MELVILLE, N.Y., March 15, 2019 /PRNewswire/ -- A&G Realty
Partners closed on the sales of two major industrial and
educational properties during the fourth quarter of 2018—the latest
in a string of sales conducted on behalf of bankruptcy trustees by
the real estate brokerage and advisory firm.
"Both of these sales—one in Indianapolis, the other in Baltimore—received
robust interest from a number of parties," noted Andy Graiser, Co-President of A&G. "Our
multichannel marketing efforts put these assets on the radar
screens of local, regional and national prospects alike. Trustees
were quite pleased with the results."
In Baltimore's Brooklyn neighborhood, A&G sold a 33-acre,
four-parcel industrial property—most of which was an
income-producing industrial yard with more than 120 tenants—for
approximately $4.5 million. The buyer
of the parcels at 601 W. Patapsco Ave. was Copart of Connecticut, the global leader of online
auction services for cars, motorcycles and other vehicles. The
facility formerly operated as West Patapsco Industrial Park, Inc.
("WPIP").
In Marion County, Indiana,
A&G sold a 58,692-square-foot building—formerly an ITT Tech school owned and operated by now-bankrupt
ITT Educational Services—to Mercy Road Church. The buyer reportedly
will use the first floor as a church and has leased the second
floor to a co-working space for nonprofits and faith-based
businesses. The purchase price was $1.8
million.
A&G's marketing efforts for the Baltimore property triggered Copart of
Connecticut, a tenant on an
adjoining property, to submit the winning bid, noted Mike Matlat, a Senior Managing Director at
A&G who spearheaded the effort. "It shows how a sale process
like this can spur buyers to come to the table," he said. "In this
case, Copart, which leased the adjacent site from another property
owner, really wanted to remain and expand its local operation
across the entire 57 acres. After we began shopping these assets
and fielding general inquiries, Copart came forward with a solid
bid for our 33-acre parcel and then acquired the site they were
leasing. They didn't want to lose the opportunity."
"The sale price of $4.5 million
was an excellent result," said Chapter 11 Trustee Charles Goldstein of 3Cubed Advisory Services.
"The estate greatly benefited from the process run by A&G. The
marketing effort was extensive and found sufficient by the
Bankruptcy Court."
For its part, the Indianapolis
sale marked the completion of A&G's national disposition of 31
properties—for a total of $88
million—formerly owned by ITT Educational Services.
The $1.8 million sale price for
the property at 9511 Angola Court was noteworthy in part because of
the challenges associated with selling highly specialized
educational assets, Matlat noted. "In the end, the sale process for
the entirety of ITT's former assets exceeded expectations," he
said.
A&G frequently works with bankruptcy trustees on sale
processes for owned and leased properties spanning across a variety
of asset classes and industries. The Melville, N.Y.-based firm was founded in 2012
by Graiser and Co-President Emilio
Amendola.
Press Contacts: At Parness & Associates Public
Relations, Bill Parness, (732)
290-0121, 211033@email4pr.com, or Lisa
Kreda, 211033@email4pr.com
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SOURCE A&G Realty Partners