The Carroll Organization, an Atlanta-based real estate owner and operator, is looking to move from a strategy of stabilizing and selling distressed assets to buying and owning for longer term periods. Were going to continue to buy in Florida, Texas and Georgia. We love the business friendly nature of those states, added CEO Pat Carroll. People continue to move there, businesses continue to relocate and thats one of the key factors we look for.
The shift is partly in response to the recovery of the commercial real estate market. In 2010, coming out of the distress of 2008 and 2009, you were able to buy properties at such a discount to replacement cost, the strategy made sense to buy these properties, stabilize them and sell them back, he added.