Monday, July 23, 2012
Getty Realty | 74 Vacant Commercial Properties in PA, NJ, NY & More
Source: Convenience Store News
CHICAGO -- Getty Realty Corp. has tapped NRC Realty & Capital Advisors to lead its divesture of 66 retail and commercial properties. The sites are spread through six markets in the Northeast and Mid-Atlantic regions.
Broken out by state, , 11 properties are in New York, 21 in New Jersey, 24 in Pennsylvania, six in Massachusetts, one in Connecticut and three in Delaware. All are fee-owned properties and the sale includes the improvements on the underlying real estate. There are no underground storage tanks at any of the locations, according to NRC.
Thirty-nine of the properties are closed, 25 locations have occupants in place under month-to-month license agreements, and two consist of vacant land. Original asking prices range from $75,000 to $1,000,000, and the properties are being offered at minimum bids of 50 to 60 percent of current asking prices, the advisory company added.
"These sites are very attractive for a variety of retail and commercial uses," said Dennis Ruben, NRC's executive managing director. "The majority are located on high-traffic corners in mature neighborhoods and in small towns. Investors will also be interested in bidding on many of the locations under licenses with operators."
The properties will be sold using NRC's well-known "buy one, some or all" sealed bid sale process. Property Specific Packages (due diligence packages) are expected to be available in late August, with a bid deadline of Oct. 2, NRC added. In addition, NRC will be coordinating property viewings on sites without tenants on Aug. 22, Aug. 28 and Sept. 12. Sites with tenants are open during normal business hours, and prospective bidders can view these sites as long as they do not disturb the users. Broker cooperation is encouraged, and a 3-percent broker co-op commission is being offered.
Getty Realty Corp. is the leading publicly traded real estate investment trust specializing in ownership, leasing and financing of retail motor fuel and convenience store properties and petroleum distribution terminals. Its properties are located in 20 states across the United States with concentrations in the Northeast and the Mid-Atlantic regions.