NRC Realty & Capital Advisors, LLC announced today that it has been retained again by Getty Realty Corp. to coordinate the divestiture of 6 operating and non-operating gasoline stations and 27 commercial and retail properties in Connecticut (6), Maine (4), Massachusetts (6), New Hampshire (2), New York (9), Pennsylvania (3) and Rhode Island (3).
The 6 operating and non-operating gasoline stations are located in a variety of urban and suburban markets in Maine, Massachusetts, New Hampshire and New York. The lot sizes range from 9,580 square feet to 26,480 square feet and the building sizes range from 1,200 square feet to 2,520 square feet. All are fee owned properties and the sale includes the improvements on the underlying real estate, including the underground storage tanks. The properties are being sold without gas brand or fuel supply. Minimum bids are listed for the sites and range from $145,576 to $520,000.
The 27 commercial and retail properties are located throughout Connecticut, Maine, Massachusetts, New Hampshire, New York, Pennsylvania and Rhode Island. The site sizes range from 6,500 square feet to 1.19 acres and the building sizes range from kiosks up to 2,700 square foot buildings. Many of the sites are improved with automotive service bays. Minimum bids are listed for the sites and range from $40,000 up to $580,000.
“These sites are very appealing for a multitude of gasoline, 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. Investors will also be interested in bidding on 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 June 11, 2015. Interested parties may view a complete site list and register online for sale updates at www.NRC.com/1502, or by calling the NRC Customer Service Center at 800-747-3342, extension 1502.
NRC will be coordinating property viewings on sites without tenants by appointment only. Call the NRC Customer Service Center at 800-747-3342, extension 1502 to schedule a property visit. 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 leading publicly traded real estate investment trust in the United States, specializing in ownership, leasing and financing of convenience store/gas station properties. Getty Realty Corp. owns and leases approximately 860 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. Since its inception in 1989, NRC has sold more than 15,000 properties. Clients include globally recognized companies in a variety of industries, including petroleum (BP, Shell and Sunoco), convenience stores (7-Eleven, CST Brands and Circle K), financial institutions (GE Capital, StanCorp Mortgage Investors and Fifth Third Bank) and industrial (YRC Worldwide). For more information, visit www.nrc.com.