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Wednesday, January 9, 2013

Getty Realty Puts Six Closed Petroleum Terminal Sites Up for Bid

Source: Convenience Store News

JERICHO, N.Y. -- Getty Realty Corp. plans to sell six closed petroleum sites in New York and New Jersey via a sealed bid process. The real estate investment trust, which is the owner and master lessee of more than 1,000 convenience store and gas station sites, has retained NRC Realty & Capital Advisors LLC to coordinate the transactions.

According to NRC, the properties have potential redevelopment use. The sites are located in Bronx/Mt. Vernon, N.Y., a 5.5-acre property adjacent to a large retail center; Newark, N.J., a 15.5 acre property located on the Passaic River; Long Island City, N.Y., a 4.1-acre property with barge access; Rhinebeck, N.Y., a 2.3-acre property on U.S. Route 9; Port Ewen, N.Y., a 5.7-acre property located just west of the U.S. Route 9W; and Catskill, N.Y., a 5.3-acre property located on both the Hudson River and Catskill Creek.

"These sites are strategically located and adaptable for a variety of industrial or other uses," said Evan Gladstone, NRC's executive managing director. "The Newark site is at Exit 15E of the New Jersey Turnpike with barge access on the Passaic River, and the Long Island City and Bronx/Mt. Vernon sites could have retail or other commercial potential."

Minimum bids for the properties range from $400,000 to $3 million, stated NRC. Interested buyers must submit their sealed bids by March 7.

"While we expect to see some interest from parties seeking to use these properties as terminals, these properties are in urban areas that are being actively redeveloped so we expect more excitement to come from developers looking to repurpose the locations," said Joshua Olshin, managing partner at Auction Advisors, who is working with NRC at three of the properties.

Chicago-based NRC Realty & Capital Advisors LLC provides real estate and financial advisory services to the convenience store and petroleum industries.

To see a list of convenience stores for sale and gas stations for sale, click here.