NRC Realty & Capital Advisors, LLC (NRC) announced today that it has been retained again by Getty Realty Corp. (NYSE: GTY) to coordinate the divestiture of 16 gasoline stations, 29 commercial and retail properties formerly used as gas stations and two industrial sites in Connecticut (3), Illinois (1), Maine (1), Massachusetts (21), New York (11), North Carolina (1), Pennsylvania (3) and Rhode Island (6). Many of the sites are currently being operated by licensees under month-to-month license agreements.
The 16 gasoline stations are located in a variety of urban and suburban markets in each of the eight states. All are fee owned properties and the sale includes the improvements on the underlying real estate, except for certain sites with respect to which the underground storage tanks will be removed prior to closing. The properties are being sold without gas brand or fuel supply.
Most of the 29 commercial and retail properties are improved with operating or closed gasoline stations.
The sale also consists of two industrial sites located in Port Ewen, New York, and East Providence, Rhode Island, both with potential redevelopment use. Both are former fuel distribution terminals.
“These sites are very attractive for a variety of gasoline, automotive, retail and commercial and industrial 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. Investors will also be interested in bidding on many of the locations which have license agreements with operators,” added Gladstone.
The properties will be sold using NRC’s well-known “buy one, some or all” sealed bid sale process. Property Specific Packages (due diligence packages) are expected to be available in May, with a bid deadline of May 13, 2014. Interested parties may view a complete site list and register online for sale updates at www.NRC.com/1401, or by calling the NRC Customer Service Center at 800-747-3342, extension 1401.
NRC will be coordinating property viewings on sites without tenants on scheduled viewing dates. Dates and times will be listed on the NRC website. Sites with licensees are open during normal business hours, and prospective bidders may view these sites as long as they do not disturb management or employees. Broker cooperation is encouraged, and a 3% broker co-op commission is being offered.
Getty Realty Corp. is the largest publicly-traded real estate investment trust in the United States specializing in ownership, leasing and financing of convenience store/gas station properties and petroleum distribution terminals. Getty Realty Corp. owns and leases approximately 1,050 properties nationwide.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. For more information, visit www.nrc.com.