Property Valuations

Providing comprehensive real estate valuation and consulting services to both the public and private sectors.

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Research & Analysis

In addition to valuations, we also offer a variety of services aimed at property research and real estate analysis.

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Property Types

Our assignments include property types ranging from residential subdivisions to complex/trophy properties.

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ABOUT US

Lipman Frizzell & Mitchell is a real estate valuation and consulting firm that serves the Washington and Baltimore metropolitan region with a staff of 12 professionals plus five support persons. Six of the professionals hold the MAI designation from the Appraisal Institute. Since our formation in 1977, we have focused on complex appraisal assignments, provided expert witness testimony in litigation matters involving some of the areas’ major cases, (several of which have set precedent) and have provided consulting expertise to our clients to assist in important decision-making involving major real estate projects throughout the region.

We continue to tackle basic to complex valuation problems. The combined experience of our principals and the sophistication and technical expertise of our staff coalesce to provide our clients the finest appraisal and consulting services available in the region.

Being one of the larger regional organizations of its kind, our database is second to none and, given our 40+ year history, we maintain files on a large portion of the region's standing inventory of major real estate properties.

Please contact us to discuss how Lipman Frizzell & Mitchell llc can assist with your real estate valuation and consulting needs.

Our Clients

Our client list speaks for itself and includes insurance companies, financial institutions, developers, investors, educational, health and charitable institutions, city, state and federal governments and the attorneys and accountants who serve them.

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Our Team

Principals

M. Ronald Lipman, MAI

rlipman@LFMvalue.com
410-423-2300 • 410-423-2328
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M. Ronald Lipman, MAI

rlipman@LFMvalue.com
410-423-2300 • 410-423-2328

About M. Ronald Lipman, MAI

M. Ronald Lipman is a founding partner of Lipman, Frizzell & Mitchell LLC. Ron has over 50 years of experience as a real estate appraiser and, over the past 30 years, has provided extensive real estate counseling services to property owners, developers, banking and investment clients and their legal representatives, with a specialty in real property tax appeals and fractional/minority interest valuations in the context of estate planning and estate administration.

Ron has considerable experience in complex appraisal assignments and litigation matters, having participated in some of the state’s most important court cases, several of which have set legal precedent. Ron’s personal experiences as a developer, investor, joint partner, and previously as a trustee of Mid Atlantic Realty Trust (NYSE) add significantly to his ability to provide effective, pragmatic consulting advice to his clients.

Ron holds the MAI designation of the Appraisal Institute and is licensed as a Certified General Appraiser in Maryland, Virginia and Washington DC. He earned a Bachelor of Arts degree from Duke University and a Masters of Business Administration in Real Estate from American University.

George P. Frizzell

gfrizzell@LFMvalue.com 
410-423-2300
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George P. Frizzell

gfrizzell@LFMvalue.com 
410-423-2300

About George P. Frizzell

George P. Frizzell is one of the three original partners who founded the firm in March 1977. George has over 40 years of experience in the field of real estate appraisal and consulting. A graduate of the University of Maryland with a degree in business, George's initial employment was in the field of Urban Planning, which provided a natural basis for working in the private real estate market. A former instructor in real estate appraising at Towson State University, George has also lectured on a wide variety of valuation issues. George’s specialties include litigation counseling, expert testimony, valuation analysis and industrial and commercial property appraising.

Ryland L. Mitchell III

rmitchell@LFMvalue.com
410-423-2300
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Ryland L. Mitchell III

rmitchell@LFMvalue.com
410-423-2300

About Ryland L. Mitchell III

Ryland L. Mitchell III is one of the three original partners who founded the firm in March 1977. For approximately six years prior to that time, he was an appraiser with McCurdy Lipman & Associates in Towson. Ryland graduated from the business school of the University of Richmond in 1965 and did graduate work in the field of real estate at the University of Florida.

Ryland has appraised real estate throughout the Mid-Atlantic States with his primary focus in the Washington D.C. metropolitan area in real estate tax assessment analysis and condemnation and litigation support. He has testified as an expert witness for U.S. Bankruptcy Court, U.S District Court of Maryland, Superior Court of the District of Columbia, Maryland Tax Court, and circuit courts in various counties in Maryland.

Calvin V. Thomas, MAI

cthomas@LFMvalue.com
410-423-2300 • 410-423-2336
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Calvin V. Thomas, MAI

cthomas@LFMvalue.com
410-423-2300 • 410-423-2336

About Calvin V. Thomas, MAI

With over 40 years of appraisal and consulting experience, Calvin has been with Lipman Frizzell & Mitchell LLC since 1996 and became a partner in 1998. Prior to LFM, he was Senior Vice President of a regional appraisal firm in Baltimore. He has also served as an appraiser and mortgage loan officer for various local and regional banks. Calvin is a licensed Certified General Appraiser in Maryland, Virginia, and Washington DC. He holds the MAI designation of the Appraisal Institute and is a licensed real estate broker in Maryland. He earned his Bachelor of Science degree in Economics from the University of Maryland.

Calvin has analyzed and appraised real estate projects throughout the Mid-Atlantic States and has worked nationwide on portfolio valuations. He has testified as an expert witness for U.S. Bankruptcy Court, Maryland Tax Court, Circuit Court of Prince George’s County, and the Circuit Court of Baltimore. His primarily areas of expertise are income producing properties, vacant land, rights-of-way, religious buildings, schools and other special purpose real estate.

James E. Caminis, MAI

jcaminis@LFMvalue.com
410-423-2320
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James E. Caminis, MAI

jcaminis@LFMvalue.com
410-423-2320
Connect

About James E. Caminis, MAI

James E. Caminis, MAI has over 18 years of experience at Lipman Frizzell & Mitchell LLC. He has certified general real estate appraiser licenses in the State of Maryland, Delaware, Commonwealth of Virginia, and the District of Columbia. James holds the MAI designation of the Appraisal Institute and served a 2-year term as the President of the Maryland Chapter of the Appraisal Institute. James graduated with a Bachelor of Science degree from the Weatherhead School of Management at Case Western Reserve University in Cleveland, Ohio.

He has testified as an expert witness for Maryland Tax Court and the Washington, D.C. Property Tax Assessment Appeals Board (PTAAB). His valuation, consulting, tax appeal, estate planning, and litigation expertise covers an array of property types that include industrial, office, and retail buildings; shopping centers; net-leased assets; mixed-use/complex properties; portfolio/estate valuation; vacant industrial, commercial, and residential land; and partial/fractional interest valuation.

Stacy A. Harman

sharman@LFMvalue.com
410-423-2322
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Stacy A. Harman

sharman@LFMvalue.com
410-423-2322
Connect

About Stacy A. Harman

Stacy is a Principal at LFM and has been with the firm for over 30 years. She joined the firm in 1988 as an administrative assistant and has since become a Certified General Appraiser in the State of Maryland, Delaware and Pennsylvania. Stacy is a member of Commercial Real Estate Women (CREW) – Baltimore and serves as Secretary of the Maryland Chapter of the Appraisal Institute. In 2020, Stacy was appointed by Governor Hogan to serve a 3-year term on the Maryland State Commission of Real Estate Appraisers, Appraisal Management Companies and Home Inspectors.

Stacy has testified as an expert witness in Baltimore County Orphans' Court. Her valuation assignments have included retail, office, and industrial buildings; shopping centers; special purpose properties; automobile dealerships, country clubs and golf courses, marinas, churches, and schools, partial takings, conservation easements, planned developments, residential subdivisions, and unimproved land. Her assignments have been concentrated in the Baltimore/Washington metropolitan area, Maryland’s Eastern, Southern, and Western Shores and Delaware.

Kevin L. Kagen, MAI

kkagen@LFMvalue.com
410-423-2378
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Kevin L. Kagen, MAI

kkagen@LFMvalue.com
410-423-2378
Connect

About Kevin L. Kagen, MAI

Kevin Kagen has been with LFM since 2010. Kevin is a licensed Certified General Appraiser in the State of Maryland, Commonwealth of Virginia, and the District of Columbia. He earned a Bachelor of Science degree from the University of South Carolina and a Masters of Real Estate (MSRE) degree from Johns Hopkins University. Kevin holds the MAI designation of the Appraisal Institute.

Kevin has valuation experience of a variety of property types including hotels; apartment buildings; office, retail, industrial, and mixed-use properties; and vacant land and residential subdivisions in the Baltimore and Washington D.C. metropolitan areas and Northern Virginia.

Michael J. Chicorelli, MAI

mchicorelli@LFMvalue.com
410-423-2340
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Michael J. Chicorelli, MAI

mchicorelli@LFMvalue.com
410-423-2340

About Michael J. Chicorelli, MAI

Michael joined Lipman Frizzell & Mitchell LLC in August 2005 and in March 2019 became a Principal with the firm. Michael is a graduate of Towson University where he earned a Bachelor’s Degree in Biology, with a Chemistry minor. He obtained a Master’s degree in Environmental Science from Johns Hopkins University. Prior to joining LFM, Michael worked as an environmental engineer and consultant. He holds certified general real estate appraiser licenses in the State of Maryland, Commonwealth of Virginia, and the District of Columbia.

Michael’s appraisal experience includes a focus on right-of-way assignments, with 50+ reports written over the past year related to condemnation proceedings. Other valuation and consulting assignments include: office buildings, shopping centers, industrial properties, mixed-use and urban developments, subdivisions, distressed real estate, tax appeals, estate planning, easement valuation, feasibility studies, government rent studies, and going concern appraisals. Michael has testified as an expert witness for U.S. Bankruptcy Court, Maryland Tax Court, Circuit Court of Prince George’s County, and PTAAB.

Senior Associates

Sheldon A. Stern, MAI

sstern@LFMvalue.com
410-423-2300
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Sheldon A. Stern, MAI

sstern@LFMvalue.com
410-423-2300

About Sheldon A. Stern, MAI

Sheldon has been within LFM for 30 years and holds the MAI designation of the Appraisal Institute. He is a licensed real estate broker in Maryland and a Certified Property Manager (CPM) from the Institute of Real Estate Management. Sheldon received a bachelor’s degree from University of Maryland and master’s degrees from University of Baltimore and American University. His master’s from American University is in real estate and urban development. Sheldon sits on the Board of Directors of CHAI, Comprehensive Housing Assistance, a non-profit housing agency.

He has qualified as an expert witness for Federal Bankruptcy Court, and testified before the Property Tax Assessment Appeals Board (PTAAB) and MICPEL Trial Advocacy Program. His valuation experience focuses on apartment buildings; retail, office, and industrial properties, and residential subdivisions. Assignments have included tax credit valuations, Fannie Mae and Freddie Mac reports, HUD MAP valuations and HUD rent comparability studies.

F. Ford Dennis, Jr.

fdennis@LFMvalue.com
410-423-2344
Connect • READ BIO

F. Ford Dennis, Jr.

fdennis@LFMvalue.com
410-423-2344
Connect

About F. Ford Dennis, Jr.

Ford Dennis is a Senior Associate with 25 years of experience at Lipman Frizzell & Mitchell LLC. He holds certified general appraiser licenses in the State of Maryland, Commonwealth of Virginia, and the District of Columbia. Ford graduated with a Bachelor of Arts degree in Economics from the University of Maryland, College Park and a Master’s of Business Administration from the Robert H. Smith School of Business at the University of Maryland.

Ford has been a guest lecturer at the Colvin Institute of Real Estate Development – School of Architecture, Planning & Preservation at the University of Maryland, College Park. His valuation and consulting assignments primarily include: industrial, retail, and office buildings, mixed-use properties; schools; churches; net-leased assets; and vacant industrial, commercial, and residential land. Ford’s primary focus is on institutional-grade assets and new and proposed development in the Washington and Baltimore metropolitan areas.

Kevin Daeninck

kdaeninck@LFMvalue.com
410-423-2348 • 410-423-2300
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Kevin Daeninck

kdaeninck@LFMvalue.com
410-423-2348 • 410-423-2300

About Kevin Daeninck

Kevin began his career at LFM as a summer intern in 2018, after which he became a part-time Analyst. Kevin joined the firm full-time after his graduation from the University of Maryland - College Park in May 2019 with a Bachelor of Science degree in finance. Kevin was promoted to Associate after he obtained an appraisal trainee license and Senior Associate in early-2022 after he obtained his certified general commercial appraiser license in the State of Maryland.

Associates

Christopher Perticone

cperticone@lfmvalue.com
410-423-2357
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Christopher Perticone

cperticone@lfmvalue.com
410-423-2357

About Christopher Perticone

Chris Perticone began with Lipman Frizzell & Mitchell in February 2023 as an Associate. He joined LFM after already working as an Appraisal Trainee in Maryland and prior to that he was a loan officer. Chris earned a Bachelor of Science degree in Business Marketing from Regis University in Denver, CO. As an associate with LFM, Chris works with the firm’s principals on an array of property types and towards obtaining a certified general appraiser license in the State of Maryland.

Michael Drew Patrick

dpatrick@lfmvalue.com
410-423-2350
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Michael Drew Patrick

dpatrick@lfmvalue.com
410-423-2350

About Michael Drew Patrick

Drew Patrick began with Lipman Frizzell & Mitchell in February 2023 as an Associate. He joined LFM after more than 5 years assisting with appraisal reviews and quality control at another firm. Drew double majored at the University of North Carolina at Chapel Hill, graduating with Bachelor of Arts degrees in Psychology and Dramatic Arts. As an associate with LFM, Drew works with the firm’s principals on an array of property types and towards obtaining a certified general appraiser license in the State of Maryland.

Operations Director

Debbie Ryba

dryba@LFMvalue.com
410-423-2300

Recent News

Coronavirus (COVID-19)

During the Coronavirus (COVID-19) pandemic, Lipman Frizzell & Mitchell took the necessary steps to maintain the safety of our employees, colleagues, clients, and the real estate community.  Over the course of the pandemic, we remained committed to completing our client engagements with the same level of timeliness and thoroughness to which you are accustomed.

Although Covid-19 has been challenging for everyone, it is sincerely our hope that the pandemic and its negative effects are mostly in the rearview mirror.  We encourage you to reach out to us regarding your valuation issues, Covid-19 or otherwise, on your mind. Our staff is available to answer your questions as we remain focused on providing to you, our client base, the valuation services you require. As always, thank you for the continued trust you place in Lipman Frizzell & Mitchell.

 

 

Join Us

Lipman Frizzell & Mitchell LLC (LFM) has a relaxed, collaborative culture that supports a work-life balance. Every employee plays a vital role in providing reliable and sophisticated real estate services to our clients. The firm’s success is directly linked to a dedicated and self-driven staff.

Employment with LFM means you pride yourself on delivering “boutique” and professional service. Employees receive hands-on training and mentorship with industry-leading professionals. Lipman Frizzell & Mitchell LLC is an equal opportunity employer and is committed to, and prides itself on, being an inclusive and diverse workplace.

Contact

Maryland Office

Lyndwood Executive Center
6085 Marshalee Drive, Suite 200
Elkridge, Maryland 21075
410-423-2300
410-423-2410 (fax)

Virginia Office

1818 Library Street, Ste. 500
Reston, Virginia 20190
703-454-0278
410-423-2410 (fax)

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