The Compass Real Estate Team is pleased to announce the closing of 41 parcels near Turner Field Stadium for a total of $3.2 million. The 41 parcels of land equating to 203,629 square feet or 4.67 acres located between Hank Aaron Drive SE and Georgia Avenue SE in Atlanta, Fulton County, Georgia. The project is one of more than 26 assets entrusted to Compass Auctions & Real Estate to list and sell on behalf of the Federal Deposit Insurance Commission (FDIC). Compass, with offices in Nashville, Chattanooga, Western Kentucky and Atlanta works closely with Special Assets Consultant T. Kyle Swicegood, CCIM to assist in the disposition of assets nationwide.
The Turner Field Development was assigned to Project Manager Justin Ochs, VP of National Development for Compass. Ochs worked diligently with FDIC officers over the past several months to identify potential developmental concerns, work through legal issues and effectively transfer the parcels back into the public’s hands. Additionally, Ochs conducted an exhaustive search through specially designed marketing techniques to identify cash buyers who could overcome any potential concerns, and compete to purchase the property.
Turner Field has served as the home ballpark for the MLB Atlanta Braves since 1997. In November of 2013, the Atlanta Braves announced that they would be leaving Turner Field for a newly built ballpark named SunTrust Park located in Cobb County in the northwest suburbs outside Atlanta. The Atlanta Braves will played their final regular season game at Turner Field on October 2, 2016 versus the Detroit Tigers.
In November 2013, the mayor of Atlanta, Kasim Reed, announced that the Turner Field stadium and surrounding parking lots would be up for sale and redeveloped after the Braves season ends in 2016. Georgia State University expressed interest in the site in April 2014, and in December 2015, the Atlanta Fulton County Recreation Authority announced Georgia State University along with local developer Carter, submitted the winning bid for the Turner Field property. Georgia State University (GSU) is a public university located in downtown Atlanta. It was founded in 1913 and has approximately 54,000 students with 43,000 being undergraduates. In 2015, the Georgia State football team, the Panthers, had an average home attendance of approximately 10,400 fans.
The assets were listed and sold by Team Compass for a total of $3,200,000. FDIC Officers and Asset Managers have been extremely pleased with the performance of properties listed across the state of Georgia by the Compass Real Estate Team.
Justin Ochs, M.S., CAI
VP of National Development
Compass Auctions & Real Estate
January 24, 2017
Compass Closes 41 Parcels for $3.2 Million #RealEstate