Tuesday, April 14, 2015
Getty Realty Selling Sites With Corner Appeal
33 commercial properties, gas stations in seven states go on the block
Source: CSP Daily News
JERICHO, N.Y. – High-traffic locations are the selling point for Getty Realty Corp.’s sale six operating and non-operating gas stations and 27 commercial and retail properties in Connecticut (6), Maine (4), Massachusetts (6), New Hampshire (2), New York (9), Pennsylvania (3) and Rhode Island (3).
As reported in a 21st Century Smoke/CSP Daily News Flash, the six gas stations are located in a variety of urban and suburban markets in Maine, Massachusetts, New Hampshire and New York.
The lot sizes range from 9,580 square feet to 26,480 square feet and the building sizes range from 1,200 square feet to 2,520 square feet. All are fee-owned properties, and the sale includes the improvements on the underlying real estate, including the underground storage tanks. The properties are being sold without gas brand or fuel supply.
The 27 commercial and retail properties are located throughout Connecticut, Maine, Massachusetts, New Hampshire, New York, Pennsylvania and Rhode Island.
The site sizes range from 6,500 square feet to 1.19 acres and the building sizes range from kiosks up to 2,700-square-foot buildings. Many of the sites are improved with automotive service bays.
Getty Realty has retained Chicago-based NRC Realty & Capital Advisors LLC (NRC) to coordinate the sale. The minimum bids for the gas stations range from $145,576 to $520,000; the minimum bids for the other sites range from $40,000 to $580,000.
“These sites are very appealing for a multitude of gasoline, automotive, retail and commercial 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 the locations which have license agreements with operators,” added Gladstone.
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 June 11, 2015. Interested parties may view a complete site list and register online for sale updates at www.NRC.com/1502, or by calling the NRC Customer Service Center at (800) 747-3342, extension 1502.
Jericho, N.Y.-based Getty Realty is a leading publicly traded real-estate investment trust (REIT) specializing in ownership, leasing and financing of convenience-store and gas-station properties. The company owns and leases approximately 860 properties nationwide.