Plantation Sweets and its related entities were a collection of land & farming entities which owned and operated a growing & packing operation consisting of 7 parcels of land, a 94,000± square foot atmospherically controlled produce packing facility, and a 13,350 square foot shop/equipment shed. The land included 7.5± acres which contained the packing house plus 672.5± acres, consisting of 567± farmable acres, 89± wooded acres and 24± acres in irrigation ponds. The operation primarily grew and packed Vidalia onions, with watermelon, corn, cabbage and sweet potatoes grown and sold on a seasonal and rotational basis.
Murray Wise Associates, in cooperation with their partners, acted as financial advisors, sale managers, and auctioneers to the secured lenders. Who took title to the assets via a deed in lieu of foreclosure following dismissal of the Chapter 11 cases. The sales included a liquidation of the land, packing house & equipment with bids totaling approximately $6,100,000.
Paul Erickson, CEO of Conterra Asset Management, representing the secured real estate lender stated, “We could not be more pleased with the results generated by Murray Wise Associates and the entire auction team. We feel confident that we captured the top of the market based on the quality and quantity of the bidders that participated in the auctions.”
The land auction was the feature of an article in The Packer, the largest magazine specifically for produce in the US, titled “Shuman Produce buys former Plantation Sweets land, facilities.”
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