[August 14, 2018]

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

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 th 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20180814005515/en/

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