Beth B. Finestone, MAI, AI-GRS, FRICS, CRE

Beth B. Finestone, MAI, AI-GRS, FRICS, CRE, is an Executive Vice President for CBRE's Valuation & Advisory Services (VAS). She has been appraising in Southern California since 1981, specializing in valuation and consulting services related to public agency and right-of-way clients and for major investment-grade commercial properties and special purpose properties. She also has extensive expertise in valuing large tracts of land for conservation, mitigation and other purposes.

Ms. Finestone’s clients include public agencies, right-of-way firms, lenders, institutional investors, major corporations, law firms, and individual property owners. Her services include a wide range of specialized studies including ground lease rent studies, partial interest acquisitions, value diminution (from both internal and external influences), market demand, feasibility, severance damages and project benefits, investment analysis, assessment allocation, reuse analysis, and the valuation of partial interests including leasehold, leased fee, possessory interests, and minority interests.

She is experienced in valuing full and partial acquisitions related to eminent domain actions. These services include the valuation of fee acquisitions, permanent and temporary easements, including the appraisal of railroad and other types of corridors, pipeline easements and transmission line easements.

She has been a featured speaker at Appraisal Institute, International Right of Way, and legal functions. She was the 2019 President of the Southern California Chapter of the Appraisal Institute, the largest chapter in the country.

Beth was previously a Managing Director for and a principal of Integra Realty Resources – Los Angeles. In addition, she was the Executive Director of Integra Realty Resources – Orange County. During her career, she has held senior positions with Finestone & Associates and Cushman & Wakefield.

Education

• M.B.A., Pepperdine University
• B.S., Kinesiology, University of California, Los Angeles
• Certified by the Appraisal Institute’s program of continuing education for its designated members.

Professional Affiliations / Accreditations

• Member: Appraisal Institute
• Designation: Appraisal Institute – General Review Specialist (AI-GRS)
• Fellow: Royal Institution of Chartered Surveyors
• Member: The Counselors of Real Estate
• Member: International Right of Way Association
• License: California State Certified General Real Estate Appraiser
• Certified: Uniform Appraisal Standards for Federal Land Acquisitions (Yellow Book)

Recognition

• Los Angeles Business Journal 2009 Nominee for Executive of the Year – Women Making a Difference, May 2009
• Designated one of Real Estate Southern California’s 2006 Women of Influence, October 2006

Seminar Presentations

• Corridors, Crops & Condemnation (IRWA National Conference in San Diego, June 2015)
• Eminent Domain Appraisals: Pitfalls & Value-Added Services (RICS – Southern California Chapter, CPD Presentation, April 16, 2015)
• Government Buildings (Appraisal Institute, Special Purposes Seminar, July 15, 2014)
• The Trouble with Ignoring Building Code Violators (SCCAI 43rd Annual Litigation Seminar, Moderator, November 15, 2013)
• Conflicting Mandates & Instructions Between USPAP, Yellow Book, & Caltrans Appraisal Guidelines (IRWA Annual Valuation Seminar, April 24, 2012)
• Current Issues in Real Estate Appraisal (Lorman Education Services, live audio conference, March 8, 2012)
• The Role of the Appraiser in Construction Defect Litigation: Measuring Damages from Construction Defects (MCLE-approved presentation, January 11, 2012, March 4, 2010, and February 10, 2010)

Expert Testimony

Ms. Finestone has qualified as an expert witness in real estate matters and has testified before:

• Superior Courts: Los Angeles and Orange Counties
• Arbitration Hearings: Los Angeles County
• Tax Appeal Boards: Los Angeles and San Diego Counties

Representative Appraisal Assignments

• Appraisal of 50+ single-family residences (SFRs) impacted by the I-405 Widening Project in Costa Mesa. The acquisitions all involve temporary construction easements (TCEs). This assignment required an analysis of temporary severance damages due to impacts to rear yards as well as a valuation of all site improvements in the TCE areas. Appraisal of 50+ commercial properties impacted by various types of partial acquisitions related to the I-405. Some of the appraisals were extremely complex with significant severance damage studies required.
• Multiple appraisal assignments for LACMTA included:
  
  • Appraisal of a 1.25-acre parcel improved with a Class A, 12-story, medical office building constructed circa 1962, an adjacent one-story bank building and an attached four-story parking structure known as the Westwood Medical Plaza. It is located along the proposed Purple Line Subway Extension Project Corridor, specifically on the northeast corner of Wilshire Boulevard and Westwood Boulevard in the Westwood neighborhood within the City of Los Angeles. As part of this project, LACMTA is seeking acquire various permanent and temporary property interests, and to relocate existing tenants within the subject property. The purpose of this appraisal was to estimate the fair market value of the property interests (Parts Taken) to be acquired from the Larger Parcel and to make a determination as to the impact of the proposed acquisitions on the Remainder Parcel.
  • Appraisal of Wilshire Federal Building: Appraisal of a deep tunnel easement on the Wilshire frontage of the Federal Building as part of LACMTA’s Purple Line extension. Consideration was given to the redevelopment potential of the site and the benefits to the remainder, as well as to the value of the parts taken.
  • Appraisal involving the valuation of partial acquisitions impacting the Westfield Mall in Century City as part of LACMTA’s Purple Line extension. This assignment was challenging with respect to valuing the underlying land associated with the larger parcel. The property is unique due to its location and its size. Complexities involved determining the number of trips allocated to the site as this in part drives land value.  Again, consideration was given to damages and benefits, as well as to the value of the parts taken.
  • Appraisal of numerous surface and subsurface acquisitions were required on the Veteran’s Administration property for the construction of a subway station and tunnel easements for LACMTA’s Purple Line. Significant research was required relative to the VA specific plan and the highest and best use of the property. Consideration was given to damages and project benefits as well as the value of the parts acquired.
• Appraisal of 50± miles of pipeline easement running through UPRR and BNSF rail corridors in Urban Los Angeles.
• Multiple appraisal assignments for RCTC included:
  
  • Appraisal of parcels under more than 50 separate ownerships affected by acquisitions and easements for the SR-91 Corridor Improvement Project through the City of Corona. The complete summary appraisal reports and appraisal summary statements included a valuation of the properties in the before and after condition. Some of the properties had significant severance damage analyses due to loss of building improvements, parking, loading, etc.
  • City of Riverside 69 kV Electrical Transmission Line Project: Initially valued 22 residential and commercial properties in the City of Riverside. These properties all had a three-foot-wide partial taking along their frontage to accommodate the construction of a 69 kV transmission line. This represented Phase One of this assignment. Phase Two involved the partial taking of land over seven properties owned by UCR for the construction of a transmission line. The final phase involved approximately 100 properties of various types which were impacted by partial acquisitions for the construction of a transmission line. The final phase involved approximately 90 properties of various types which will be impacted by partial takes for the construction of a transmission line.
• Appraisal of in excess of 75 private properties on behalf of CHSRA. The property types included agricultural, commercial and residential. Most of the appraisals involved partial acquisitions. In addition, Ms. Finestone completed the appraisal of over 50 railroad corridor properties in conjunction with the high-speed rail project.
• Appraisal of the Del Mar Fairgrounds, Racetrack, and Horsepark (450 acres of land and over 1,000,000 square feet in improvements) for the California Department of General Services.
• Completed an appraisal of a property that represents one of the largest parcels of undeveloped and unprotected coastal property in Southern California (Banning Ranch). Much of the site had been occupied by oil operations since the 1940’s. The appraisal of this property was very complex in that the highest and best use of the property was not clear at the onset of the assignment. This property consists of degraded wetlands, open space, and a small area with the potential for residential development. The goal of this project was to prepare an appraisal for acquisition purposes such that the buyer and seller could agree on a purchase price and put the property under contract.  
• West Coyote Hills: Appraised Neighborhoods 1 and 3 of Vested Tentative Tract Map (VTTM) 17609. This is commonly referred to as Neighborhoods 1 and 3 of the West Coyotes Hills Property. Neighborhood 1 consists of 10.4± acres and was proposed for development with 16 residential units. Neighborhood 3 is 13.7± acres and was proposed for development with 59 residential units. Neighborhoods 1 and 3 were valued separately. The intended users of the report were the California State Coastal Conservancy, City of Fullerton, Wildlife Conservation Board, Rivers and Mountains Conservancy, California Department of Parks and Recreation, California Natural Resources Agency, and the US Fish and Wildlife Service. This report was prepared to Federal Standards in conformance with Yellow Book guidelines and the acquisition was made based on our appraisal.
• Appraisal in Fresno County for the State Department of Water Resources, which included 22 permanent flowage easements and three partial fee acquisitions. Some of the proposed flowage easements overlapped existing road and utility easements which had to be considered. Due to the nature of the flowage easements, substantial severance damages accrued to the remainder parcels which had to be considered. This assignment also included the consideration of orchard and crop values.
• Multiple appraisal assignments for the U.S. Department of the Interior, Appraisal and Valuation Services Office (AVSO) prepared to Federal Standards in accordance with Yellow Book guidelines. These were for acquisition purposes related to the San Joaquin River Restoration Project and for the acquisition land to be acquired for National Wilderness areas.