Small Commercial REOs Beginning to Sell in Suburban Atlanta

ATLANTA-One sign that the recession is easing is that small REOs are beginning to sell, says Tom Davenport, president of Lavista Associates, Inc., based in Norcross, Georgia, an Atlanta suburb.

Davenports says that his company represented the lenders– which are local or regionally-based–in the sale of three small commercial buildings in March and one in February. What this means, he says, is that lenders that have foreclosed on these small properties are now more willing to “meet the market,” that is, accept what buyers are willing to pay for these properties.

Lavista acted on behalf of State Bank & Trust of Atlanta in the sale of a 20,000-square foot industrial building in Dawsonville and a 5,900-square-foot office building in Alpharetta; the Norcross-based Excel Federal Credit Union in the sale of a 17,280-square foot, freestanding office building in Cumming and Hiram-based West Side Bank in the disposition of a 9,000-square-foot office building in Satellite Park at Huntcrest in Suwanee. All of these properties are in suburban Atlanta.