BBG, a leading independent commercial real estate due diligence firm, today said it has acquired Columbus, Ohio-based appraisal firm Crown Appraisal Group. Terms of the transaction were not disclosed.
This is BBG's second acquisition in 2022 and significantly expands its presence in Ohio and the contiguous states, the company said. Last month, the company acquired J. Philip Cook & Associates, a Salt Lake City-based commercial real estate services firm. Terms of that transaction also were not disclosed.
In a news release, BBG said Crown Appraisal Group has for three decades provided commercial real estate appraisal, market study, litigation support, appraisal review, construction monitoring, and other services to over 200 bank, mortgage correspondent, CMBS lender, property owner and other clients annually in Ohio and across the United States.
BBG named Crown Appraisal Group founder and owner Andrew Moye and owner Donald Miller as manager directors of the Columbus office. Dan Schiavoni was named as a director. In addition, 22 people from Crown will join BBG as part of the acquisition, the company said.
Columbus is in one of the country's fastest-growing commercial real estate hubs, BBG said. Its reputation as an attractive site for company headquarters and operational facilities was recently boosted by Intel's plans to build a multibillion-dollar semiconductor plant nearby, the company said. Crown's knowledge of the Columbus and the Ohio markets as a whole is unrivaled, BBG said.
"We are thrilled to welcome Andy, Don, Dan and their colleagues to BBG. Crown is a highly respected provider of valuation services,” said BBG CEO Chris Roach. “The firm's capabilities, clients, and core competency in multifamily commercial real estate appraisal are highly complementary to BBG. We see immense upside for the Crown team and BBG by having them join our firm."
Moye agreed. "It was important to us that we find a partner that shares our vision and would help shepherd the business through its next evolution,” he said. “Our team is very pleased to join BBG. By stepping onto the platform, we will benefit from BBG's economies of scale, geographic coverage, expertise, resources, technology, and expanded service lines to support clients across the country."
Based in Dallas, BBG offers comprehensive due diligence services, including valuation, advisory, assessment, desktop evaluation, energy services, cost segregation, zoning, and ALTA surveys. The firm has 48 offices in key U.S. markets and serves more than 2,800 clients.
