Friday, February 15, 2019
Petroleum Marketing Group Puts 14 Locations Up For Sale
Selling sites in New Jersey with long-term supply agreements
Source: CSP Daily News
By Greg Lindenberg , EditorWOODBRIDGE, Va. -- Petroleum Marketing Group (PMG) is selling 14 locations, including 10 PMG-owned retail locations with gasoline, two convenience stores leased to Circle K franchisees without gasoline and two former service stations, all in New Jersey.
PMG is No. 98 in CSP's 2018 Top 202 ranking of c-store chains by number of retail outlets.
Two of the 10 sites are dealer operated, and the balance are operated by commission marketers with month-to-month leases. Eleven of the properties are in northern New Jersey, one is in Tom’s River, N.J., one property is in Carney’s Point, N.J., and one store is in Tuckerton, N.J.
Most lot sizes are 10,000 square feet to three-quarters of an acre, and buildings range from kiosks to 3,900 square feet. The stores are branded Shell, BP, 76, Gulf and Exxon, and PMG is selling the stores with long-term supply agreements. All properties include real estate.
“This is a great opportunity for small and single-site operators,” said Evan Gladstone, executive managing director of NRC Realty & Capital Advisors LLC. PMG has retained Chicago-based NRC to see the assets.
“We expect robust bidding, especially for the stores in densely populated northern New Jersey,” said Gladstone. “We also have two convenience stores without gas and two former service stations with service bays ideal for auto repair shops.”
The properties are being sold through NRC’s sealed-bid sale process with bids due in March. Further information is available on the NRC website.
Founded in 2001, PMG is one of the major jobbers and distributors of petroleum products and operators of convenience stores in the Mid-Atlantic United States, delivering more than 1 billion gallons of petroleum on an annual basis, it said. The Woodbridge Va.-based company services more than 1,000 locations, from Maine to Florida. PMG is an authorized distributor for the Marathon, Shell, Exxon, Mobil, BP, Sunoco, CITGO, Gulf, 76 and Crown brands and supplies nonbranded petroleum products, as well.
To see a list of convenience stores for sale and gas stations for sale, click here.