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Wednesday, March 12, 2014

Getty Realty 'High-Traffic, Small-Town' Gas Station Sale

Source: CSP Daily News

JERICHO, N.Y. -- Getty Realty Corp. is putting 16 "urban and suburban" gas stations, 29 commercial and retail properties formerly used as gas stations and two industrial sites up for sale.

The sites are in eight states: Connecticut (3), Illinois (1), Maine (1), Massachusetts (21), New York (11), North Carolina (1), Pennsylvania (3) and Rhode Island (6). Many of the sites are currently being operated by licensees under month-to-month license agreements.

All of the 16 stations 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 (USTs) will be removed prior to closing.

The properties are being sold without gasoline brand or fuel supply.

Most of the 29 commercial and retail properties are improved with operating or closed stations.

The sale also consists of two industrial sites located in Port Ewen, New York, and East Providence, R.I., both with potential redevelopment use. Both are former fuel distribution terminals.

As reported in a 21st Century Smoke/CSP Daily News Flash, the company has retained Chicago-based NRC Realty & Capital Advisors LLC (NRC) to coordinate the sale.

"These sites are very attractive for a variety of gasoline, automotive, retail and commercial and industrial uses," said Evan Gladstone, NRC's executive managing director. "A majority of the sites 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."

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 May 13, 2014. Interested parties may view a complete site list and register online for sale updates at www.NRC.com/1401, or by calling the NRC Customer Service Center at (800) 747-3342, extension 1401.

NRC will be coordinating property viewings on sites without tenants on scheduled viewing dates. 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 management or employees. Broker cooperation is encouraged, and a 3% broker co-op commission is be