A&G Real Estate Partners and Murray Wise Associates LLC have launched the receivership sale of a 1.87 million-square-foot greenhouse and agricultural warehouse complex on 151 acres in Paris, Kentucky, as well as a nearby 50,000-square-foot manufacturing and warehouse facility also located in the greater Lexington, Kentucky, market.
The sale is being conducted on behalf of Aurora Management Partners, Inc., the Receiver for AgTech Scientific Group, LLC; Color Point, LLC; and other affiliates, as part of a federal receivership case pending in the United States District Court for the Eastern District of Kentucky, Lexington Division. The ultimate sales will be subject to approval by the federal receivership court.
The assets, which are being offered separately, were previously used as part of AgTech Scientific’s large-scale hemp-growing and CBD-production operations in Kentucky.
The JV partners are now issuing a call for offers for the greenhouse complex, while the sealed-bid deadline for the 50,417-square-foot manufacturing and warehouse facility is Tuesday, February 1.
Zoned A-1 Agricultural, the 151-acre parcel at 1077 Cane Ridge Road includes multiple greenhouse ranges totaling 1.57 million square feet, along with 155,000-square-feet of warehouse and office space and 150,000 square feet of polytunnels. The complex includes a main office/production barn, a shipping building, two storage buildings and six greenhouse ranges, each of which totals about 270,000 to 280,000 square feet. The site’s 13 Gothic-style Quonset buildings each total 11,520 square feet.
With an irrigation system sourced by a large lake on the property, the Bourbon County complex was built in 2001 to grow ornamental flowers and was expanded multiple times through 2018. It was converted to cultivation of hemp for CBD use in 2019. The east side of the greenhouse range features two separate water tank rooms housing a total of three 20,000-gallon tanks and one 100,000-gallon tank.
The offsite facility, which was built in 2020, is located on 10 acres at 333 Cleveland Road and is zoned I-1. The facility includes 24,000 square feet of production space, 22,000 square feet of warehouse and 4,500 square feet of office space. Features include two dock high doors, a drive-in door, steel/masonry construction and construction up to the C1D2 fireproof standard.