Wednesday, March 12, 2014
Getty Hires NRC Realty to Sell Gas Station Sites
Source: GlobeSt.comBy John Jordan
JERICHO, NY - Locally-based Getty Realty Corp has hired Chicago-based NRC Realty & Capital Advisors, LLC to conduct sealed bid sale of 47 retail properties in eight states.
The properties include 16 gasoline stations, 29 commercial and retail properties formerly used as gas stations and two former fuel distribution terminals located in Port Ewen, NY and East Providence, RI.
The properties to be sold are located in Connecticut, Illinois, Maine, Massachusetts, New York, North Carolina, Pennsylvania and Rhode Island. Many of the sites are currently being operated by licensees under month-to-month license agreements.
"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 in a news release." 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. Due diligence packages are expected to be available in May, with a bid deadline of May 13, 2014.