Getty Realty Divesting Commercial, Retail Properties
Selling 66 tankless sites in six states
JERICHO, N.Y. -- While still embroiled in a series of separate long-running legal disputes over rent and supply issues, Getty Realty Corp. is selling 66 commercial and retail properties located in a variety of urban and suburban markets in six Northeastern and Mid-Atlantic states, including 11 properties in New York, 21 in New Jersey, 24 in Pennsylvania, six in Massachusetts, one in Connecticut and three in Delaware.
All are fee-owned properties and the sale includes the improvements on the underlying real estate. There are no underground storage tanks (USTs) at any of the locations. Of the 66 properties, 39 are closed, 25 have occupants in place under month-to-month license agreements, and two consist of vacant land.
"A lot of these were service stations and sites with other types of uses. In many cases, where there had been tanks, they have been removed," Dennis Ruben, executive managing director of NRC Realty & Capital Advisors LLC, told CSP Daily News.
Jericho, N.Y.-based Getty Realty has retained NRC to coordinate the divestiture.
Those still operating are "various businesses," he said, but not gas station convenience stores.
"These sites are very attractive for a variety of retail and commercial uses," Ruben said in the announcement."The majority 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 under licenses with operators."
As reported in a Raymond James/CSP Daily News Flash on Monday, original asking prices range from $75,000 to $1 million, and NRC is offering the properties at minimum bids of 50% to 60% of current asking prices.
The properties will be sold using Chicago-based NRC's "buy one, some or all" sealed-bid sale process. Property-specific due diligence packages will be available in late August, with a bid deadline of October 2, 2012. Interested parties may view a complete site list and register online for sale updates at www.NRC.com/1207 or by calling (800) 747-3342, extension 1207.
NRC will be coordinating property viewings on sites without tenants on August 22, 28 and September 12, it said. Sites with tenants are open during normal business hours, and prospective bidders can view these sites as long as they do not disturb the users. It encourages broker cooperation, and it is offering a 3% broker co-op commission.
Getty Realty is a major publicly-traded real-estate investment trust (REIT) specializing in ownership, leasing and financing of retail motor fuel and c-store properties and petroleum distribution terminals. Its properties are located in 20 states with concentrations in the Northeast and the Mid-Atlantic regions. As of June 1, 2011, Getty Realty owned 1,003 of its 1,170 properties and leased the remaining 167 properties from third-party landlords under long-term leases. The properties are operated under a variety of brands, including Getty, BP, Exxon, Mobil, Shell, Chevron, Valero, Fina and Aloha.
Getty Realty repossessed its portfolio of nearly 800 properties after Getty Petroleum Marketing Inc. (GPMI) filed for bankruptcy in April and entered into supply agreements with Lehigh Gas, Chestnut Petroleum Distributors and others.
( Click here for previous CSP Daily News coverage of the ongoing legal disputes.)