PARIS, Ky. — A&G Real Estate Partners and Murray Wise Associates LLC are under contract with a stalking horse bidder in the receivership sale of a 1.87 million-square-foot greenhouse and agricultural warehouse complex on 151 acres in Paris, Kentucky.
The bidder has entered into an asset purchase agreement for $22.5 million, the JV partners announced. Competing bids, which must meet or exceed $22.85 million, are due by the close of business on January 31. A&G and Murray Wise Associates are also accepting bids on a nearby 50,587-square-foot manufacturing and warehouse facility. Sealed bids for that asset are due before the close of business on Tuesday, February 1.
As noted in a prior press release, the assets were previously used as part of AgTech Scientific’s large-scale hemp-growing and CBD-production operations in Kentucky.
The asset sales are being conducted on behalf of Aurora Management Partners, Inc., the Receiver for AgTech Scientific Group, LLC; Color Point, LLC; and other affiliates, as part of a federal receivership case pending in the United States District Court for the Eastern District of Kentucky, Lexington Division. The ultimate sales will be subject to approval by the federal receivership court.
Melville, NY-based A&G has saved 650-plus clients $8 billion in occupancy and other costs and has sold real estate and leases worth $12 billion. Global M&A Network named A&G “Real Estate Restructuring Firm of the Year” for its work in both 2019 and 2020. https://www.agrep.com/
Along with its subsidiaries, Champaign, Ill.-based Murray Wise Associates has managed over $780 million in farmland assets and sold over $925 million in agricultural assets. https://murraywiseassociates.com/.