A&G Bankruptcy Sale Offers a Total of 21 Properties in Maryland, Florida and Delaware

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Apr 19, 2022, 08:38 ET

— Former assets of the late Zebulon and Beatrice Brodie include a waterside equestrian family compound; income-producing office, retail and industrial buildings; and a raw-land retail development opportunity in a busy commercial hub.

MELVILLE, N.Y., April 19, 2022 /PRNewswire/ -- 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, prominent longtime residents of the Eastern Shore of Maryland.

A residential and commercial 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, noted Mike Matlat, an A&G Senior Managing Director.

Other properties available in A&G's bankruptcy sale of assets formerly owned by the late Zebulon and Beatrice Brodie include this 100%-occupied retail and office building in downtown Chestertown, MD.

This massive equestrian building is a key component of the waterside family compound in Centreville, Md. The 28.85-acre site also includes a 4-bedroom home, guest cottage, pool and fenced equestrian grounds.

"These assets reflect just a portion of that long and diverse history of business activity," he said. "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 commercial building in Miami, Florida, and an undeveloped commercial parcel in Smyrna, Delaware.

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 Road in Denton, Maryland. 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 noted.
The 100 percent- occupied Alexander Building at 315 High Street in Chestertown, Maryland. Located in the heart of downtown Chestertown, the red brick, 19,416-square-foot 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.
The Carter Building at 300 Market Street in downtown Denton. Built in 1905, the red-brick, 19,723-square-foot building includes a mix of government and legal office users. "This is another revenue-generating downtown building that would make an attractive acquisition," Eyler noted.
A waterside equestrian family compound at 300 Bulle Rock Farm Lane in Centreville, Maryland. 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.