(773) 763-6750

J. Chie, Esquire

Our law firm provides legal work for real estate closings for over 30 years… What distinguishes Chicago Commercial Appraisal Group from other appraisers is the level of thoroughness and details.

A. Raila, Senior Tax Analyst

Gary is a hands-on professional always willing to pick up the phone and work with you... His appraisal firm produces one of the best real estate forecasting reports in the state. I highly recommend his work and his opinion is highly recognized by governmental agencies.

J. Norris, Property Tax Attorney

As an attorney, we deal with many appraisal reports used in tax appraisals. Gary's work has proven successful for our clients and I do not hesitate recommending him for tax assessment appeal appraisals.

C. Noone, property owner

I needed an appraisal for settling an estate. Mr. Peterson was very professional, punctual and helpful with the process. I received my report ina timely manner. I would certainly recommend this company, as well as use their services in the future.

J. Tsiaousis

Gary is one of the top commercial appraisers in Chicago. Every time I have a client in need of a commercial appraiser I refer all work to him without hesitation.


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Appraising Illinois Cannabis Dispensaries

The appraisal of cannabis dispensaries is an issue of supply and demand.  As of June 2022, there were only 110 recreational dispensaries operating in Illinois.  Chicago has 19 dispensaries and the surrounding suburbs have more than 40.   The issuance of 185 new cannabis licenses by the Illinois Department of Professional Regulations can now proceed after litigation from the lottery system to get licenses.

 

Of the 110 dispensaries that are open, seven companies own 60 of them.  More licenses should help to open-up the market and increase competition.  

 

The State of Illinois has, in some respect, sets itself up for failure.  They expound on the goal to let the little guy and those who were victims of drug laws in the past have an opportunity to get some licenses.  The problem is that this is a massively regulated industry and dispensaries can easily cost in the $1,000,000 to $1,500,000 value range to put up.  Not many “little guys” or not-for-profits have that type of cash.

 

Regardless, more licenses should help drive down costs and help the consumer.  We have valued a couple of dispensaries in the past few months and the appraisal issues for this property class are both complex and rather fascinating.