Former Restaurant in Blakely, GA Sold at Auction for a Bank

Rowell Auctions sold a former restaurant property in Blakely, Georgia, for the special assets department of a publicly traded lender. In a hard market for sit-down restaurants, the auction produced a commercially reasonable offer with no inspection or financing contingencies.

At a Glance

• Property: Former restaurant building and land
• Location: Blakely, Georgia
• Seller: The special assets department of a publicly traded lender
• Result: Contracted and funded right after the auction, with no inspection or financing contingencies

The seller's goal

The lender needed to sell a former restaurant property in a commercially reasonable way, and it brought in Rowell Auctions to plan, manage and complete the sale.

The challenge

Sit-down restaurants were struggling after COVID-19, especially in small towns. That made finding a buyer for a restaurant building harder than usual.

How we sold it

We ran a marketing campaign that included social media, print ads, direct mail, signs, online and email marketing, and outreach to key commercial real estate brokers in the area.

Auction day

The auction produced a commercially reasonable offer with no contingencies for inspection or financing. The property was contracted and funded right after the auction, so the lender could sell it and avoid the cost and risk of holding a restaurant property in a tough market.

Have a property or asset to sell?

Rowell Auctions works with banks, lenders, trustees and business owners to sell commercial real estate and business assets, and has for over 90 years. We're licensed in Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee. Call us at (229) 985-8388 or request a free consultation. See all of our auction services.