Posted 1/9/2014 03:05 pm
Updated 11 months ago
Allens Inc. of Siloam Springs has retained GA Keen Realty Advisors, the real estate division of Great American Group Inc., to market and sell excess, "non-core" industrial properties, vacant land and a home in Arkansas, Louisiana, Mississippi and Oklahoma.
The deal is part of the 87-year-old family-owned vegetable processor and food-service provider's bankruptcy reorganization process. Allens filed Chapter 11 in October and has cited nearly $290 million in debt and $295 million in assets.
On Tuesday, the Western District U.S. Bankruptcy Court approved a purchase agreement and other bid procedures proposed by Allens and Seneca Foods Corp. of Marion, N.Y. Per the deal, Seneca is offering $148 million as the "stalking horse bidder" to purchase the company in an auction of Allens assets.
Other firms can submit bids to buy Allens, but Seneca will have the opportunity to match them. All bids are due Jan. 27, and the auction will take place Feb. 3. The bankruptcy court will approve the final sale on Feb. 10.
Per the deal with GA Keen, Allens will try to sell properties it considers as "excess" and "non-core" assets:
- A 209,963-SF food processing plant and industrial warehouse on 9.49 acres, located at 1208 Virginia St. and 1211 Mary Allen St. in Van Buren.
- A food processing facility with four buildings totaling 210,929-SF on 32 acres located at 1581 Hwy 114 in Hessmer, La.
- A warehouse facility with four buildings totaling 186,276-SF on 23.7 acres located at 501 Guidry St. in Lafayette, La.
- A 329,667-SF warehouse and distribution facility on 17.34 acres located at 4601 Newlon Road in Fort Smith.
- A 153,090-SF food processing facility and warehouse on 7.64 acres located at 404 Fayetteville Ave. in Alma.
- A 297,625-SF warehouse and distribution facility located at 12 Moorhead-Ittabena Road in Moorhead, Miss.
- A single-family residence and agricultural land with 4,788-SF on 10.76 acres located at 21764 and 21935 Meadow Wood Dr. in Siloam Springs.
- A 15,000-SF metal warehouse located at 119-120 W. Cherry St. in Westville, Okla.
- Sixteen acres of vacant land in Delaware County, Okla.
- Four acres of vacant land located at 116 Main Lowell in Washington, Ark.
- Eighty acres of vacant land in Van Buren.
"These strategically located properties are available for immediate occupancy," GA Keen Realty Advisors Co-President Matthew Bordwin said in a news release. "The substantial size of the food processing facilities and warehouses, along with the excess land available in certain locations, create tremendous investment and/or redevelopment opportunities."