ATLANTA – Bull Realty, one of Atlanta’s leading commercial real estate firms, announces the closing of 1,182 acres at Merrill Ranch, a 5,690 tract outside of Phoenix. The property was foreclosed on by a group of over 60 lenders on February 26, 2009. The all-cash purchase, which took place by an unidentified buyer, was handled by Bull Realty brokers, Rob Whitmire and John DeYonker in conjunction with KW Commercial brokers in Arizona. The deal produced nineteen cash offers from across North America before it was finalized. The remaining 4,508 acres of the property is available.
“The lenders would like to choose a buyer for the remaining acreage early in the New Year,” said DeYonker, who leads the land division at Bull Realty. “The property is priced at less than $.11 on the dollar of the 2006 appraised value. Currently there are multiple offers submitted and we are looking for more offers in the coming weeks. We expect something to happen in early 2010,” he added.
Bull Realty was initially contacted to market the property by the Peoples Bank of Winder, the lead bank handling the foreclosed property after offers they received on the foreclosure were deemed unacceptable. The property was initially foreclosed by Peoples Bank after the borrower, Merrill Ranch Investments LLC of Atlanta and Scottsdale, defaulted on the promissory note. W. Harrison Merrill, a well known Atlanta developer had owned the property for years.
With over 60 banks involved, the FDIC arranged a special meeting for Bull Realty to present their marketing plan to the banks. In the July 9, 2009 meeting, Chris Maddox, CEO of Peoples Bank was asked by some of the participating banks as to why Bull Realty was chosen for the assignment. Maddox stated that the property needed better marketing than the national firms could provide. The FDIC had also previously utilized Bull Realty for other properties allowing for an easy transition.
“Selling land in this market cycle is tough and requires casting a very wide net,” said Rob Whitmire, who leads the Special Assets and Foreclosure division at Bull Realty. This Arizona offering is certainly a very prime property. It is priced well and has great upside. With some of the traditional buyers on the side line and new buyers entering the market every day, aggressive marketing strategies are essential.”
About Bull Realty:
Bull Realty is an Atlanta based commercial real estate brokerage firm providing marketing, leasing, valuation, management and auction services for lenders and services around the country. In the past 12 months their volume of listings has increased 300-percent and number of brokers has increased 30-percent. The firm has 30 brokers, 10 staff members and $650 million dollars of exclusive listings. For more information, visit www.BullRealty.com
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