story by Kim Souza
ksouza@thecitywire.com
Siloam Springs-based Allens Inc. is in the midst of raising cash in the company’s bankruptcy proceedings by selling assets in order to satisfy debtors. Recent court records show creditors in the case are owed nearly $287.94 million with $108 million of that being unsecured claims.
Allens reported assets of $294.46 million, which does not include real property. There was no estimate of real property values provided in the court records. But on Thursday (Jan. 9), GA Keen Realty Advisors announced they had been retained to market and sell six industrial properties along with vacant land and other miscellaneous properties in Arkansas, Louisiana. Mississippi and Oklahoma as part of Allens Chapter 11 bankruptcy case.
Keen Realty's listings showed the approximate values of the combined properties exceeds $16.16 million. However those values were based on appraisals dated January 2012.
Arkansas properties for sale:
• A 329,667 square-foot warehouse and distribution facility on 17.34 acres located at 4601 Newlon Road in Fort Smith – $4.6 million
• A 209,963 square-foot food processing plant and industrial warehouse on 9.49 acres, located at 1208 Virginia St. and 1211 Mary Allen St. in Van Buren – $4.1 million
• Eighty acres of vacant land in Van Buren – No value provided.
• A 153,090 square-foot food processing facility and warehouse on 7.64 acres located at 404 Fayetteville Ave. in Alma – $1.9 million
• A single-family residence and agricultural land with 4,788 square feet on 10.76 acres located at 21764 and 21935 Meadow Wood Dr. in Siloam Springs – $650,000.
• Four acres of vacant land located at 116 Main in Lowell – No value provided
Other properties for sale:
• A food processing facility with four buildings totaling 210,929 square feet on 32 acres located at 1581 Hwy 114 in Hessmer, La. – $317.050 assessed value
• A warehouse facility with four buildings totaling 186,276 square feet on 23.7 acres located at 501 Guidry St. in Lafayette, La. – $3.495 million
• A 297,625 square-foot warehouse and distribution facility located at 12 Moorhead-Ittabena Road in Moorhead, Miss. – $1.1 million
• A 15,000 square-foot metal warehouse located at 119-120 W. Cherry St. in Westville, Okla. – No value provided
• Sixteen acres of vacant land in Delaware County, Okla. – No Value provided
“These strategically located properties are available for immediate occupancy,” GA Keen Realty Advisors Co-President Matthew Bordwin said in the statement. “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.”
Bordwin said these properties can be sold individually or as a package and offers are now being considered. The letter of intent deadline is Feb. 28.