What Are Off-Market Sales? The Falls of Oconee
Commercial real estate is vastly different than residential in more ways than we can count.
Perhaps the most noticible difference is that most properties that are bought and sold are never really 'on the market'- or placed in the MLS or similar online site. This can be for any number of reasons, but it is in stark contract to most residential properties for sale.
Many of the deals we put together are a result of staying in touch with our contacts and colleagues, paying attention to comments and conversations we have both personally and professionally, and knowing how to work with all the pieces of the puzzle when the time comes.
The recent sale of The Falls of Oconee is a great example.
The buyer had recently sold a major investment property and was looking for something to replace it. The ideal property was one that was local to Athens, with local tenants, was made up of office, retail or restaurants or some combination of the three, and was well established and fully leased.
Atlas was involved with the initial development and lease up of The Falls of Oconee some years ago, and had recently listed and leased a few vacant units for the Owner. During those discussions, the owners had mentioned the possibility of selling if and when the timing was right.
The development fit the criteria the Buyer was looking for so we made some calls and set up meetings with both parties to gauge the viability of the idea. Both Buyer and Seller were interested, and the rest as they say, is history.
The Falls of Oconee sold to its new owner on April 20 without ever spending a day 'on the market'.
If you are considering buying or selling, reach out and let us know! We would love to be able to answer any questions you may have!
