Wednesday, January 24, 2007
NRC Realty & Capital Advisors, LLC Tops $300 Million in 2006 Sales ? A Growth of 43% With Sales of Properties in 31 StatesChicago, Illinois; January 24, 2007 - NRC Realty & Capital Advisors, LLC, a national leader in the structured sale of commercial real estate and financial and real estate advisory services for the petroleum and convenience store industries, announced a 43% increase in sales volume for 2006 with closings of properties in 31 states.
"NRC closed on the sale of 260 properties for over $300 million in sales volume for the year. This is our second straight year of double digit growth," said Hope Mineo, Managing Director of NRC. Properties sold through sealed bid sales in 2006 included franchised convenience stores, service stations, casual dining and quick service restaurants, retail pad sites and development land.
The majority of the sales for the Chicago-based company involved properties located in California (42), Arizona (26), Kentucky (25), Ohio (23), Indiana (15), Illinois, Florida and New Jersey (11 each). Key clients for NRC in 2006 included BP, Arby's, Inc., White Hen Pantry, Inc., GE Capital Franchise Finance Corporation, U.S. Realty Advisors, LLC and Sunoco, according to Mineo.
In addition to real estate sales, NRC served as exclusive financial advisor to major convenience store operators and was successful in obtaining forward commitments for sale-leaseback financing totaling $85 million for construction of new convenience stores in the Midwest and Southeast. The expansion into financial and real estate advisory services and the 1031 marketplace became a focus of NRC in 2004 when Dennis Ruben, former Executive Vice President and General Counsel of GE Capital Franchise Finance Corporation, joined NRC as a principal and Managing Director.
NRC enters 2007 with a continuation of its retention by BP in connection with BP's strategic franchise expansion program to coordinate the sale of BP-branded am/pm convenience stores and gas stations, including buildings, fixtures and real property. Franchise store sales for BP are currently underway in Indianapolis and Pittsburgh. In addition, NRC has current engagements as financial advisor to companies seeking in excess of $100 million in sale-leaseback financing in connection with corporate recapitalizations or acquisitions.
NRC also plans to expand its reach with homebuilders through land auctions, and is slated to exhibit at the Midwest Builders Show in March in Rosemont, Illinois.
NRC Realty & Capital Advisors, LLC, specializes in the accelerated sale