Nearly 50 qualified bidders vie for Maryland, Florida and Delaware assets, 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 Partners has sold 21 properties in Maryland, Delaware and Florida—all assets formerly owned by the late Zebulon J. and Beatrice Brodie.
In the August 16 bankruptcy auction, 19 properties in Maryland and one each in Delaware and Florida fetched a total of $18.4 million.
- The $6.7 million sale to different buyers of four contiguous, largely undeveloped properties in a busy commercial district on Legion Road in Denton, MD.
- The $1.5 million sale of the Carter Building at 300 Market Street in downtown Denton.
- The $2.05 million sale of the Alexander Building at 315 High Street in Chestertown, MD.
- The $2.2 million sale of 300 Bulle Rock Farm Lane in Centreville, MD—a family compound formerly owned by John 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-President Emilio Amendola, who heads the New 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. Brodie founded South Shore Hospital in Miami and owned buildings, shopping centers and other businesses across Maryland’s Eastern 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 in Centreville. 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 along Maryland’s Eastern Shore, with the exceptions of a small commercial building in Miami and an undeveloped commercial parcel in Smyrna, DE.
A&G was retained to direct the asset sales by trustee Zvi Guttman and his counsel, Shapiro Sher attorney Richard 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 of Maryland (Baltimore Division).
During an August 18 hearing, U.S. Bankruptcy Court Judge Thomas J. Catliota lauded 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:
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