Monday, April 8, 2013
Getty Realty to Sell 108 Properties and Gas Stations in Northeast and Mid-Atlantic Regions
Source: NPN Magazine
NRC Realty & Capital Advisors (NRC), Chicago, Ill., announced April 8 that it had been retained by Getty Realty Corp. to coordinate the divestiture of 40 gasoline stations and 68 commercial and retail properties formerly used as gas stations. (4/8/2013)
The properties are in Connecticut (4), Delaware (2), Illinois (1), Maryland (1), Massachusetts (16), New Hampshire (1), New Jersey (21), New York (40), North Carolina (3), Pennsylvania (14), Rhode Island (4) and Vermont (1). Many of the sites are currently being operated by licensees under month-to-month license agreements.
The 40 gasoline stations are located in a variety of urban and suburban markets in nine states. All are fee owned properties and the sale includes the improvements on the underlying real estate, except for certain sites with respect to which the underground storage tanks will be removed prior to closing. The properties are being sold without gas brand or fuel supply.
Most of the 68 commercial and retail properties are improved with operating or closed gasoline stations.
Original asking prices for the properties range from $75,000 to $1,000,000; however, properties are being offered in a sealed bid sale at minimum bids of up to 50% off the original asking prices. Getty will also consider leasing properties to qualified tenants.
The properties will be sold using NRC’s "buy one, some or all" sealed bid sale process. Property Specific Packages (due diligence packages) are expected to be available in May, with a bid deadline of July 10, 2013. Interested parties may view a complete site list and register online for sale updates at www.NRC.com/1304, or by calling the NRC Customer Service Center at 800-747-3342, extension 1304.
"These sites are very attractive for a variety of gasoline, automotive, retail and commercial uses," said Evan Gladstone, 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 which have license agreements with operators," added Gladstone.
NRC will be coordinating property viewings on sites without tenants on scheduled viewing dates, currently anticipated for May. Dates and times will be listed on the NRC website. Sites with licensees are open during normal business hours, and prospective bidders may view these sites as long as they do not disturb the users. Broker cooperation is encouraged, and a 3% broker co-op commission