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Plant City Observer Tuesday, May 21, 2013 5 years ago

Red Rose, other assets to be sold

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The Red Rose Inn and Suites is officially for sale.

Murray Wise Associates, the agricultural real estate marketing and financial advisory firm assisting East Coast Brokers and Packers Inc. and the Madonia family with their Chapter 11 bankruptcy proceedings, announced May 20, a series of four sealed bid offerings.

Murray Wise, in cooperation with Winter Haven-based Crosby and Associates Inc., is handling the sales.

In addition to the Red Rose, the sales will include farms, packing houses, labor camps, a former Bible college and a number of other properties. Each group of assets will have a sealed bid submission date, followed by a court-supervised auction for qualified bidders.

“After two years of freezes on its Florida farms, a hurricane on its Virginia farms in 2011 and years of challenges resulting from years of cheap imports, a Chapter 11 filing was needed to provide the Madonia family an opportunity to sell assets in an organized fashion,” said Ken Nofziger, president of Murray Wise Associates. “This process will provide enough liquidity to satisfy creditors and allow the Madonia family to reorganize and carry on its operations.

“Because of the sheer size and diversity, we will offer these properties in groupings and provide detailed information to interested bidders,” he said.

The packages include:

• More than 7,000 acres of Florida farm and development land in Martin, HIllsborough, Polk and Manatee counties; two packing houses; a former Bible college and several labor camps. Bids will be due by 5 p.m. Thursday, June 20.

• Thirteen farms totaling about 3,000 acres; four packing houses; seven labor camps and several homes in Accomack and Northampton counties in Virginia. Bids will be due by 5 p.m. Thursday, June 20.

• The Red Rose Inn and Suites, in Plant City, along with luxury condominiums in Naples and Stuart, as well as other houses and properties not directly related to the tomato business. Bids will be due by 5 p.m. Friday, July 5.

• Commercial and residential buildings in Virginia, West Virginia and Pennsylvania, including warehouse and cold-storage facilities, industrial and residential lots, and several luxury homes. Bids will be due by 5 p.m. Friday, July 5.

Individuals interested in additional information about the properties should visit murraywiseassociates.com or call (800) 607-6888.

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