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Tuesday, May 17, 2016

NRC Arranges Sealed Bid Sale for Global Partners LP

Source: Convenience Store Decisions
By CSD Staff

Global Partners is looking to sell a variety of properties, with or without fuel supply agreements.

Global Partners LP and its subsidiaries (Seller) has retained NRC Realty and Capital Advisors LLC to coordinate the offering and sale of 86 properties. The properties, located in Connecticut, Massachusetts, Maryland, Maine, New Hampshire, New York and Rhode Island, are being offered by sealed bid sale.

SEALED BIDS

The sealed bids must be received by the NRC no later than 3 p.m. Central Time on June 21, 2016. Sealed bids should be sent to:

NRC Realty & Capital Advisors LLC
350 W. Ontario, 4th Floor
Chicago, IL 60654
ATTN: SEALED BID SALE 1608

OFFERED PROPERTIES

Company Owned and Company Operated (COCO) PROPERTIES: According to NRC, the seller is offering 19 operational company owned, company operated gas stations with convenience stores for sale.

Each COCO Property includes:

  • Fee interest in the real property
  • Any improvements, fixtures and equipment owned by the seller
  • Petroleum and convenience store inventory (paid for separately)

Company Leased and Company Operated (CLCO) PROPERTIES: The seller is offering to sell three operational company leased, company operated gas stations with convenience stores, NRC reported.

Each CLCO Property includes:

  • Assignment of the underlying lease agreement
  • Any improvements, fixtures and equipment owned by the seller
  • Petroleum and convenience store inventory (paid for separately)

Company Owned, Dealer Operated (CODL) PROPERTIES: NRC reported that the seller is offering to sell nine operational company owned, dealer operated gas stations with convenience stores.

Each CODL Property includes:

  • Fee interest in the real property
  • Any improvements, fixtures and equipment owned by the seller
  • Assignment of the dealer lease and fuel supply agreement at each location.
  • Inventory will not be sold with CODL Properties.

Company Leased, Dealer Operated (CLDL) PROPERTIES: According to the report from NRC, the seller is offering 18 operational company leased, dealer operated gas stations with convenience stores for sale.

Each CLDL Property includes:

  • Assignment of the underlying lease agreement
  • Any improvements, fixtures and equipment owned by the seller
  • Assignment of the dealer lease and fuel supply agreement at each location
  • Inventory will not be sold with CLDL Properties.

Company Owned, Commissioned Agent Operated (COCA) PROPERTIES: The seller is offering to sell 21 operational company owned properties currently being operated as (i) gas stations by commissioned agents on behalf of the seller; and (ii) convenience stores by commissioned agents, NRC reported.

Each COCA Property includes:

  • Fee interest in the real property
  • Any improvements, fixtures and equipment owned by seller
  • Petroleum inventory (paid for separately)
  • Assignment of the convenience store lease and commission agent agreement for each property

Company Leased, Commissioned Agent Operated (CLCA) PROPERTIES: According to NRC, the seller is offering to sell 13 operational company leased properties currently being operated as (i) gas stations by commissioned agents on behalf of the seller; and (ii) convenience stores by commissioned agents.

Each CLCA Property includes:

  • Assignment of the underlying lease agreement
  • Any improvements, fixtures and equipment owned by the seller
  • Petroleum inventory (paid for separately)
  • Assignment of the convenience store lease and commission agent agreement for each property

Company Owned, Vacant (COV) PROPERTIES: NRC also reported that the seller is offering to sell two company owned properties that are currently vacant and were most recently operated as gas stations with convenience stores.

All COV Properties are offered with:

  • Fee interest in the real property
  • Any improvements, fixtures and equipment owned by the seller

Company Leased, Vacant (CLV) PROPERTY: The seller is offering to sell one company leased property that is currently vacant and was most recently operated as a gas station with convenience store, according to NRC.

The CLV Property is being offered with:

  • Leasehold interest in the real property
  • Any improvements, fixtures and equipment owned by the seller

Any equipment that is leased by the seller or owned by third parties will not be sold with the properties and will be removed prior to closing.

The properties may be sold with or without a fuel supply agreement; therefore, bidders should make offers based on their preference. However, the seller’s preference is to sell all properties with a fuel supply agreement.