Wednesday, March 12, 2014
Getty Realty Puts 47 Properties on the Market
JERICHO, N.Y. -- Getty Realty Corp. retained NRC Realty & Capital Advisors LLC to sell 47 retail properties in eight states.
The sale will include 16 gas stations, 29 commercial and retail properties formerly used as gas stations, and two industrial sites. The highest concentration of properties is in Massachusetts (21 sites), followed by New York (11) and Rhode Island (6). Many of the sites are currently being operated by licensees under month-to-month license agreements.
The 16 gas stations are located in a variety of urban and suburban markets in each of the eight states, which also include Pennsylvania, Connecticut, Illinois, Maine and North Carolina. All are fee-owned properties. These properties are being sold without a gas brand or fuel supply.
According to NRC Realty, most of the 29 commercial and retail properties are improved with operating or closed gas stations.
Also up for bid will be two industrial sites in Port Ewen, N.Y., and Providence, R.I. Both are former fuel distribution terminals and could potentially be redeveloped.
"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 process. Due-diligence packages are expected to be available in May, with a bid deadline of May 13.
Chicago-based NRC Realty & Capital Advisors LLC provides real estate and financial advisory services to the convenience store and petroleum industries.
Jericho, N.Y.-based Getty Realty Corp. is a real estate investment trust that owns and leases approximately 950 properties nationwide.