Case Studies

Lender Owned Development Land In Arizona (5,690 Acres) Sold for $7 million over foreclosure deed

The Assignment Bull Realty received an assignment from 62 banks and the FDIC to sell a 5,690 acre development in Arizona, just outside Pheonix. The property was initially foreclosed by a consortium of 62 banks and the FDIC, led by Peoples Bank in February 2009. After offers from national brokerages with Arizona offices were deemed unacceptable, Bull Realty was chosen to market the property. With more than 60 banks participating, the FDIC arranged a special meeting to update the participating banks. During this meeting Bull Realty presented their marketing platform to the banks. In the July 9, 2009 meeting, the lead bank CEO, Chris Maddox of Peoples Bank, was asked by some of the participating banks why Bull Realty in Atlanta was chosen to market property in Arizona. Maddox stated that to maximize recovery the property needed better market exposure than the national firms would provide. The Results In the first 60 days of the assignment, Bull Realty produced 12 all cash offers from buyers all over North America. After the initial marketing blitz, additional offers were optimized by offering the project in multiple tracts. The property ultimately sold in two tracts to two separate buyers. The first tract of 1,182 acres closed in December 2009 and the remaining 4,508 acres closed in March 2010. The county records indicate the lenders bid at foreclosure was $29 million. The total sales price achieved by Bull Realty was just over $36 million, $7 million over the foreclosed price.

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Bull Realty markets & sells vacant bank owned
shopping center at 1/2 million over BOV

After a bank foreclosed on a 37% occupied 34,375 sq ft retail center in Alpharetta, Georgia, Bull Realty was chosen to market the property. This mostly vacant non anchored two story center sold at a price in excess of $100 per sq ft. The sale was all cash at 1/2 million over the brokers opinion of value, and closed within 14 days of contract.

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Bull Realty marketed and closed a 60,000 sq ft office building that had been on the market for eighteen months prior with two large traditional commercial real estate firms. They produced one unacceptable offer. At the same list price, in a worse market, Bull Realty marketing brought in seven offers in five weeks and sold the property for close to the full list price of $8 million. The building was sold to a user from Seoul, Korea! They found the property on BullRealty.com.