Three potential buyers interested in 478-acre Rentech land

Published 12:12 am Saturday, April 6, 2013

NATCHEZ — Rentech is asking $8.5 million for the 478 acres it owns near the Natchez-Adams County Port. Three potential buyers are reportedly interested.

Natchez real estate Broker Glenn Green is one of the three co-brokers listed on the property, and said he has seen some interest and even offers on the property, but declined to discuss them. Natchez Inc. Executive Director Chandler Russ said three potential buyers are in play.

“We have had interested parties contact us about the property, and we feel confident it will be put back into circulation and be redeveloped as an area where new job-creating businesses and opportunities will be located in the future,” Green said.

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The land in question — the former International Paper property — was purchased when Rentech had plans to open an alternative fuels plant in Adams County that would convert coal into liquid. The company eventually decided not to pursue the plan, and has since announced the closure of the product demonstration unit in Colorado that was a small-scale version of what would be done in Natchez and has put the Adams County property on the market.

Green said the property is also listed with brokers in New Orleans and in Colorado.

“We are marketing it from the southeast to the west, from here locally throughout Mississippi and Louisiana and throughout the country,” Green said.

Rentech Vice President of Investor Relations and Communications Julie Dawoodjee Cafarella said the company could not currently comment on the sale process.

Rentech bought the former International Paper property in 2008. Adams County — through Natchez Inc.’s predecessor, the Natchez-Adams County Economic Development Authority — brokered the deal, and netted $2.9 million in the process of the land sale. The final sales price that Rentech paid was not disclosed.

The deal did not have any clawback provisions written into it, which would have required the company to meet certain benchmarks or forfeit the property.

Russ has previously said property sale discussions done through the county now include clawback provisions.