GPM Investments LLC is offering to sell its interest (leasehold or fee) in 16 properties located in Connecticut, Delaware, Maryland, New Jersey and Virginia by sealed bid sale.
GPM has retained NRC Realty & Capital Advisors LLC (NRC) to coordinate the offering and sale.
Sealed bids are required to be received by NRC no later than Dec. 11, 2014, at 3 p.m. Central Time (the “Bid Deadline”).
Twelve of the properties are offered as convenience stores with gas, one is offered as a convenience store with a Subway (C-Store Property), two are former convenience store properties, and one is a vacant lot.
The gas station properties and the C-Store Property (each, a leased property) are currently operating and are offered with the leasehold interest in the real property, which shall be transferred to the purchaser pursuant to a sublease.
The former convenience store properties and the vacant lot property are offered with the fee interest in the real estate. All properties include furnishings and equipment owned by GPM, if any.
In addition, the purchasers of each leased property shall be required to purchase fuel and merchandise inventory at the properties at closing (which is to be paid for separately). Equipment leased by GPM or owned by third parties will not be sold with the properties and will be removed prior to closing. All convenience stores will be sold unbranded.
The gas station properties will be sold with 10-year fuel supply agreements under the current fuel brand with GPM selling the fuel to the purchaser at rack plus one cent, plus freight and taxes.
Terms and conditions of fuel supply will be subject to credit approval and a purchaser will be required to post a $25,000 security deposit under the terms of the the fuel supply agreement for all gas station properties.
The C-Store Property will be sold subject to the approval of Doctors Associates, the franchisor of Subway restaurants. All leased properties will be sold subject to the consent of the applicable lessor.
Bids can be sent to:
NRC Realty & Capital Advisors, LLC
350 W. Ontario, 4th Floor
Chicago, IL 60654
ATTN: SEALED BID SALE 1419