Catylist ID: #30402125
Ashanti Foods Trademark & Bottling Facility
Undisclosed Address, New Orleans, LA 70129
Special Purpose for SaleAlso listed as Industrial, Business Opportunity
|Catylist Listing ID:||30402125|
|Building Size (RSF):||15,000 SF|
|Gross Building Area:||See Agent|
|In Opportunity Zone?||Yes|
|Property Use Type:||Investment, Business|
|Sale Terms:||Undisclosed, Cash to Seller, Purchase Money Mortgage, Owner Financing, Build-to-Suit, Sale/Leaseback, Other|
Overview / Comments
This property is located in an Opportunity Zone, which means it's ideal for either domestic investors or international E2, L1, or EB5 investors. Bridge Foods, Inc. filed and completed Chapter 11 a few years ago. The seller is VERY MOTIVATED to sell the real estate, trademark, and equipment either as a package or separately. Listing Agent is SFR Certified, so it is the agent's professional opinion that this is the opportune time to get a good deal from the bank on the real estate. This is of particular significance with it being in an Opportunity Zone valued at $700,000 and with a remaining loan value just under $600,000. A savvy investor with international connections could flip this property for a hefty profit very quickly.
Please note that, for real-estate-only offers, if the intended offer is less than the total loan value plus commission, Buyer must pay portion of commission for the remaining commission due because bank will not pay and because Seller will not have any remaining funds, so a Buyer should make an offer that also takes commission into consideration.
Regarding other assets, Seller will pay commission at closing.
Equipment is worth more installed in place, and less if removed, transported, and reinstalled elsewhere.
Trademark (Ashanti) has been registered since 1995. Seller is willing to include recipes, nutrition labels, and image copyrights for this amount.
Seller is also willing to be hired to train a replacement, rehire former key employees, and reacquire old and new contracts.
HISTORY & ECONOMY
Bridge Foods, Inc., was in full operations since 1995, reaching maximum capacity of about $4MM per year. In 2007, they were at about $2.5MM with a steady decline to about $500k in 2018. After Katrina and perhaps exacerbated by the economic crisis of 2008, revenues likely declined for 2 main reasons. First, the hot sauce industry got squeezed with large manufacturers beginning copacking for medium size businesses and smaller businesses going out of business or copacking for themselves in smaller batches. Second, the owner slowly lost interest in the business and has since began pursuing other opportunities. As a result, the business has been forced to go through Chapter 11, which is now complete.
The ASHANTI trademark is a large part of the value. With a registered trademark since 1995, the Ashanti Foods brand is well known. The business, Bridge Foods, has also won several local awards including from the Mayor of New Orleans and Harrah's Casino (awards which are also important to the EB5 application process)
Website: the website is down on purpose. This business is winding down operations, and it does not want phone calls on a regular basis.
Inventory is noted as having $0 value. However, it does have some value, but the Seller will not try to place a value on it. It is considered a bonus to a buyer.
Offc SqFt: 3,948
Lot Size: 100 X 300 = 30,000 sqft
Lot Desc: Regular
Building Size 60x250 = 15,000 sqft
Reception area, several offices, conference room, full kitchen, 3 baths, 2 floors, lots of storage space. Huge warehouse with very HIGH ceiling. A room for silos, a room for bottling, 2 freezers, one in the warehouse and another in the back (perfect for fish).
Short video showing bottling line
The most attractive attributes are
1. Trademark since 1995
2. Distressed property on which you can get a good deal
3. Valued at $1.2mm, making it possible for EB5 visa
4. Strong population of Vietnamese and Hondurans lives nearby supporting the minimum of 10 employees for EB5 visa
5. Beautiful homes overlooking lakes
Attachments & Media
|Total Number of Buildings:||1|
|Number of Stories:||2|
Russell BernsteinMetairie, LA
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