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19 Md. properties sold in in real estate bankruptcy auction, collects $18.4M

One of the properties sold in the A&G’s bankruptcy sale included this 100%-occupied retail and office building at 315 High St. in downtown Chestertown. (Submitted photo)

A&G Real Estate Partners has sold 19 properties in Maryland along with one each in Delaware and Florida, all assets formerly owned by the late Zebulon J. and Beatrice Brodie, at a real estate bankruptcy auction that fetched $18.4 million.

Highlights of the sale included the $6.7 million sale to different buyers of four contiguous, largely undeveloped properties in a busy commercial district on Legion Road in Denton, the $1.5 million sale of the Carter Building at 300 Market St. in downtown Denton, the $2.05 million sale of the Alexander Building at 315 High St. in Chestertown, the $2.2 million sale of 300 Bulle Rock Farm Lane in Centreville, which was a family compound formerly owned by John J. Raskob, builder of the Empire State Building.

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. The sale sparked 77 qualified bids and created a gain for the creditors of more than 50% over baseline, or approximately $6.3 million.

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, Delaware.