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Wednesday, February 1, 2012

Prima Marketing to sell properties in West Virginia, Pennsylvania, Ohio

Source: NPN Magazine

NRC Realty & Capital Advisors, LLC (NRC) announced that it will be coordinating the sale of 22 operating and closed convenience stores plus four excess retail pad sites currently owned, leased, and/or operated by Prima Marketing, Denver, Colorado. The properties are located in West Virginia and nearby areas of Pennsylvania and Ohio and include a mix of operating gas stations with convenience stores, closed sites, and retail pad sites on key corners.

In announcing the sale, Prima's CEO, Jeffrey Kramer said, "This portfolio consists of excess real estate and operating stores that are not a part of our long-term strategic plan. We believe they will provide great opportunities for the right buyers, as they have for us over the years."

The operating and closed properties are being sold either with or without fuel supply or for adaptive reuse. The convenience stores themselves are being sold without brand; however, 7-Eleven franchise opportunities may be available. Of the 26 parcels, 15 are fee properties while 11 are leased sites. Included are 16 operating stores, five closed stores, one subleased property, and four land-only pad sites.

The sale will be conducted using NRC's "buy one, some or all" sealed bid sale process. The bid deadline is March 22, 2012. A complete list of the properties and information regarding submitting offers is available online at www.nrc.com/1115. Interested parties can register there for sale updates or by calling the NRC Customer Service Center at 800-747-3342, extension 1115. A sales brochure containing information for all of the sites in the sale will be available and a site specific Property Specific Package (PSP) will be available for each property by the end of February.

Ohio properties are in Albany, Belpre and Euclid. Pennsylvania properties are in Erie, Grove City, Indiana, Jeannette, Natrona Heights, and New Station. West Virginia sites are in Charleston, Fraziers Bottom, Hernshaw, Huntington, Hurricane, Parkersburg, Pennsboro, Princeton, Ripley, Salt Rock, Scott Depot, St. Albans, and Washington. There are multiple stores in some of those cities and towns.

NRC Realty & Capital Advisors, LLC provides real estate and financial advisory services to the convenience store and petroleum industries, and specializes in the accelerated sale of commercial and residential real estate.