Tuesday, January 8, 2013
Getty Realty Puts Six New York Area Industrial Redevelopment Sites Up for Bid Through NRC
CHICAGO, January 8, 2013 -- Getty Realty Corp. has retained NRC Realty & Capital Advisors, LLC to coordinate its divesture of six industrial sites with potential redevelopment use. The properties are located in Long Island City, Bronx/Mt Vernon, Catskill, Port Ewen and Rhinebeck, NY and Newark, NJ. All are former fuel distribution terminals.
Land sizes range from 2 acres to 15 acres. Published minimum bids range from $400,000 to $3 million.
"These sites are strategically located and adaptable for a variety of industrial or other uses," said Evan Gladstone, NRC's executive managing director. "The Newark site is at Exit 15E of the New Jersey Turnpike with barge access on the Passaic River, and the Long Island City and Bronx/Mt. Vernon sites could have retail or other commercial potential."
"While we expect some interest from parties seeking to use these properties as terminals, these properties are in urban areas which are actively being redeveloped so we expect much more excitement to come from developers looking to re-purpose the locations." Joshua Olshin, Managing Partner of Auction Advisors, who is working with NRC on the LIC, Bronx and Newark properties.
The properties will be sold using NRC's sealed bid sale process. NRC will be coordinating property viewings. Property Specific Packages (due diligence packages) are expected to be available in mid-January, with a bid deadline of March 7, 2013. Broker cooperation is encouraged, and a 3-percent broker co-op commission is being offered. Information on the sites and viewing information can be found at www.nrc.com/1301 or by calling NRC Customer Service at 800.747.3342, extension 1301.
Properties for sale include:
- Bronx/Mt Vernon, NY: 5.5 acre property adjacent to large retail center. Five buildings ranging from 500 to 8,100 sf. Barge access via Hutchinson River. Minimum Bid: $2,500,000.
- Newark, NJ: 15.5 acre property located on Passaic River with barge access via pipeline. Divided by Doremus Ave (5.7 acres east of the road, 9.7 acres west of it). Six buildings. Minimum Bid: $3,000,000.
- Long Island City, NY: 4.1 acre property with barge access via channel to East River. Four buildings, including 4,800, 8,500 and 12,100 sf sizes. Minimum Bid: $3,000,000.
- Rhinebeck, NY: 2.3 acre property on U.S. Route 9 consisting of 1,000 and 2,700 sf buildings. Minimum Bid: $400,000.
- Port Ewen, NY: 5.7 acre property, approximately 4 of which is usable, located just west of U.S. Route 9W with access to Hudson River. 6,000 and 3,800 sf main buildings and four bulk storage tanks. Minimum Bid: $450,000.
- Catskill, NY: 5.3 acre property, approximately 4.2 of which is usable, located on both the Hudson River and Catskill Creek with barge access. Four buildings ranging from 400 to 4,200 sf. One large and four smaller storage tanks. Minimum Bid: $450,000.
Getty Realty Corp. is the leading publicly traded real estate investment trust specializing in ownership, leasing and financing of retail motor fuel and convenience store properties and petroleum distribution terminals. Its properties are located in 20 states across the United States with concentrations in the Northeast and the Mid-Atlantic regions.
NRC Realty & Capital Advisors, LLC provides a full array of real estate and financial advisory services to the convenience store and petroleum industries, and specializes in the accelerated sale of commercial and residential real estate. NRC’s breadth of experience in the convenience store arena includes portfolio evaluation and analysis; refinancing, recapitalization & sale-leaseback financing options; and merger and acquisition advisory services. Since its inception in 1989, NRC has sold more than 15,000 properties. Clients include globally recognized companies in a variety of industries, including leading financial institutions (GE Capital, Stancorp Mortgage Investors and Fifth Third), industrial companies (YRC Worldwide) and petroleum and convenience store companies (Sunoco, BP, The Pantry, Circle K).