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Sale 2302

Global Partners LP directs Sealed Bid Sale

17 Convenience Stores with Gas

Sold with Fuel Supply

CT, MA, MD, NY & VT

Bid Deadline: March 5, 2024

A Sealed Bid Sale is an efficient sale process to bring together buyers and sellers. Bids from buyers (offers) are due and presented to NRC on or by a specified date (the bid deadline). See the Sale Terms & Conditions for more information.

What are the Terms & Conditions?

NRC Sealed Bid Sales are governed by written Terms & Conditions which set forth the sealed bid sale process in specific detail. All interested parties should read the Terms & Conditions which will answer many common sale questions and provide other important information about the sale process and the properties being sold.

What is the difference between Fee property and Leased property?

If a property is designated as "fee" it means the real estate and business is being sold. If a property is designated as "lease" it means the buyer is buying the business and renting the property for the remaining term on the lease under the current rent and with lease options (if any) as shown on the site page for that property. A copy of the lease is available in the due diligence package for review for that site.

Is the convenience store or gasoline gas brand being sold with the property?

The property is being sold with the current gasoline brand unless a different brand which replaces the current brand is specified in the due diligence package. Due diligence packages (the Property Specific Packages or PSPs) are available for download from the property page for each location on the NRC website.

Sites in this offering are being sold with fuel supply from Global Partners, LP.

Buyers will enter into supply agreements for fuel with Seller. The terms of the supply agreement are specific to each site, and provided in the Property Specific Package for that site.

How do I inspect a property?

Inspection of the property may be performed during normal business hours. Inspections shall not interfere with business operations and do not include backrooms, storage areas, or secure areas. UNDER NO CIRCUMSTANCES MAY A BIDDER ASK QUESTIONS OF STORE MANAGERS OR STORE EMPLOYEES. INDIVIDUALS VIOLATING THIS REQUIREMENT MAY BE DISQUALIFIED FROM BIDDING.

What is the VPD number on the aerial photos of each site on the NRC website?

VPD means Vehicles Per Day and shows the average number of cars which are at each location daily.

How do I get due diligence information on a property and what information is available?

NRC has prepared a Property Specific Package or PSP for each site. The PSP can be downloaded be found on the NRC website at the bottom of the site-specific page for the property of interest and is generally available 3-4 weeks before the bid deadline when bids are due. NRC assembles financial, real estate, Underground Storage Tank (UST) information and environmental information, as available, as well as copies of leases, and other legal information. THE PSP PACKAGE ALSO CONTAINS A BID PACKAGE WHICH HAS THE PURCHASE CONTRACT FOR THE PROPERTY AND INSTRUCTIONS ON HOW TO FILL OUT THE CONTRACT AND RETURN IT TO NRC ON OR BEFORE THE BID DEADLINE.

Are there published asking prices?

Prospects may bid any amount they wish, and NRC does not publish list prices or asking prices for the property.

How do I estimate the property value and determine a bid price?

NRC does not publish property values nor can it assist in determining bid pricing. Each bidder must formulate their own bid price based upon the provided due diligence and terms of purchase, along with the bidder's own investigations and assessed risk.

How do I bid on multiple properties?

Parties may bid on as many properties as they wish. Review the Terms & Conditions and the Bid Package for bidding guidelines.

Are there different types of bids I can make?

Many bidders make a single bid on a single property. However, bidders who want to buy only one property, but who have identified more than one property they might want to buy, can make a Preference Bid. A preference bidder signs a separate contract for each property they would buy but stipulate that they will only close on one contract and then give NRC their preferences so we can convey this to the seller when reviewing bids received. Only one bid deposit (for the contract with the highest bid price) is required (see Terms & Conditions). Bidders may also make all or nothing bids on a group of properties, and multiple preference bids where a bidder bids on 10 properties for example but wants no more than 5 of the 10.

What is a bid deposit and how much is it? What forms of payment do you accept for the bid deposit?

Bidders are required to submit a bid deposit with each bid as set forth in the Terms & Conditions. NRC Wiring instructions for the bid deposit are provided in the Bid Package.

Do I need to get a lender before I bid?

NRC suggests you discuss your purchase with a lender prior to making a bid, but financing is not a condition of your bid.

What happens to my bid once it is received?

NRC will present all bids received to the seller. This may take as little as a few days to a week or more. Some sellers can make quick decisions and others may take more time especially large corporations. Expect the initial bid process to take 1-2 weeks. If a bid is deemed competitive, the bidder may be invited into a best and final bid round (BAFO) and given 4-7 days to resubmit their bid. The timeframes for the first-round bids will be similar in the BAFO round bid analysis.

When will I know if my bid has been accepted or not?

Winning bidder will be notified by NRC via email or phone.

If my bid is accepted, what is the additional deposit?

See the Terms & Conditions.

How long do I have to close the sale?

See the Terms & Conditions, but generally 45-60 days.

When do I get possession of the site?

If the property is being operated by Global Partners, LP, possession will be on closing. If the site is operated by a dealer, possession will be upon expiration of the dealer lease with the closing and possession date to be set forth in the Terms and Conditions.

If my bid is not successful, when do I receive my deposit back?

If your bid or bids are not accepted, you will receive your deposit back in 20 -30 days depending on the sale but the Terms & Conditions will provide more specific details and information.