Monday, July 23, 2012
Getty Realty Selling 74 Properties
Source: Convenience Store DecisionsBy CSD Staff
The majority of the sites are located on high-traffic corners in mature neighborhoods and in small towns.
Getty Realty Corp. is divesting 66 commercial and retail properties.
The 66 properties are located in a variety of urban and suburban markets in six Northeastern and Mid-Atlantic states, including 11 properties 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. 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 50-60% of current asking prices.
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, 2012. Interested parties may view a complete site list and register online for sale updates at www.NRC.com/1207 or by calling the NRC Customer Service Center at (800) 747-3342, extension 1207.
"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," added Ruben.
NRC Realty & Capital Advisors LLC has been retained by Getty for its assistance in the divestiture. NRC will be coordinating property viewings on sites without tenants on Aug. 22, and 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% broker co-op commission is being offered.
Getty Realty Corp. is a publicly-traded real estate investment trust in the U.S. specializing in ownership, leasing and financing of retail motor fuel and convenience store properties and petroleum distribution terminals. Getty's properties are located in 20 states across the U.S. with concentrations in the Northeast and the Mid-Atlantic re