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Tuesday, November 29, 2016

Global Partners Puts 13 C-Store Sites Up for Sale
Bids due Jan. 19

Source: CSP Daily News
By Steve Holtz

WALTHAM. Mass. -- Global Partners LP continued its previously announced plan to sell off nonstrategic retail outlets by placing 13 convenience-store sites up for sale via a sealed-bid process this week.

Global Partners LP will sell seven vacant convenience stores and six vacant retail sites in the Northeast to the highest bidder in a process to wrap up in January, as reported in a McLane/CSP Daily News Flash.

NRC Realty & Capital Advisors LLC, Chicago, will coordinate the sale of the 13 sites, four in Connecticut, two each in Maine, Massachusetts and New Hampshire and one each are in Maryland, New Jersey and New York.

In August, Global Partners sold 30 stores in New York and Pennsylvania to Mirabito Holdings Inc. for approximately $40 million.

President and CEO Eric Slifka said that transaction "reflects our ongoing focus on monetizing nonstrategic retail sites to further strengthen our balance sheet and provide additional flexibility to invest in assets that are fundamental to our growth objectives. At the same time, establishing long-term supply agreements with the purchaser allows us to continue to earn a supply margin.”

In this latest offer, the lot sizes range from 11,274 square feet up to 1.84 acres, with the average lot size being 26,950 square feet. Average building size is 1,370 square feet, ranging from kiosks to buildings of more than 2,250 square feet.

All sites are fee-owned properties. Sites may be sold with deed restrictions.

“These sites are very appealing for a multitude of 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.”

The sites will be sold using NRC’s “buy one, some or all” sealed-bid sale process. Click here for a complete list of the sites, site specific information and instructions for submitting offers.

Property-specific packages (PSP) are expected to be available toward the end of November, with a bid deadline of Jan. 19, 2017.

A publicly traded master limited partnership, Global Partners, Waltham, Mass., is a midstream logistics and marketing company that owns, controls or has access to one of the largest terminal networks of petroleum products and renewable fuels in the Northeast. It also is one of the largest distributors of gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers in New England and New York. With about 1,500 locations, primarily in the Northeast, Global Partners also is one of the largest independent owners, suppliers and operators of gas stations and convenience stores.