A&G Achieves $18.4 Million Result in 21-Property Real Estate Bankruptcy Auction
Nearly 50 qualified bidders vie forMaryland,FloridaandDelawareassets, with final proceeds of middle-market disposition exceeding baseline bids by 50 percent
MELVILLE, N.Y.,Oct. 3, 2022/PRNewswire/ -- In a sale process described by a federal judge as "well-run" and "greatly successful,"A&G Real Estate Partnershas sold 21 properties inMaryland,Delawareand Florida—all assets formerly owned by the late Zebulon J. andBeatrice Brodie。
In theAugust 16破产拍卖,19属性Marylandand one each inDelawareandFloridafetched a total of$18.4 million。
Highlights included:
- The$6.7 millionsale to different buyers of four contiguous, largely undeveloped properties in a busy commercial district on Legion Road inDenton, MD。
- The$1.5 millionsale of the Carter Building at 300 Market Street in downtownDenton。
- The$2.05 millionsale of the Alexander Building at 315 High Street inChestertown, MD。
- The$2.2 millionsale of 300 Bulle Rock Farm Lane inCentreville, MD—a family compound formerly owned byJohn J. Raskob, builder of the Empire State Building.
"A&G's comprehensive marketing campaign for this middle-market disposition triggered inquiries from more than 560 prospective buyers across the country, and nearly 50 of those interested parties eventually placed baseline, qualifying and/or prevailing bids, some for multiple properties," noted A&G Co-PresidentEmilio Amendola, who heads theNew York-based firm's real estate sales division.
After two rounds of intense bidding, 13 different buyers secured properties at auction. When the final gavel hit, 20 of the 21 properties received higher bids than the initial baseline offering. All told, the sale sparked 77 qualified bids and created a gain for the creditors of more than 50 percent over baseline, or approximately$6.3 million。
"It was another entertaining auction for a diverse group of engaged bidders, including investors, commercial tenants and even local residents looking to buy residential homes," Amendola said. "Competition creates value, and that's exactly what happened during this sale process"
A developer and philanthropist,Zebulon J. Brodiefounded South Shore Hospital inMiami和拥有中方ldings, shopping centers and other businesses acrossMaryland'sEastern Shore.
In addition to the retail, warehouse/industrial, mixed-use and office properties sold at auction, the Brodie portfolio included a waterside family compound at 300 Bulle Rock Farm Lane inCentreville。The 28.85-acre property boasts a massive equestrian building with a riding area, stalls and an observation platform. It was built in 1929, with a main house, pool and guest cottage.
Buyers acquired nine income-producing sites in the auction along with various undeveloped parcels zoned for commercial use. All the properties were located in towns alongMaryland'sEastern Shore, with the exceptions of a small commercial building inMiamiand an undeveloped commercial parcel inSmyrna, DE.
A&G was retained to direct the asset sales by trusteeZvi Guttmanand his counsel,Shapiro SherattorneyRichard M. Goldberg。The assets were part of the Chapter 11 bankruptcy of Brodie Holdings LLC (Case No. 21-16309-TJC) and related entities filed in The U.S. Bankruptcy Court for the District ofMaryland(Baltimore Division).
During anAugust 18hearing, U.S. Bankruptcy Court JudgeThomas J. Catliotalauded A&G's three-month execution of the portfolio sale, describing the process as "well-run" and noting its tight timetable. A&G, the judge said, executed "a very thorough marketing effort to create a market when there was a need to act very quickly … the process has been greatly successful in the view of the Trustee and his professionals, and it seems to me that is exactly correct."
Additional detail on the assets is available in the original press release announcing the sale:
https://www.agrep.com/index.php/who-we-are/press-releases/415-a-g-bankruptcy-sale-offers-a-total-of-21-properties-in-maryland-florida-and-delaware
Press Contacts for A&G: Jaffe Communications (908-789-0700),Elisa Krantz,[email protected]。
Note to Media:Property photos are available from Jaffe Communications。
SOURCE A&G Real Estate Partners
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