Wednesday, May 9, 2018
Global Partners Selling Nonstrategic Sites
Thirty-two retail locations are in four states in the Northeast, Mid-Atlantic
Source: CSP Daily NewsBy Greg Lindenberg, Editor
WALTHAM, Mass. -- Global Partners LP has put 32 retail locations with gasoline in the Northeast and Mid-Atlantic up for sale.
Fourteen of the sites are in Massachusetts, nine are in Connecticut, six are in Maryland, and three are in New York. The company is selling the sites, dubbed nonstrategic, with Global Partners fuel supply agreements. Eighteen of the sites are fee-owned properties and 14 are leaseholds.
Lot sizes range from 7,000 square feet to 1.4 acres, and buildings range from kiosks to 3,300 square feet. Ten sites have repair shops. Global Partners has retained NRC Realty & Capital Advisors LLC, Chicago, to coordinate the sale.
“Most of these stores are in mature, highly built-up areas with barriers to entry. The sites with auto repair shops provide additional rental income or can be run by buyers. This is a great opportunity for those already operating in these markets, as well as for others looking to enter them,” said Evan Gladstone, executive managing director of NRC.
NRC will sell the properties using its “buy one, some or all” sealed-bid sale process. A complete list of the properties and information regarding submitting offers is available online at http://www.nrc.com/1807. It expects due-diligence packages on the sites to be available in early May, with a bid deadline of June 7, 2018.
NRC provides real estate and financial advisory services to the c-store and petroleum industry and specializes in structured sales of commercial real estate nationwide.
Waltham, Mass.-based Global Partners is a midstream logistics and marketing master limited partnership. With approximately 1,500 retail locations, primarily in the Northeast, Global is one of the largest regional independent owners, suppliers and operators of gas stations and convenience stores. Global is also 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.