Monday, April 8, 2013
Getty Realty Selling 100-Plus Sites in 12 States
Source: Convenience Store News
Forty of the properties are current gas stations. The other 68 are commercial and retail properties formerly used as gas stations in Connecticut, Delaware, Illinois, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island and Vermont.
Among the 40 gas station locations, all are located in urban areas and are being sold without a gas brand or fuel supply, according to NRC.
Original asking prices for the properties range from $75,000 to $1 million. However, properties are being offered in the sealed bid sale at minimum bids of up to 50 percent off the original asking prices, stated NRC. Getty will also consider leasing properties to qualified tenants.
The properties will be sold using NRC's "buy one, some or all" bid process. The bid deadline is July 10.
"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 that have license agreements with operators."
As CSNews Online reported on multiple occasions, Getty Realty has sought to sell or lease many of the properties operated by Getty Petroleum Marketing Inc. (GPMI) prior to its December 2011 bankruptcy filing. GPMI had a 799-location master lease with Getty Realty.
Jericho, N.Y.-based Getty Realty Corp. is a real estate investment trust that owns and operates approximately 1,050 properties nationwide.
Chicago-based NRC Realty & Capital Advisors LLC provides an array of real estate and financial advisory services to the convenience store and petroleum industries, and specializes in the accelerated sale of commercial and residential real estate.