In another sign of dreary times in commercial real estate, embattled metro Atlanta developer Stan Thomas is auctioning off much of his fleet of grading vehicles, AJC staffer Rachel Tobin reports.
More than 175 pieces of heavy equipment from Setco Grading, a company Thomas owns, are to be sold Wednesday, Tobin writes.
“We’re just downsizing,” Thomas told Tobin. “We’ve got too much equipment right now in this world. We’re keeping some of it, but we’re selling a good bit. It’s just crazy to pay interest on it.”
Among the items to be auctioned: 10 Peterbilt twin-axle dump trucks, six Caterpillar crawler tractors and 12 hydraulic excavators.
Thomas, who is based in Newnan, is known locally for his “power center” shopping developments but took on larger, riskier ventures during the boom years. As the Great Recession hit, he was involved in more than 15 large developments at one time, Tobin writes.
He has laid off hundreds of employees and filed for bankruptcy protection on several projects.
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