ATLANTA—REO transactions are more rare these days, but brokers are still working to extract maximum value for buyers. A freestanding express carwash in Woodstock, GA is a prime example.

Franklin Street Real Estate Services brokered the sale of the 3,992-square-foot freestanding express car wash located on Highway 92 in Woodstock. The seller is a local bank. Franklin Street's Mac McCall represented the buyer, a car wash operator out of Alabama. Despite being a bank-owned property, the car wash was fully operational at the time of sale.

“Although my buyer offered a much higher price than the one the lender accepted, we found out that there was a tenant Right of First Refusal in the lease and approached the tenant about purchasing the property from them,” McCall tells GlobeSt.com. “By doing so, my client was able to get the property and the tenant was able to pocket extra capital.”