DeKalb County's Public Safety Authority finally bought the land and five buildings totaling 56,530 sf for $2.25 million or about $326,333 per acre ($7.49 per sf). The deal took 10 months to complete, from contract signing to closing.
The property was on the market for three years with plenty of potential purchasers, Johnson tells GlobeSt.com. Besides the ownership configuration, the broker says "the other challenging part was the large size of the site. Many people only wanted to purchase a portion of the property and could not afford to buy or could not use the entire 6.89 acres."
David Belcher, president of Royal Automotive Group, says the brokers earned their commission. "They demonstrated incredible patience and persistence in making this deal come to fruition," Belcher says. He gave the listing to Bowers & Co. in 2001. Johnson and Stephens negotiated for Royal Automotive. Dee Dee Hunt of Hunt and Associates represented the county.
The county's decision to buy the land was a joint one between the fleet maintenance department, chairman of the county commissioners and the DeKalb County Economic Development Department. "This was a centrally located space and ideal for the county with their fleet maintenance department having outgrown its old space," notes Hunt who represented the county in the sale. "This is definitely a key acquisition for that department."
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