Auction of packing, cold storage facilities brings East Coast Brokers & Packers total to $75.8 million

CHAMPAIGN, Ill., Oct. 28, 2013 /PRNewswire/ -- The last sale in the series of live and online auctions was one of the smallest, at $800,000, but in a way it was the most satisfying to the auction team, the creditors, the receiver and others who have spent the past five months marketing the assets of East Coast Brokers & Packers.

The sale of cold storage and packing facilities in West Virginia and Virginia brought the total to $75.8 million recovered from the sale of the assets.

"We've sold everything except the Red Rose Inn & Suites in Plant City, and we're still negotiating with some prospective buyers for that. But we're pretty much done," said Ken Nofziger, president of Murray Wise Associates, which spearheaded the auctions. The assets included more than 13,000 acres of farmland, packing facilities, labor camps and equipment, primarily located in Florida and Virginia.

The company partnered with Crosby and Associates, Inc., and Woltz & Associates on the real estate auctions and with Weeks Auction Co., Inc., for the sales of the equipment.

"I jut can't imagine that anybody could have done a better job than Murray Wise Associates did," Chapter 11 Trustee Jerry McHale recently told the U.S. Bankruptcy Court, Tampa Division. "I am absolutely amazed at the total proceeds that were received in each and every auction. I will say that every auction exceeded my expectations."

Individuals interested in additional information may visit www.murraywiseassociates.com or call 217-398-6400.

The auctions were authorized by the United States Bankruptcy Court of Florida, Tampa Division, with Gerard A. McHale, Jr., as trustee administering the sales.

Murray Wise Associates LLC, headquartered in Champaign, Ill., with additional offices in Florida and Iowa, is a leading national agricultural real estate marketing and financial advisory firm.

Crosby and Associates, Inc., based in Winter Haven, Fla., with offices in Tavares, Fla., and Hawkinsville, Ga., is a noted provider of agriculture real estate brokerage and management services.

Woltz & Associates, based in Roanoke, Va., is a leading auctioneer of commercial and residential properties and land throughout the United States, with an emphasis on the Mid-Atlantic region.

For more information:
Carl Carter, 205-823-3273

SOURCE Murray Wise Associates