Press Releases BP TO SELL 23 SITES IN NORTHERN NEW JERSEY AREA
CHICAGO, IL – April 20, 2006 – NRC Realty Advisors, LLC ("NRC") has been engaged by BP Products North America Inc.
to coordinate and execute the sale of 22 properties in northern New Jersey and one property in Freeport, New York. The properties
include 18 BP branded gasoline stations, 3 vacant land parcels and one land parcel with an existing building.
Of the eighteen BP branded gasoline stations, fourteen include convenience stores. These properties are currently company-owned,
company-operated BP gas stations being offered with a 10-year Dealer Supply Agreement, with 5-year ext. terms. Two vacant land parcels
are being sold for development as new BP-branded gasoline stations. The remaining land parcel with an auto repair shop facility is
being sold "as-is" for occupancy or redevelopment.
This sale comes as a result of continuous review by BP of its network of branded sites. This review is done to determine the performance
and value of each site location and how to best serve customer needs. "We are very pleased to continue serving BP in the ongoing refinement
of their property portfolio," stated Hope Mineo, Managing Director of NRC. "BP remains a market leader by continually improving its operations
and offerings. Our goal is to maximize BP's return on these sites and we feel very strongly that these New Jersey properties will receive
strong demand from prospective buyers."
The properties will be sold through a sealed bid sale. Bidders may bid on one, some or all properties, with bids due by Thursday, June 8, 2006.
A complete list of sites and information on submitting bids is available online at www.nrc.com/607, or by calling the NRC Customer Service Center at 800.747.3342, ext. 607.
NRC will conduct a How-To-Bid Seminar ® on Tuesday, May 16, 2006, in Somerset, New Jersey. Attendance at a How-To-Bid Seminar ® is required in order to bid on BP branded sites.
For reservations, please contact the NRC Customer Service Center at 800.747.3342, ext. 607.
NRC Realty Advisors, LLC, specializes in the accelerated sale of petroleum industry property and commercial real estate throughout the U.S., Mexico and Canada,
and has sold over 10,000 properties since its inception in 1989. Since 2003, NRC has coordinated the sale of more than 1,600 sites aggregating over $560 million in sales.
Clients include major oil companies such as BP Products North America, Inc., Shell Oil Company, and Sunoco, Inc., well-known convenience store chains, leading franchise
and commercial lenders, including GE Capital Franchise Finance Corporation, Bank One Corporation and Wachovia Corp, retailers including Kmart, and independent retailers
and distributors throughout North America. For more information, please visit www.nrc.com.
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