Miller Represents Lending Institutions in the Sale of Multiple REO Properties

DALLAS, TX - January 19, 2012 - - Tom Grunnah, Vice President of Henry S. Miller Brokerage’s Dallas-Fort Worth land division, has recently arranged the sale of yet another bank REO (Real Estate Owned) property for one of his institutional clients. Grunnah has represented a handful of confidential institutions this past year in a number of significant deals; completed transactions totaling more than 1,000 acres of land as well as a variety of improved retail and commercial properties. “During the past two years we have been aggressively marketing and brokering multiple transactions for our lender clients,” said Grunnah. “In this market, though bittersweet, we have had excellent success in regard to disposition for these clients. As we look forward into 2012, we can expect to see similar transaction activity with these lenders and their available properties. Many lenders, who have taken possession of REO, or are in the inevitable process, have come to the realistic understanding that these assets are not going to escalate in value and, in fact, are a liability. Thus, pricing is now adjusting to the true market.”

Most recently, Tom arranged the sale of 148.322 acres in Austin, Travis County, Texas to BFI Waste Systems of North America. The purchased acreage, located in the SWQ of the State Highway 290 and Toll Road 130 intersection, is an extremely prominent parcel in the Northeast region of Austin. The 148-acre tract of raw land is situated just outside the City of Manor; a premier investment property and strategic acquisition for BFI Waste Systems. BFI Waste, who was represented by Pete Greenfield of Cassidy Turley Midwest, has unconfirmed plans to use the property for local operation expansion. Tom along with Jon Strelec of Tribeca Company, represented the undisclosed seller.

Tom has also closed 615 acres in west Prosper; a 83.8 acre tract at the NEC of U.S. Highway 380 and the Dallas North Tollway; 221 acres in Lucas to a national homebuilder, and a number of other various properties throughout the state of Texas. Grunnah continues to work intently with his institutional clients, marketing and selling their REO properties and says, “While we are fortunate to be in the state of Texas, until the overall economic climate improves, we will continue to see these types of opportunities for the foreseeable future.”

 

Dallas-based Henry S. Miller Brokerage, LLC is one of Texas’ largest independent full service commercial real estate firms, with four offices in Texas. Established in 1914, Henry S. Miller is one of the oldest and most respected companies in Texas and has gained a reputation for service and integrity that is unequaled in the industry. Henry S. Miller Brokerage is a member of Realty Resources Network, one of the largest affiliations of commercial real estate firms in the nation.