PARIS, KY. — A&G Real Estate Partners and Murray Wise Associates LLC have secured a stalking horse bidder for the sale of AgTech Scientific Greenhouse, a 1.9 million-square-foot greenhouse and agricultural warehouse complex in Paris. Aurora Management Partners is the receiver seller for original owners AgTech Scientific Group LLC, Color Point LLC and undisclosed affiliates.
The stalking horse bidder, an undisclosed agricultural company, has entered into an asset purchase agreement for $22.5 million. Competing bids, which must meet or exceed $22.9 million, are due by Monday, Jan. 31. Previously, the property was fully occupied by AgTech as the company’s hemp-growing and CBD-production operations facility.
Located at 1077 Cane Ridge Road, the vacant complex is situated 26.1 miles from Lexington and 32.5 miles from Blue Grass Airport. The 151-acre property includes multiple greenhouse ranges, along with 155,000 square feet of warehouse and office space and 150,000 square feet of polytunnels. The irrigation system is sourced by a lake on the property. The complex includes a main office and production barn, a shipping building, two storage buildings and six greenhouse ranges, each of which totals approximately 270,000 to 280,000 square feet. The east side of the greenhouse range features two separate water tank rooms with a total of three 20,000 gallon tanks and one 100,000-gallon tank.
A&G and Murray Wise Associates are also accepting bids on a nearby 50,587-square-foot manufacturing and warehouse facility until the close of business on Tuesday, Feb. 1. The asset sales are being conducted as part of a federal receivership case pending in the United States District Court for the Eastern District of Kentucky, Lexington Division. The sales will be subject to approval by the federal receivership court.
In 2019, ColorPoint KY merged with AgTech Scientific to become a hemp-only company. A&G Real Estate Partners is a Melville, NY-based commercial real estate company that specializes in lease restructuring, investment sales and auctions. Murray Wise Associates LLC is a Champaign, Ill.-based commercial real estate advisory firm focused on land and agriculture investments.