- 33 - including a 840 square foot storage facility and 4,000 square feet from the old property. Petitioner bases this on Mr. Cummings' testimony that by 1989 petitioner rented about 4,000 square feet in the old building, and an additional 800 square feet from another building that Mr. Cummings, doing business as Blackstone, owns. Petitioner has not convinced us that its position about the rental area is correct. Petitioner's position is inconsistent with its expert's report. Petitioner's experts did not include a rental value for the 840 square-foot storage space or the 4,000 square feet in the old building. We believe Pietka considered all of the property that was subject to the lease. 5. Petitioner's Experts Petitioner relied on the expert testimony of John Vissotzky (Vissotzky). Petitioner also called Steve Zenker, George Marandas, and Bruce Korter as expert witnesses, essentially to corroborate Vissotzky. We believe Vissotzky overestimated the fair rental value. He based his opinion on nine leases that he said were comparable. Most of the properties that he evaluated were buildings with several tenants, which had offices up to 5,000 square feet. Those spaces are considerably smaller than the 4200 S.W. Corbett St. property. Vissotzky’s comparable properties were used as offices for professionals such as lawyers, doctors, and securities brokers. Only part of thePage: Previous 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 Next
Last modified: May 25, 2011