Saturday, November 1, 2014
GPM Investments Retains NRC Realty & Capital Advisors to Sell 16 Sites In Five States
Source: Fuel Marketer News
NRC Realty & Capital Advisors, LLC announced that it has been retained by GPM Investments, LLC of Richmond, Virginia to coordinate the sale of 12 convenience stores with gasoline, one convenience store with Subway franchise, two former convenience stores and one vacant land parcel. This includes eight locations in Virginia, three in Delaware, two each in Connecticut and Maryland and one in New Jersey.
The lots, which are no longer a fit for GPM’s business model for company-operated stores, range in size from approximately 8,200 square feet to 2.4 acres, while store sizes range from 500 square feet to 5,600 square feet. The thirteen operating sites are leasehold properties and are being sold with fuel supply, but without convenience store branding. The two former convenience stores and vacant land parcel are all fee sites. Seller financing is available for creditworthy and qualified bidders.
“NRC has had a longstanding relationship with GPM, and is excited about the opportunity to assist them in the divestiture of certain non-strategic assets,” said Dennis Ruben, executive managing director of NRC.
The properties will be sold using NRC’s well-known “buy one, some or all” sealed bid sale process. A complete list of the properties and information regarding submitting offers is available online at www.nrc.com/1419. Interested parties can register online for sale updates or by calling the NRC Customer Service Center at 800-747-3342, extension 1419.
Property Specific Packages (PSP) are expected to be available in early- to mid-November, with a bid deadline of December 11, 2014.
GPM is one of the largest privately owned companies in the convenience store channel of business, operating approximately 470 company stores and supplying approximately 115 dealer locations. The company, based in Richmond, VA, operates and supplies stores in Virginia, Connecticut, Delaware, Maryland, Pennsylvania, North Carolina, South Carolina, Rhode Island, New Jersey and Tennessee. These convenience stores have a wide array of food offerings, a house blend of coffee, fountain and packaged beverages, a large selection of groceries, tobacco, alcohol, and personal care products.
NRC Realty & Capital Advisors, LLC provides a full 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. NRC’s breadth of experience in the convenienc