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Wednesday, January 9, 2013

Getty Realty to Sell Six Petroleum Terminals in New York, New Jersey

Source: NPN Magazine

Getty Realty Corp. has retained NRC Realty & Capital Advisors to coordinate its divesture of six closed petroleum terminal sites that have redevelopment potential. (1/9/2013)

The properties are in Long Island City, Bronx/Mt Vernon, Catskill, Port Ewen and Rhinebeck, N.Y., and in Newark, N.J.

Land sizes range from two acres to 15 acres. Published minimum bids range from $400,000 to $3 million.

"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."

"While we expect some interest from parties seeking to use these properties as terminals, these properties are in urban areas which are actively being redeveloped so we expect much more excitement to come from developers looking to re-purpose the locations," said Joshua Olshin, managing partner of Auction Advisors, who is working with NRC on the LIC, Bronx and Newark properties.

The properties will be sold using NRC's sealed bid sale process. NRC will be coordinating property viewings. Property specific packages (due diligence packages) are expected to be available in mid-January, with a bid deadline of March 7, 2013. Broker cooperation is encouraged, and a 3% broker co-op commission is being offered. Information on the sites and viewing information can be found at www.nrc.com/1301 or by calling NRC Customer Service at 800.747.3342, extension 1301.

Properties for sale include:

Bronx/Mt Vernon, NY: 5.5 acre property adjacent to large retail center. Five buildings ranging from 500 to 8,100 sf. Barge access via Hutchinson River. Minimum Bid: $2,500,000.

Newark, NJ: 15.5 acre property located on Passaic River with barge access via pipeline. Divided by Doremus Ave (5.7 acres east of the road, 9.7 acres west of it). Six buildings. Minimum Bid: $3,000,000.

Long Island City, NY: 4.1 acre property with barge access via channel to East River. Four buildings, including 4,800, 8,500 and 12,100 sf sizes. Minimum Bid: $3,000,000.

Rhinebeck, NY: 2.3 acre property on U.S. Route 9 consisting of 1,000 and 2,700 sf buildings. Minimum Bid: $400,000.

Port Ewen, NY: 5.7 acre property, approximately 4 of which is usable, located just west of U.S. Route 9W with access to Hudson River. 6,000 and 3,800 sf main buildings and f