MELVILLE, NY — A bankruptcy sale by A&G Real Estate Partners features 21 properties—19 in Maryland and one each in Delaware and Florida—formerly owned by the late Zebulon J. and Beatrice Brodie.
“These assets reflect just a portion of that long and diverse history of business activity,” Mike Matlat, an A&G senior managing director. “There are opportunities here in the retail, warehouse/industrial, mixed-use and office sectors, not to mention the stunning family compound with its legendary waterside sunsets.”
All told, there are nine income-producing sites available for purchase, including mixed-use, office, strip center, freestanding restaurant, industrial/warehouse, a dance studio, and a daycare center, to name a few; seven of the assets are located in federal Opportunity Zones. Other assets include the aforementioned waterfront residential/equestrian compound and various undeveloped parcels zoned for commercial use.
All are located in towns along Maryland’s Eastern Shore, with the exceptions of a small comL, and an undeveloped commercial parcel in Smyrna, DE.
A&G was retained to direct the asset sales by Baltimore-based trustee Zvi Guttman and his counsel, Shapiro Sher attorney Richard M. Goldberg. The assets are 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).
Highlights of the sale, in which any asset can be purchased individually, include:
Four contiguous properties ranging in size from 3.36 to 6.99 acres on Legion Rd. in Denton, MD. Three of the sites are raw land zoned for retail/commercial; one is partially developed with a freestanding building tenanted by Dunkin’. Totaling 21.07 acres, these properties sit directly across from a Walmart Supercenter as well as Denton Plaza, a shopping center anchored by national tenants Petco, Walgreens and Dollar Tree. “These four parcels present a great opportunity for ground-up development right in a busy commercial hub,” Matlat said.
The 100% occupied Alexander Building at 315 High St. in Chestertown, MD. Located in the heart of downtown Chestertown, 19,416 s/f building has a mix of office and retail tenants. “This is an opportunity to add a steady-income asset to your real estate portfolio,” said A&G senior managing director Todd Eyler. MAREJ
The Carter Building at 300 Market St. in downtown Denton. The 19,723 s/f building includes a mix of government and legal office users. “This is another revenue-generating downtown building that would make an attractive acquisition,” Eyler said.
A waterside equestrian family compound at 300 Bulle Rock Farm Ln. in Centreville, MD. This scenic, 28.85-acre property sits on Grove Creek, which provides easy access to the Corsica River and beyond. Built in 1929, the main house boasts four bedrooms, 3.5 bathrooms as well as large rooms for entertaining, along with a pool and guest cottage.
“The primary bedroom offers a balcony that looks right over the pool and creek to the river and sites beyond,” Matlat said. The property’s massive equestrian building is more like a full-fledged riding center than a mere barn, Matlat noted. “There is a very large riding area inside with stalls and an observation platform,” he said. “Other features include a great room with a fireplace, exposed rafters, and antique wood trim, as well as an old-fashioned sitting room and a two-level front porch. The roof even has some copper-topped cupolas.” The property with its fenced equestrian grounds is part of the former estate of businessman and philanthropist John J. Raskob, builder of the Empire State Building. “This place is perfect for a historic restoration and/or redevelopment, as illustrated by similar properties in this waterfront enclave,” Matlat said.