NRC Realty & Capital Advisors, LLC is pleased to offer 166 former service station, retail development sites and undeveloped land sites (the "Properties") owned by Speedway LLC and its affiliates (the "Seller"). Some of the Properties have small buildings on them. Properties are being sold individually through a sealed bid auction. A list of Properties can be accessed here.
Unless noted otherwise, there is no minimum bid amount and a bidder may choose what to bid. The published bid deadline has passed, and a number of sites are still available for bid. The Seller reserves the right to accept or reject any bid. Properties are being sold in an as-is where-is with all faults condition, and NRC recommends that anyone planning on submitting a bid perform his or her investigation of the Properties prior to making a bid. All sales are final.
The following information will be available for most Properties:
- Plat, survey or site plan
- Real estate tax bill
- No Further Action Letter ("NFA") from the State Department of Environmental Quality for Properties which had underground storage tanks removed
- Seller’s most recent Phase I environmental site assessment for Properties which never had underground storage tanks
- Seller’s most recent report of environmental action, or similar form of report, for certain Properties which are currently being remediated by the Seller and which will continue to be remediated by the Seller post-closing until an NFA letter is issued
- Property legal description and Assessor’s Parcel Number
- Current title commitment
The information listed above will be available for download on the NRC website in a Property Specific Package ("PSP), along with the Terms & Conditions of Sale ("T&Cs"), which govern the sale process. A PSP will be available for each Property.
Prospects interested in making a bid will be required to use the form purchase and sale agreement which is also provided in the PSP for each Property.
A deposit of the greater of 2.5% of the bid price for each Property or $10,000 is required by wire transfer with each bid, with such deposit subject to return to unsuccessful bidders in accordance with the T&Cs.
If the Seller accepts a bid, then within 2 days of acceptance, the successful bidder will be required to deposit an additional amount by wire transfer such that the total deposit equals the greater of 10% of the purchase price or $25,000.
If the Seller accepts a bid, the purchaser will have 30 days to close the sale.
Buyer’s Premium. Each successful bidder will pay to Seller, in addition to the purchase price, an amount equal to three percent (3%) of the gross purchase price of the Property at closing.
Broker Participation. A fee equal to three percent (3%) of the first $500,000 of the purchase price of each Property, plus 2% of the portion of any additional purchase price of such property in excess of $500,000, with a minimum broker co-op commission of $5,000 regardless of the gross purchase price, to be paid by NRC upon the closing of escrow of the sale of such Property pursuant to the purchase and sale agreement to any licensed broker or agent whose registered prospect consummates the sale. Brokers must register their prospect(s) with NRC by completing the Co-Op Broker registration in the form provided by NRC without modification, and faxing it to NRC at (312) 278-6900, referencing Sale 2102. All such Co-Op Broker registrations are not effective until accepted in writing by NRC. No commissions will be paid on any Property to any broker participating as a principal in the purchase of a Property or who has a direct or indirect ownership interest in purchaser, and an affidavit may be required stating that the broker is acting solely as broker and not as purchaser and has no direct or indirect ownership interest in purchaser. NO OTHER FORM OR ORAL REGISTRATION IS PERMITTED.
Please refer to the T&Cs for additional terms and details. In the event of a conflict between any information stated herein and the T&Cs, the T&Cs will control.