Enon, Ohio-based convenience store chain Speedway, recently purchased by 7-Eleven, is selling off 166 former service station, retail development sites and undeveloped land sites in 22 states. The properties are being sold individually through a sealed bid auction through Chicago-based NRC Realty & Capital Advisors.
Some of the properties have small buildings on them. Properties are being sold in an as-is, where-is with all faults condition, and NRC recommends that anyone planning on submitting a bid perform his or her investigation of the properties prior to making a bid.
The following information will be available for most properties:
- Plat, survey or site plan
- Real estate tax bill
- No Further Action Letter (“NFA”) from the State Department of Environmental Quality for Properties which had underground storage tanks removed
- Seller’s most recent Phase I environmental site assessment for Properties which never had underground storage tanks
- Seller’s most recent report of environmental action, or similar form of report, for certain Properties which are currently being remediated by the Seller and which will continue to be remediated by the Seller post-closing until an NFA letter is issued
- Property legal description and Assessor’s Parcel Number
- Current title commitment
The information will be available for download on the NRC website in a Property Specific Package (PSP), along with the Terms & Conditions of Sale (T&Cs), which govern the sale process. A PSP will be available for each property.
Once a bid is accepted, the purchaser will have 30 days to close the sale. A list of properties can be accessed at the NRC website.