JOHN D. PENNER, MAI
SENIOR MANAGING DIRECTOR
John Penner has over 38 years of experience in appraisal and consulting services for all types of properties;
specializing in medical office, industrial, retail, development, fractional interest, and eminent domain. In
addition, he publishes the widely cited Penner Expense Guide, which uses actual expense data from properties
throughout Southern California. Mr. Penner has qualified as an expert witness in bankruptcy and superior
court for Orange, Los Angeles, and San Diego Counties. He is a member of the Appraisal Institute with
an MAI Designation and a Certificate in Litigation, has served as Chair of the Southern Branch, and was
honored as the 2016 Southern California Appraisal Institute Volunteer of Distinction. He was also Chair
of the Appraisal Institute's new Candidate Advisor Program, which connects candidates for designation with
volunteer mentors to assist them in their path to designation. Mr. Penner holds a certificate in Real Estate
Development from the Urban Land Institute; is a member of Lambda Alpha International, an elite global land
economics society; is a Certified Valuation Specialist with the Orange County Estate Planning Council; and
was a founding Board Member of Valbridge Property Advisors.
VALBRIDGE PROPERTY ADVISORS | ORANGE COUNTY
· 1370 N. Brea Boulevard, Suite 255, Fullerton, CA 92835 · Phone: 714.449.0852 · www.valbridge.com
• Office and Medical buildings
• Industrial buildings
• Shopping Centers
• Vacant Land
• Apartments, condominiums,
and single family residences
• Hotel, lodging, hospitality,
recreational buildings
• Special-purpose properties
The team of appraisers at Valbridge Property Advisors | Orange County provides independent property valuation and
consulting services. Investment in real estate demands a high level of trust, which is established by honest, objective
analysis with a commitment to quality and service. We believe successful investing is the direct result of
comprehensive research enhanced by knowledgeable and insightful analysis. Our clients benefit from the collective
strength of Valbridge Property Advisors, which is the largest independent commercial appraisal firm in the U.S. with
80 offices nationwide.
COMPREHENSIVE VALUATION
AND ADVISORY SERVICES
Valbridge Property Advisors | Orange
County specializes in appraising all types
of real estate. We produce consistent,
client-tailored appraisal reports across the
U.S. market for:
ORANGE COUNTY
FIRM OVERVIEW
• Fractional interest valuation for gifting and IRS purposes
• Eminent domain, right-of-way, and easement valuation
• Litigation support and expert witness testimony
• Development analysis
• Portfolio valuation
• Investment consultation and prospectus
• Real estate market and feasibility analysis, including rent
and demand studies
• Site analysis and selection
• Real Property due diligence
• Property and lease comparables, fair market rent analysis
• Expense analysis: Penner Expense Guide publication
• REO and foreclosure evaluation
• Property valuation for estate planning, insurance, and
trusteeship
SPECIALTY SERVICES
Qualifications of John D. Penner, MAI
Senior Managing Director - Orange County, CA | National Director - Fractional Interest Valuation
Independent Valuations for a Variable World
Membership/Affiliations:
Appraisal Institute – MAI Designation & Certificate in Litigation
Appraisal Institute – Volunteer of Distinction (2016)
Lambda Alpha International (LAI) – Orange County Chapter
Orange County Estate Planning Council – Certified Valuation Specialist
Urban Land Institute – Certificate in Real Estate Development
Valbridge Property Advisors – Founding Board of Directors Member
Experience:
SENIOR MANAGING DIRECTOR/OWNER: VALBRIDGE PROPERTY
ADVISORS | ORANGE COUNTY, 1991-PRESENT
This firm performs valuation and advising for commercial real
estate with a specialty in medical office, and industrial properties.
Mr. Penner has over 38 years of experience in the Southern
California region and has completed assignments in many areas
of the United States.
SENIOR APPRAISER: T.L. YATES & ASSOCIATES, 1990–1991
Work included narrative appraisals of proposed, existing and
problem properties located in the markets of Southern California
and Arizona.
SENIOR APPRAISER/ANALYST: HOME SAVINGS OF AMERICA, 1983–
1990
Work included valuation of residential and commercial properties
located throughout Southern California, parts of Northern California,
Arizona, Texas, Florida and New York. Specific responsibilities
included the appraisal of problem properties, market studies,
feasibility, and portfolio analysis.
Scope of Work:
Work includes the appraisal and/or consultation of reports for
acquisition, sale, refinance, estate, development, condemnation,
fractional interest and court testimony purposes. Typical clients served
are financial institutions, investors, developers, legal firms, and
governmental entities.
Types of properties appraised include:
State Certifications
Certified General Appraiser
State of California (AG001720)
Education
B.S. - Business Administration
Finance & Investments
San Diego State University
Publications - Author
Penner Expense Guides
:
1) Office
2) Medical Office
3) Retail
4) Industrial
Qualified
Expert Witness:
Bankru
ptcy & Superior Court
Cash Flow Forecast: ARGUS
Contact Details
714-449-0852 (Office)
Valbridge Property Advisors
1370 N. Brea Blvd., Suite 2
55
Fullerton, CA 92835
www.valbridge.com
Valbridge Property Advisors
is the largest independent
commercial property valuation
and advisory services company
in the United States, with 80
offices nationwide.
Medical & Dental Offices
Condominiums
Neighborhood Centers
Restaurants
Bank Branches
Market Studies
Warehouses
Business Parks
Multi-Tenant Industrial
Subdivisions
Single Family
High and Low Rise Office
Corporate Headquarters
Regional Shopping Malls
Strip Retail Centers
Mixed Use
Vacant Land
Manufacturing Facilities
R&D Buildings
Mini-Warehouse
Master Planned Communities
Apartment Projects
Staff Appraisers
Eric Day, MBA
Eric Day is a senior appraiser with Valbridge Property Advisors, having joined
the firm in 2011. Eric is a Certified General Appraiser for the State of
California and has experience in specialty appraisals including investment
property, medical, development, condemnation, and fractional
interests. Prior to Valbridge, Eric was a real estate broker with T.L. C&P
Real Estate and Investments. As a broker, Eric owned & operated a
brokerage firm specializing in commercial, residential, industrial and
investment real estate, including Real Estate Appraisals, Property
Management, Commercial & Residential Property Evaluations, Land, and
Vacant Land Acquisitions. Prior to working in real estate, Eric spent 15
years as a Financial Planning Manager for The Boeing Company. He is a
Licensed Real Estate Broker in the State of California and is a member of
the National Association of Realtors.
•
M.B.A. Business Administration, University of Southern California
•
B.A. Business Administration & Finance, California State University, Fullerton
Robert J. Willette, MBA, CCIM, LEED AP
Robert Willette is a senior appraiser with Valbridge Property Advisors, having
worked with the firm in 2016 and now again in 2021. Robert is a Certified
General Appraiser for the State of California, a licensed Real Estate Broker,
and a Candidate for Designation with the Appraisal Institute. He has
extensive experience in appraising office, retail and industrial properties.
Robert has over 35 years of relevant experience in the states of California,
Arizona, Washington, Colorado and across the Midwestern United States,
analyzing and valuating investment grade commercial real estate for major
lending institutions. Prior to working for Valbridge, Robert was a Principal
with Real Estate Solutions in Southern California, a Senior Appraiser at BBG,
Inc, and a Senior Associate at NPV Advisors.
•
M.B.A. Real Estate Finance, DePaul University
•
B.S. Landscape Architecture, University of Illinois
John Penner Jr.
John Penner Jr. has worked for Valbridge Property Advisors for 6 years and is a
staff appraiser. He has performed appraisals on a variety of property
types, including portfolio assignments and has completed all coursework for a
Certified General License. John’s academic background provides broad
experience in writing, research design, data analysis, and statistical
methodology/programming. He has two academic journal publications and
has performed internal research and presentations for Valbridge’s corporate
business development. John has an undergraduate degree in psychology and
music composition and a master’s degree in clinical psychology, pending
thesis completion. Prior to his work at Valbridge, John has worked as a
Research Assistant, Therapist, Content Writer, and Tutor. In his personal time,
John is an avid investor in Bitcoin and a student of the financial markets.
•
M.S. Clinical Psychology, California State University, Fullerton (Pending)
•
B.S. Music Composition and Psychology, Point Loma Nazarene University
Magna Cum Laude Graduate, Psi Chi International Honor Society
Staff Analysts
Chris Hansen
Chris Hansen has worked for Valbridge Property Advisors as a Real Estate
Analyst since 2020. He has completed multiple appraisal assignments and
is skilled at data searches, narrative support, analysis of income and
expenses, and is familiar with every facet of the appraisal process. Chris
graduated from the University of California, San Diego with a degree in
Management Science, an applied economics program with an emphasis on
finance, research and quantitative analysis. In addition, he served as
captain of the UCSD basketball team and was the 2019 California
College Athletic Association Athlete of the Year. Chris has taken courses
from the Appraisal Institute, including Supervisory Appraiser/Trainee
Appraiser, USPAP, Basic Appraisal Procedures, Basic Appraisal Principles,
and Real Estate Finance Statistics and Valuation Modeling. Chris's work
experience includes a position at Newmark Cornish & Carey reviewing
commercial property leases and conducting inspections of commercial
properties.
B.S. Management Science, University of California, San Diego
Duane Sullivan
Duane is the most recent member of the Valbridge team and is working as a
Real Estate Analyst. Duane is a member of the Real Estate Association and
has taken courses from the Appraisal Institute, including Supervisory
Appraiser/Trainee Appraiser, USPAP, Federal and California Statutory and
Regulatory Law, and Business Practices and Ethics. Duane is a graduate of
California State University Fullerton where he studied Business Administration
in the Real Estate Advisory Track, and took classes that included Real Estate
Valuation, Real Estate Investment Analysis, Real Estate Market Analysis, Basic
Appraisal Procedures, Basic Appraisal Principles, and several courses in
Residential Valuation and Analysis. Duane has a Real Estate Trainee Appraiser
License with the Bureau of Real Estate Appraisers and is a Practicing Affiliate
of the Appraisal Institute. Most recently he worked as an Appraisal Assistant
at E-Appraisal Valuation, where he assisted with residential and commercial
property inspections and gathered relevant data for market analysis.
B.S. Business Administration, California State University, Fullerton
Finance Concentration (Real Estate Advisory Track)
Cum Laude Graduate, Alpha Sigma Lambda Honor Society
Administrative Staff
Rebecca Avila
Rebecca, our administrative assistant, joined Valbridge in 2021. With a
background in education and property management, Rebecca brings over
two decades of administrative management experience to the position. Most
recently she managed a portfolio of homeowners associations with duties
including day-to-day operations, Board meetings, and annual budgeting.
Rebecca obtained a master’s degree in Literature from the University of
California, San Diego and a bachelor’s degree in English from California State
University, Fullerton. A long-time resident of Orange County, Rebecca enjoys
photographing the local scenery and wildlife and dreams of traveling to
Australia and Ireland.
•
M.A. Literatures in English, University of California San Diego
•
B.A. English, California State University, Fullerton
Magna Cum Laude Graduate, Golden Key International Honor Society
Cynthia Finn
Cindy, who handles accounting and human resources, is one of our longest-
tenured employees, having been with the company since 2011. She brings
over three decades of management, accounting, and human resources
experience to the table and also serves as Vice President of Finance at Pasco
Industries, Inc., her family’s property management business based in Los
Angeles County. Cynthia earned a bachelor’s degree in Business
Administration from California State University, Fullerton, with a concentration
in Management. In her spare time, Cindy enjoys traveling and participates in
West Coast Swing, Country Western, and Greek folk dancing for fun and
competition.
•
B.S. Business Administration, California State University, Fullerton
Management Concentration
Selected Assignments: Orange County Office
Proprietary In-House Databases
Aircraft Manufacturing Facility – 1,600,000+ square foot hanger and manufacturing facility.
Mark IV Capital Building - 20,389 square foot Leed Platinum Certified Green Headquarter Building
Innovation Institute Growth Fund - Ongoing valuation and consultation for a $200,000,000 medical
office fund
Brookhurst Place Apartments – 180 unit New Construction Mid-Rise Luxury Apartments
Headquarters of American Savings - 272,574 square foot Office Complex
The Original Pantry Cafe - 7,948 square foot Historic Restaurant in downtown Los Angeles
Trico Savi Business Park - 247,095 square foot Multi-Tenant Industrial
Packard Hughes Interconnect - 157,458 square foot R&D Facility
Santa Ana and San Diego US District Federal Courthouses – Market Rent Study
Cinemapolis - 58,571 square foot Multi-Plex Movie Theater
Polo Plaza - 52,146 square foot Office/Retail
Frome Alpha Portfolio – 1,000,000 square foot portfolio of 15 Multi-Tenant Industrial Properties
Hoag Health Center - 29,036 square foot Medical Office
Union Bank Building 157,662 square foot High-Rise Office
Val Mesa Medical Building - 72,075 square foot Medical Office adjacent to St. Jude Hospital
UCI Medical Center - Market Rent Analysis
US Postal Service – Appraisals and Rental Analysis National Contract
City of Anaheim – Katella Smart Street Widening
Cities of Industry, El Monte, & Pico Rivera – Grade Separation Project
Fractional Interest Discount Sales – National Database of 100+ sales of fractional
interests in real estate and corresponding discount rates
Cell Tower Leases – 20+ Southern California Cell Tower Leases
Medical Office – Surgery Center and Imaging Centers in Southern California
Office, Medical, Industrial, and Retail Expense Guides
Regional, City, and Market Information - Southern California
Selected Clients: Orange County Office
Life Insurance Companies
Sun Life of Canada
Genworth North American Corp.
Voya Investment Management
American Equity Investment Life
Aviva Life and Annuity Company
AEGON Life Insurance Company
Financial Institutions
JPMorgan Chase Bank
Pacific Western Bank
Farmers & Merchants Bank
Manufacturers Bank
East West Bank
Wilshire Finance Partners
Investors
TRICO Realty Company
Frome Investments
Davis Partners
Shamrock Capital Advisors
TDA Investment Group
Healthcare Property Advisors
Governmental
Paragon Partners Ltd.
Pomona Educational Foundation
City of Industry
City of Santa Clarita
Epic Land Solutions, Inc.
Law Firms
Tredway, Lumsdaine & Doyle, LLP
Paul, Hastings, Janofsky & Walker
Allen, Matkins, Leck, Gamble & Mallory
Gibson, Dunn & Crutcher
Burke, Williams & Sorenson
Penner Expense Guide
The Penner Expense Guide is a widely cited biennial publication in Southern California,
which contains data from a survey of actual expenses at 10 comparable projects. These
Expense Guideline Reports for industrial, office, medical office, & retail give actual data
from the local Southern California market in an easy to read format. Per square foot
descriptive statistics are given for each expense category such as utilities, insurance,
janitorial, repairs and maintenance, etc.
Discussions with local
appraisal reviewers
indicate our guides are
cited in as many as
50% of the appraisals
they review in Southern
California!
Valbridge Property Advisors Information / Office Locations
