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Friday, May 13, 2016

Westborough Co. to sell off 86 gas stations

Source: Worcester Business Journal Online
By Sam Bonacci

Westborough's Global Partners LP has retained a Chicago firm to sell 86 convenience stores in Massachusetts and six other states.

Of the 86 sites, 28 are located in Connecticut, 22 in Massachusetts, 12 in New York, 8 each in Maine and New Hampshire, 5 in Rhode Island and 3 in Maryland, according to a release from NRC Realty & Capital Advisors, LLC announcing their retention to coordinate the sale. The sale of the properties includes gas stations located in Fitchburg, Northborough and Worcester.

The average lot size is 28,000 square feet, and the average building size is 1,700 square feet, ranging from kiosks to locations of more than 4,610 square feet. Of the 86 sites, 51 are fee-owned properties and 35 are leaseholds, according to NRC.

The properties will be sold using NRC's well-known "buy one, some or all" sealed-bid sale process. Global Partners LP has a portfolio of over 800 gas stations.