Archives: Case Studies

Turning Vision into Value on a Major Commercial Corridor

As principals of the Warehouse Investment Fund, we had a clear goal in mind: to acquire a value-add industrial asset located along a high-visibility commercial corridor, with strong potential for repositioning. The fact that the property was only 50% leased at acquisition didn’t deter us—it was part of the opportunity. We saw the chance to reposition, renovate, and re-lease the space within a 180-day window, transforming it into a fully stabilized, income-producing property.

At Atlas Real Estate Advisors, we served as brokers and strategic advisors throughout the project, representing the interests of the Fund’s participants, helping develop the investment strategy, and managing execution from day one.

Laying the Groundwork Before Closing

We knew from the beginning that preparation before closing would be key to hitting our timeline and return targets. Our team went to work immediately, assembling the resources, information, and partnerships needed to move quickly once the deal was finalized.

Pre-Closing Planning and Due Diligence

We conducted thorough due diligence and planning that included:

• Completing lease abstracts to assess tenant obligations
• Soliciting bids for renovations and capital improvements
• Engaging legal counsel to confirm title and resolve any legal complexities
• Inspecting all major systems—roof, HVAC, sprinkler, and mechanical infrastructure
• Ordering environmental reports to uncover and address any risks early

Proactive Vendor Scheduling

As we approached the end of due diligence, we began pre-scheduling key vendors for work that would need to begin immediately after closing. By getting ahead of the schedule, we were able to compress renovation timelines and accelerate the asset’s return to market. This included:

• Painting and exterior upgrades
• Landscaping and paving improvements
• HVAC servicing and replacement
• Plumbing and general building repairs

Execution Immediately After Closing

The day the transaction closed, our team initiated the repositioning process without delay. In the first few weeks, we focused on:

• Notifying existing tenants and onboarding them under new ownership
• Transitioning property management and establishing banking systems
• Overseeing contractors on-site to ensure timely and quality completion
• Launching a targeted marketing campaign to lease the remaining space

Thanks to early planning and full alignment among all stakeholders, the execution phase was fast, efficient, and well-coordinated.

The Outcome: A Fully Stabilized, Income-Producing Asset

Just a few months after closing, renovations were complete and the property was fully leased. What began as a 50% occupied building is now a professionally managed, 100% leased industrial investment performing exactly as planned. This project is a clear example of how strategic planning, disciplined execution, and market knowledge come together to create long-term value.

If you’re looking to build your portfolio with value-add opportunities—or need help executing a complex investment strategy—we’re ready to help.

Strategic Reinvestment for Long-Term Income and Estate Planning

In 2018, a multigenerational family came to us at Atlas Real Estate Advisors to evaluate the performance and sustainability of several residential rental properties they had owned for years. While those assets had appreciated, the day-to-day burdens of tenant turnover, maintenance, and management had become increasingly taxing.

After a full analysis, our recommendation was clear: sell the residential portfolio and reinvest the proceeds into passive, income-generating commercial assets—all while deferring capital gains through a 1031 Exchange.

Phase I: Transitioning to Commercial Income

We advised the family to divest their residential holdings and reinvest in commercial properties that would deliver:

• Minimal hands-on management
• Consistent, long-term cash flow
• Significant tax benefits through a 1031 Exchange

We facilitated the sale of their residential portfolio, then sourced and closed on multiple commercial properties that aligned with the family’s long-term goals. Each new asset was selected for its income stability, low operational demands, and potential for long-term value.

Phase II: Unlocking the Value of Legacy Land

In 2021, the family returned to us with a new objective: determine how best to handle a tract of land that had been in the family for decades. While the property had appreciated, it wasn’t generating income—and annual taxes and upkeep were draining resources.

We recommended listing the land for sale and using another 1031 Exchange to reposition those funds into additional income-producing properties.

Within the 1031 timeline, we:

• Listed and sold the land in under 90 days
• Identified and secured four income-producing commercial assets
• Completed the exchange, allowing the family to fully defer capital gains taxes

Results: $50,000/Month in Passive Income and a Sustainable Legacy

Through this multi-year strategy, the family achieved:

• Full capital gains deferral through 1031 Exchanges
• A diversified portfolio of professionally managed commercial properties
• Approximately $50,000 per month in passive income
• A long-term estate plan that reduces tax burden for future generations

A Lasting Investment Strategy, Fully Managed

Today, our Atlas Management team handles the ongoing operations of their portfolio, including:

• Rent collection
• Tenant communication and lease oversight
• Bill payment and maintenance coordination

What started as a conversation about property performance has evolved into a fully managed, generational wealth strategy—one that will continue to serve the family well into the future. If you’re looking to simplify your real estate portfolio while increasing income and preserving wealth, we’re here to help you take the next step.

When Athens Area Urology began looking for a new office location, the criteria were both specific and restrictive. The new site had to be within close proximity to local hospitals and surgery centers, ensuring their physicians could maintain a seamless schedule of patient visits and procedures without major disruption.

That’s when our team at Atlas Real Estate Advisors, led by Principal Chris Blackmon, stepped in to manage the search and provide strategic guidance.

Exploring Every Viable Option

We worked closely with the Athens Area Urology team to evaluate all possibilities. This included everything from reviewing lease opportunities to analyzing the costs and benefits of ground-up development vs. renovation of existing structures. Each path was carefully vetted to find the most efficient and effective solution for the practice’s long-term success.

Discovering an Unexpected Opportunity

During the search, we learned that the former Golden Pantry headquarters on Golden Way was quietly being offered for sale. While it didn’t seem like a perfect fit at first glance, we took a deeper look—and quickly realized it offered strong potential.

Its central location, excellent accessibility, and adaptability for medical use made it a compelling option. We immediately brought the opportunity to the client’s attention, and it soon became clear this was the right path forward.

A Collaborative Redevelopment Vision

With the site secured, we helped bring together a trusted team of local partners to bring the project to life:

• E&E Architecture for building design
• Grahl Construction to lead the renovation
• Classic City Bank for financing and support

Together, we developed and executed a vision for a custom, state-of-the-art medical office tailored to the practice’s patient flow, operational needs, and care delivery standards.

The purchase closed in March 2020, and construction began shortly after.

A New Home for a Leading Medical Practice

What began as a difficult site search evolved into a highly successful real estate solution, thanks to thoughtful planning, collaboration, and adaptability. Today, 1150 Golden Way serves as the custom-designed home of one of Athens’ most respected medical practices—a result we’re proud to have helped achieve. This project is a strong example of how Atlas Real Estate Advisors partners with clients to uncover opportunities, solve complex challenges, and deliver results that support long-term success.

The Preserve, a townhome community in Athens, GA, was originally developed in 2006 as a for-sale residential product targeting owner-occupants. However, the 2008 housing collapse disrupted the market, leaving many units unsold and the project in limbo. In 2010, we were approached by an investor who saw an opportunity where others saw risk. We represented them in the acquisition of The Preserve and immediately began working to reposition the property as a high-end rental community.

A Hands-On Approach to Repositioning

From day one, we were deeply involved—not just as brokers, but as long-term partners in the asset’s transformation and success.

Navigating Legal and Title Challenges

We helped our client work through complex legal and title issues during the acquisition, ensuring a smooth transfer of ownership and a solid foundation for repositioning the asset.

Leasing and Property Management

Once acquired, we took over full leasing and management responsibilities. We focused on stabilizing occupancy, increasing rental income, and maintaining the high standards expected of an upscale residential community.

Representing Ownership on the HOA

Understanding how vital strong governance is in communities like this, we served on the HOA board on behalf of ownership—advocating for decisions that aligned with long-term investment goals while supporting the community’s integrity and quality.

A Record-Breaking Exit

In 2021, more than a decade after repositioning began, we successfully listed, marketed, and sold The Preserve for $22.7 million—the largest transaction in Clarke County that year. Our deep knowledge of the asset and market, combined with our long-term involvement, made us the ideal team to lead the sale and deliver an outstanding result for our client.

The Winfield Chase project at 1688 Prince Avenue exemplifies a successful value-add strategy, transforming a stabilized apartment community into a fee-simple condominium development. Situated in the highly sought-after Prince Avenue corridor—just minutes from downtown Athens, the University of Georgia, and Piedmont Athens Regional Medical Center—the property was ideally positioned for conversion amid strong market demand and limited urban homeownership opportunities.

Originally constructed in 1985, the apartments remained popular through the 1990s. By the early 2000s, Atlas identified growing demand for affordable homeownership in Athens and partnered with an investor to convert the 56-unit community into individually owned condominiums. The strategic conversion was completed in 2006–2007.

Timing Is Everything

The decision to convert Winfield Chase aligned perfectly with market dynamics:

• Population growth in Athens increased demand for long-term residence options.

• Rising rental rates created an opportunity to offer entry-level ownership alternatives.

• Target buyers included university faculty, medical professionals, and young professionals seeking in-town properties.

With its brick facades, spacious floor plans, and walkable location, Winfield Chase provided the ideal foundation for a successful condominium conversion.

Value-Add Strategy

The conversion process involved extensive planning and execution, including:

• Preparing condominium documents, surveys, and titles

• Forming a homeowners association and separating utilities

• Upgrading individual units with modern kitchens, refreshed flooring, updated lighting, and in-unit laundry in select homes

• Enhancing common areas, landscaping, parking, and signage to reflect condominium standards

Atlas supported the project throughout, from connecting the investor with local vendors to advising on pricing, design selections, and marketing strategy.

Sales and Marketing

At the time,  Atlas operated a residential division and represented the seller in the sale of all 56 units to end-users. Winfield Chase now hosts a diverse mix of owners—from first-time buyers to downsizing retirees—drawn by the community’s character, convenience, and affordability.

The project not only increased the property’s value but also strengthened neighborhood stability and fostered pride of ownership along the Prince Avenue corridor.

The Cotton Exchange Building in downtown Athens is a standout example of blending historic character with modern functionality. Built in the late 19th century as a center for agricultural trade, this iconic structure has been thoughtfully transformed into a vibrant mixed-use destination. Situated in one of the Southeast’s most dynamic university towns, the project leveraged Athens’ strong economic foundation, including the University of Georgia, a thriving creative sector, and steady population growth.

Investment Thesis-Why This Worked

Prime Location:
Downtown Athens attracts a diverse population, including students, entrepreneurs, and creatives. There is strong demand for small office and boutique retail space in a walkable urban core.

Historic Asset Scarcity:
Repositioned historic buildings in downtown Athens are extremely limited, making this property a rare opportunity.

Multi-Stream Cash Flow:
Income potential spans office, retail, and event rentals, with premium pricing driven by character-rich interiors and a central location.

Tax Incentives:
Eligible for Federal Historic Tax Credits, Georgia State Historic Tax Credits, and local preservation grants.

Appreciation Potential:
Long-term urban growth and in-town asset demand continue to support property value appreciation.

 

Project Highlights

Historic Preservation:

• Original brick façade, exposed wood beams, iron hardware, and soaring ceilings retained
• Redevelopment meets standards for historic tax credits

Modernization:

• Upgraded electrical, plumbing, HVAC, and elevator systems
• ADA-compliant entries and restrooms

Mixed-Use Programming:

• Ground Floor: Boutique retail and restaurant space with direct street access
• Upper Floors: Creative office suites and versatile event spaces
• Tenant-ready with core-and-shell construction and white-box interiors

Parking & Accessibility:

• Nearby street and structured parking
• Walkable urban location 

The conversion of the Cotton Exchange is a proven example of how thoughtful redevelopment can preserve historical integrity while delivering modern-day financial returns. Chris Blackmon of Atlas Real Estate Advisors was a critical part of the success of the adaptive reuse of this historical building.

In the early‑to‑mid‑2010s, Oconee County saw its first luxury student housing development in Athens Ridge, a 190‑unit, 784‑bedroom complex featuring amenities like fitness centers, shuttle service, and clubhouses—targeted primarily at University of Georgia students and young professionals. Across Old Macon Highway, developers envisioned a complementary mixed‑use retail center branded The Falls of Oconee. 

Construction & Development

Built around 2015, The Falls at Oconee emerged as a 10+ unit retail center situated directly across from Athens Ridge. The location was chosen to benefit from the pedestrian and vehicular traffic generated by the nearby student housing but also to draw in local full-time residents from both Watkinsville and the Five Points area of Athens.

The center features polished concrete flooring, masonry construction, and ample parking serving both retail and office tenants. Units range from ~1,200 sf to ~2,400 sf spaces, suitable for small retail, restaurants, or service businesses.

Tenant Mix & Lease‑Up

Once completed, the center quickly attracted a mix of local hospitality and creative retail:

• Amici at The Falls, a local pizza and wings eatery, opened as a dining anchor.

• Mama’s Boy Southern Fun Dining, another locally owned restaurant, set up shop nearby in the same center.

• Other tenants include boutique retailers like Dutchmans Designs, Nabo Realty, Elle Cee’s Salon & Spa and Level Up Games.

Atlas was involved from the inception of this project, originally meeting with the developers to look at blueprints and provide local market knowledge before ground-breaking ever occurred. The principals of Atlas were involved in the student housing component and the build-out and lease-up of the retail center.  Atlas eventually sold this center for the developer and now manages it for the new owner.

When a business plans to expand into a new market—whether it’s a bustling urban area, a suburban interchange, or a growing college town—it doesn’t just pick a spot and break ground. Instead, it turns to a specialist: the site selection broker. These professionals operate at the intersection of data, real estate, and strategy—quietly assisting to help the business owner form their expansion plan.

At the heart of a site selection broker’s work is the ability to identify the best location for a new business, balancing visibility, accessibility, zoning, demand generators, and long-term return on investment. They don’t just look for available land—they look for the right land.

The process begins with deep market analysis. The broker studies performance metrics, reviews tourism and business travel trends, and overlays those insights with competitive supply data. Then they factor in local drivers: is there a new medical campus opening? A convention center upgrade? A shortage of similar options?

Once the ideal trade area is defined, the broker hits the ground—or the map. They evaluate parcels based on size, access to utilities, zoning compatibility, and proximity to highways, airports, entertainment, or business hubs. They also analyze traffic counts, visibility, ingress/egress, and even slope and soil composition if development is expected.

But their role doesn’t stop at identifying a site. The site selection broker negotiates with landowners, conducts preliminary due diligence, and often coordinates with civil engineers, architects, franchisors, and brand representatives. They may assist in entitlement strategies—navigating zoning approvals, variances, or incentives with local jurisdictions. In some cases, they introduce developers, partners, or investors to bring the project to life.

For businesses with strict brand standards and demographic targets, the broker becomes a trusted advisor—making sure every site reflects the chain’s goals and is set up for long-term success.

Whether it’s securing land for a flagship hotel near an airport, identifying an infill opportunity for a boutique coffee concept downtown, or finding a roadside pad for a new midscale restaurant, the site selection broker is an indispensable part of the business expansion playbook.

Atlas members have assisted numerous companies with their business expansion efforts including Zaxbys, Woodspring Suites, Jittery Joes and others.