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Tuesday, April 14, 2015

Getty Realty Unloading 33 Northeast Properties
Sale includes six gas stations, 27 commercial and retail properties

Source: Convenience Store News

JERICHO, N.Y. — Getty Realty Corp. enlisted the services of NRC Realty & Capital Advisors LLC to sell six operating and non-operating gasoline stations, as well as 27 commercial and retail properties in Connecticut, Maine, Massachusetts, New Hampshire, New York, Pennsylvania and Rhode Island.

The six gas stations are in urban and suburban locations in Maine, Massachusetts, New Hampshire and New York. The lot sizes range from 9,580 square feet to 26,480 square feet, with building sizes ranging from 1,200 square feet to 2,520 square feet. All are fee-owned properties and the sale includes improvements on the underlying real estate, including underground storage tanks.

These six operating and non-operating gas stations are being sold without a gas brand or fuel supply. The properties will be sold via a sealed bid process, with minimum bids ranging from $145,576 to $520,000.

The 27 commercial and retail properties range in size from 6,500 square feet to 1.19 acres. Minimum bids on these sites range from $40,000 to $580,000.

Properties will be sold using NRC’s “buy one, some or all” sealed bid sale process with a bid deadline of June 11.

“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.”

During an earnings conference call in November, Getty Realty CEO David B. Driscoll said the real estate investment trust was disposing assets that do not meet the long-term growth criteria of the company’s core portfolio, with this disposition process going on for the foreseeable future.

“Asset repositioning will always be something we do with a portfolio as big as ours,” Driscoll said then.

Chicago-based NRC Realty & Capital Advisors provides an array of real estate and financial advisory services to the convenience store and petroleum industries. Its clients include Shell, Sunoco, 7-Eleven, CST Brands and Circle K.

Jericho-based Getty Realty owns and/or leases approximately 860 properties nationwide.

To see a list of convenience stores for sale and gas stations for sale, click here.