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Tuesday, April 9, 2013

Midstate gas stations, commercial sites part of Getty sale

Source: Central Penn Business
By Jason Scott

New York-based Getty Realty Corp. is selling 109 commercial properties and gasoline stations across the Northeast and Mid-Atlantic, including eight sites in Adams, Cumberland, Lancaster and York counties.

NRC Realty & Capital Advisors LLC, based in Chicago, is coordinating the divestiture for Getty, which is the largest publicly traded real estate investment trust in the U.S.

The trust specializes in ownerships, leasing and financing of convenience store and gas station properties, as well as petroleum distribution terminals.

The available Central Pennsylvania properties are:

• 2990 N. Reading Road, Adamstown - $350,000 original asking price.

• First and Front streets, Boiling Springs - $475,000 original asking price.

• 816 W. High St., Carlisle - $300,000 original asking price.

• 644 E. Main St., Ephrata - $200,000 original asking price.

• 150 Carlisle St., Gettysburg - $350,000 original asking price.

• Poplar Street, Hanover - $50,000 original asking price.

• 1902 Oregon Pike, Lancaster (gas station) - $425,000 original asking price.

• 2039 S. Queen St., York (gas station) - $295,000 original asking price.

All of the gas stations are fee-owned properties, and the sale includes the improvements on the underlying real estate, except for certain sites where underground storage tanks will be removed prior to closing. The properties are being sold without gas brand or fuel supply, according to NRC.

Most of the commercial and retail sites are improved with operating or closed gas stations.

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, according to NRC.

Getty also will consider lease options.

Due diligence packages are expected to be available in May, with a bid deadline of July 10, according to NRC. A complete sale list and sale registration are available online, or by calling 800-747-3342, ext. 1304.

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