a minor league baseball ballpark on publicly owned land. The leasehold interest was a complicated valuation due to the minor league baseball market and the impact of the COVID-19 pandemic. The site features approximately 50 acres of land and a stadium seating capacity of 11,000.

North Shore Suburban Senior Living

MaRous & Company was previously engaged in the preparation of a market value impact report for the renovation and redevelopment of a large, two building, class A senior living facility in a north shore suburb. After the report and testimony provided, it was concluded that there would be no impact to the nearby properties, and the senior living facility was able to proceed with their renovations and redevelopment.

High-Profile Riverfront Hotel

In November 2022, MaRous & Company appraised the fee simple interest of a portion of the high-profile riverfront hotel in Chicago for property tax negotiations on behalf of the City of Chicago. The property is a 92-floor, multi-component property which contains approximately 2,600,000 square feet of gross building area, lying on an irregular-shaped parcel comprising approximately 98,000 square feet. 

High Net Worth Marriage Dissolution

In 2021-2022 MaRous & Company was engaged to provide valuation services of assets for a dissolution of marriage. The assets consisted of more than 20 different real estate properties including retail, office, apartments, industrial, and land located in Illinois, Texas, and Florida. Notable properties included a large luxury apartment complex in Florida and an apartment complex in suburban Houston, Texas.

High Net Worth Marriage Dissolution

In 2020 and 2022 MaRous & Company was engaged to provide valuation services of assets for a dissolution of marriage. The assets consisted of over 15 apartment properties with many being class A and located in Illinois, Texas, and California. These properties comprised well over $500 million in value.

Lake Villa Condemnation

In December of 2021, MaRous & Company provided testimony and appraised the fee simple and temporary easement interest of an approximately 65-acre redevelopment parcel undergoing condemnation in Lake Villa, Illinois. The Illinois Department of Transportation (IDOT) planned to take approximately 2 acres, which would substantially damage the property due to limiting access to the property, in addition to the loss of developable land. MaRous & Company represented the ownership and the jury award was more than four times the original offer from IDOT.

Wind Farm Consulting

MaRous & Company was engaged to analyze the impact of the proximity of a large wind farm on a specific residential property in western Iowa after a lawsuit filed by nearby property owners. After analysis from MaRous & Company, the lawsuit from the residential property was settled.

Solar Farm and Testimony

MaRous & Company provided analysis, study, and testimony for one of the largest proposed solar farms in the state of Wisconsin which considered the impact of the farm on the real estate value of nearby property owners. There was significant opposition, but after a 5-day hearing, the Public Service Commission of Wisconsin found that negative property value impact concerns from the solar farms on property values cannot be substantiated.

Data Centers

MaRous & Company has appraised and provided valuation consultation regarding data center properties in Chicago and the northwest suburbs.

Water Company Valuation and Testimony

MaRous & Company provided valuation opinions and expert testimony for an 18-mile right-of-way easement of a water company involving fee-owned land, permanent easements, and license agreements. The case was settled by the parties.

Redevelopment

MaRous & Company has appraised and provided consultation opinions for more than 40 suburban and central business district properties with highest and best use for redevelopment.

Condemnation – Religious Property and Testimony

MaRous & Company had appraised and provided testimony for the fee simple interest in land for religious use after partial taking and temporary easement from a public body. There were temporary easements, permanent easements, along with significant damages. The jury awarded four times more than the original offer from the public body.

Condemnation – Shopping Center

MaRous & Company had appraised and provided testimony for the fee simple and temporary easement interest in shopping center land after taking from a public body. There were temporary easements along with significant damages. The jury awarded four times more than what the public body originally offered.

Huntley Zoning Case

MaRous & Company provided a highest and best use study and testimony for the rezoning of the Huntley Prime Outlet Mall in Illinois. The court ruled in favor of the owner’s request to rezone the property for industrial use.

Gold Coast Arbitration

Micael MaRous was appointed as an arbitrator for a mixed-use site for land value reset on a site in the Gold Coast of Chicago, which had a mixed-use highest and best use, but was impacted by the existing building and landmarking issues. The dispute had a hearing that lasted approximately 8 days.

Country Clubs

MaRous & Company has appraised numerous well-known private country clubs in suburban Chicago.

Railroad

MaRous & Company has provided land value consulting opinions for an over 35 mile railroad right-of-way in Chicago and its suburbs.