Andrew Lines

Andrew R. Lines, MAI

Principal – Real Estate Valuation,
Valuation Advisory Services

Andrew R. Lines is a principal in CohnReznick’s Valuation Advisory Services group where he specializes in Real Estate, Affordable Housing, Cannabis and Renewable Energy. Andrew leads a group of appraisers across the country performing valuations on a wide variety of real estate property types including residential, commercial, industrial, hospitality and special purpose properties: landfills, waste transfer stations, marinas, hospitals, universities, self-storage facilities, race tracks, Senior Housing, CCRCs, and railroad corridors. Affordable Housing experience includes Market Studies, Rent Compatibility Studies and Feasibility Analysis for LIHTC and mixed-income developments. Cannabis assignments have covered cultivation, processing and dispensaries in 15 states, including due diligence for mergers and acquisitions of multi-state operational and early stage companies. Renewable Energy assignments have included preparation of impact studies and testimony at local zoning hearings in 10 states.

He is experienced in the valuation of leasehold, leased fee and partial interest and performs appraisals for all purposes including financial reporting (GAAP, IFRS, IRC), litigation (including Eminent Domain), and gift/estate planning. Andrew has held State Certified General Real Estate Appraiser licensure in the states of Illinois, Indiana, Maryland, Georgia, Florida, Ohio, New York, New Jersey, Arizona, Kentucky, Pennsylvania, California and the District of Columbia.

Before joining CohnReznick, Andrew was with Integra Realty Resources-Chicago Metro, starting as analyst support in 2002 and leaving the firm as a director in late 2011. His real estate experience also includes administration for the residential multifamily REIT Equity Residential Properties Trust (ERP), in the transaction department, where he performed due diligences associated with the sale and acquisition of multi-family properties and manufactured home communities.

Education

• Syracuse University: Bachelor of Fine Arts
• MAI Designation (Member of the Appraisal Institute)

Professional Affiliations

• Chicago Chapter of the Appraisal Institute
  • Alternate Regional Representative (2016 – 2018)
  • MAI Candidate Advisor (2014 – 2019)
• International Real Estate Management (IREM)
• National Council of Real Estate Investment Fiduciaries (NCREIF)
• National Council of Housing Market Analysts (NCHMA)

Community Involvement

• Syracuse University Regional Council – Active Member
• Syracuse University Alumni Association of Chicago, Past Board member
• Chicago Friends School – Former Treasurer & Former Board Member

Court Cases – Expert Witness Testimony

• IDOT vs. Wegeilnik, Elk Grove Village, Cook County, IL Circuit Court Trial Date: July 2013
• IDOT vs. BMO Harris Bank, Homer Glen, Will County, IL Circuit Court Trial Date: July 2014
• IDOT vs. Itasca Bank & Trust #10237, Itasca, DuPage County, IL Circuit Court Trial Date: November 2017
• Multi-Housing Tax Credit Partners XXX v. Alexander Dairy Associates, LLC, Federal Court – Richmond, VA Trial Date: April 2021

Court Cases – Depositions/Mediation Meetings/Filings

• IDOT vs. BMO Harris Bank, Machesny Park, Winnebago County, IL – October 2015
• IRS vs. Phoenix Bond & Indemnity, Cook County, IL – December 2016
• SDOT vs. Garrison Forest Plaza (Utility Pipeline Case), Owings Mills, MD – July 2016
• CTA vs. Thomas Investors, Chicago, Cook County, IL – May 2017
• IDOT vs. Itasca Bank & Trust #10237, DuPage County, IL – July 2017
• IRS vs. the Estate of Tamir Sapir, New York, NY – July 2018
• District of Columbia vs. VEDEM, LLC, District of Columbia – January 2020
• Multi-Housing Tax Credit Partners XXX v. Alexander Dairy Associates, LLC, Federal Court – Richmond, VA Deposition Date: February 2021

Zoning Hearings – List of Counties Accepted as Expert

• Illinois – Cook, City of Chicago, Grundy, McHenry, Ogle, Lee, Champaign, Kankakee, Livingston, Peoria, DeKalb, Boone
• Indiana – Jasper, Clinton
• Michigan – Menominee, Cheboygan, Eaton
• Ohio – Ohio Power Siting Board (Columbus) – Multiple Projects
• New York – Onondaga
• Colorado – Logan
• Pennsylvania – Adams, Franklin, Montour
• Hawaii – Maui
• Kentucky – Fleming
• Wisconsin – Sheboygan

Presentations/Panels

• “Planning for Year 15” NCHMA Fall 2020 Virtual Summit – December 2020
• “Public vs. Private Cannabis REIT Opportunities” NCIA Cannabis Business Cyber Summit – November 2020
• “Valuation and Forecasting Strategies During a COVID Crises” CRE Finance Council– July 2020
• “Cannabis and Its Impact on Associated Real Estate” Sacramento-Sierra Chapter 2019 Conference; Lake Tahoe, CA – October 2019
• “Cannabis & Real Estate – The Ripple Effects of Legalization & Regulation” National Appraisal Institute Conference; Denver, CO – July 2019
• “How Deals Are Getting Done: Capital Markets and Multifamily Finance” Bisnow Multifamily Annual Conference Midwest; Chicago, IL – October 2018
• “Valuations/Financial Reporting” IMN – CFO (west) Private Equity Conference; Carlsbad, CA – May 2015
• “Fair Value and ASC 805”, Masters of Accounting Seminar, Georgetown University – October 2013
• “Fair Value and ASC 805”, Internal CohnReznick Audit Training, Los Angeles, CA – November 2014
• “Fair Value and ASC 805”, Internal CohnReznick Audit Training, Bethesda, MD – September 2014

Valuation Impact Studies

• Landfills
• Big Box Retail Developments
• Truck Terminals
• Electric Power Transmission Lines
• Solar Farms
• Wind Farms
• Environmental Stigma
• View Amenities

Appraisal Institute Classes Completed

• 15-Hour National USPAP (2005); 7-Hour National USPAP (2009; 2011; 2013; 2014; 2016; 2018; 2020; 2022)
• Basic Appraisal Principles (2005)
• Basic Appraisal Procedures (2005)
• Basic Income Capitalization (2006)
• Eminent Domain and Condemnation (2006)
• General Applications (2007)
• Residential Sales Comparison and Income Approaches (2007)
• Advanced Income Capitalization (2008)
• Capital Market Conditions and its Impact on Real Estate (2008)
• General Appraisal Market Analysis and Highest and Best Use (2008)
• Associated Guidance Leadership Program (2008)
• Online Supervising Appraisal Trainees (2008)
• Report Writing and Valuation Analysis (2009)
• Advanced Sales Comparison & Cost Approaches (2009)
• Advanced Applications (2009)
• Business Practices & Ethics (2009)
• Appraisal Curriculum Overview (2-day general) (2011)
• Analyzing Distressed Real Estate (2011)
• General Demonstration Report – Capstone Program (2012)
• General Demonstration Report Writing (2012)
• Candidate for Designation Program (2013)
• Appraising the Appraisal: Appraisal Review – General (2013)
• Advanced Internet Search Strategies (2013)
• FHA and The Appraisal Process (2013)
• Legislative Session (2013)
• Candidate for Designation Program- Advisor (2013)
• 2014 Illinois Supervisor/Trainee Seminar (2014)
• Illinois Appraisers Seminar (2014)
• Data Verification Methods (2015)
• The Discounted Cash Flow Model: Concepts, Issues and Apps. (2015)
• Appraisal Convenience Stores (2016)
• Rates and Ratios: Making Sense of GIMs, OARs, and DCF (2016)
• Uniform Appraisal Standards for Federal Land Acquisitions: Practical Applications (2017)
• Review Case Studies – General (2017)
• Residential & Commercial Valuation of Solar (2018)
• Supervisory Appraiser/Trainee Appraiser Course (2018)
• Review Theory – General (2020

Clientele Served

• FDIC
• Amtrak, Metra
• Churchill Downs
• BMO Harris
• Commonwealth Edison/Exelon
• Water Reclamation District of Greater Chicago
• DePaul University
• Hartz Mountain, Inc.
• Paramount Properties
• American Healthcare Investors, Inc.
• Ventas/Lillibridge
• Advocate Healthcare
• CBS Radio/Outfront Media
• Ross & Hardies
• Mayfair Development Group
• First Washington Realty
• DuPage County Forest Preserve
• NIPSCO
• Related Companies
• Preferred Apartment Communities
• Lowe Enterprises
• Carl M. Freeman Companies
• Cortland Partners
• Tierpoint
• 365 Data Centers
• PNC Bank
• Innovative Industrial Properties REIT
• Washington Metropolitan Area Transit Authority
• The John Buck Company
• ADP
• Foulger-Pratt
• Chevy Chase Land Company
• BF Saul & Co.
• Quadrum Global
• Walton Development USA
• Skanska USA
• Magnetar Capital
• USAA
• Burroughs and Chapin
• GTIS Partners
• Toll Brothers
• The Pal Group (Palumbo)
• Urban Development Group
• Neal and Leroy
• The Village of LaGrange
• The Village of Lake Zurich
• The City of Des Plaines
• • The City of Barrington
• The City of Chicago
• Pathway Senior Living
• The Gencom Group
• SL Industries
• Moduslink Global
• Empire Petroleum
• Other developers, attorneys, banks, individuals, et al

Notable Assignments Completed

• Willis Tower
• The Aman Hotel & Residences, NYC
• McCormick Place Expansion Projects
• The Arlington Park Race Track Complex
• Carson Pirie Scott – State Street Chicago
• United Technologies (RTX) Corporation Headquarters (Farmington, CT)
• United Technologies (RTX) – Windsor Locks Manufacturing Campus (Windsor Locks, CT)
• The Chicago Board of Options Exchange
• Hartz Mountain Portfolio (Hotels and Distribution Centers)
• DePaul University’s Lincoln Park Campus
• Ritz-Carlton Hotels in Florida and California
• Morris Airport Expansion Project
• The Sedgebrook CCRC (Erickson)
• Drake Hotel, Chicago
• Estrella Mountain Ranch Master Planned Community
• Westphalia Master Planned Community
• 11 Madison Avenue
• Trump Tower (NYC) Penthouse Condominium
• Icon Tower – Las Olas
• Former Kraft Corporate Headquarters (Northbrook, IL)
• ComEd/Exelon Corporate Headquarters (Oakbrook, IL)
• Rochelle Community Hospital
• Bayonne Community Hospital
• Hoboken Community Hospital
• Watsonville Community Hospital
• Idaho Waste Systems Landfill
• DeWitt County – Clinton Landfill
• Rochelle Landfill
• Silver Spring Metro Center
• Rockville Metro Center
• Park Potomac Buildings D, E & G
• Mid-Town Athletic Club (Chicago)
• Wilmette Harbor Marina
• Racine County Marina
• Potomac Yards and Waterfront Station
• Port Covington – Sangamore Development Land