Market Overview

Verdict in Eminent Domain Case on Loop 610 Confirms Deal Sikes Valuation in TxDOT Property Taking

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A jury verdict has confirmed Deal Sikes' valuation of $9,250,000
regarding property taken by eminent domain that resulted in a lawsuit
against the Texas Department of Transportation as part of a widening of
Interstate 610 in northwest Houston.

Using the power of eminent domain, TxDOT acquired the DiMare Fresh
Produce cold storage warehouse on 3.9 acres at 1415 West Loop North. The
state offered to pay only $5,775,000 for the 90,000-square-foot
warehouse, which was owned by Beeson Sirota Joint Venture. Subsequently,
TxDOT filed suit against the ownership venture, which was represented by
attorneys George Murphy and David Wall of Vinson & Elkins.

Houston-based Deal Sikes, one of the region's leading eminent domain
counselors and real estate valuation firms, estimated that the DiMare
site, located in the highly popular Inner Loop location, was worth much
more than TxDOT offered.

"Cold storage warehouse facilities are limited in supply and in high
demand in Houston and property values continue to increase in the Inner
Loop district," said Mark Sikes, principal, Deal Sikes. "Our decades of
appraisal experience and market knowledge prepares our firm to deliver
accurate valuations in these cases."

At the conclusion of the trial in July of 2018, the jury determined that
the owner should be paid $9,250,000, precisely the value placed on the
property by Deal Sikes.

"This important case winds up a long series of eminent domain takings by
TxDOT along Interstate 610," said Matthew Deal, principal of Deal Sikes.
"Our firm consulted with many northwest Houston property owners
regarding TxDOT takings. We strive to ensure our eminent domain clients
receive just compensation in accordance with the Texas Constitution."

A Houston-based firm founded by Matthew Deal and Mark Sikes, Deal Sikes
provides valuation and counseling services for private property owners,
governmental agencies, law firms, and a variety of corporations.

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