Properties are being sold through NRC’s sealed bid sale process with bids due in March.
Petroleum Marketing Group is set to divest 12 c-store sites in New Jersey.
NRC Realty & Capital Advisors LLC (NRC) has been retained again by Petroleum Marketing Group (PMG) to coordinate the sale of 10 PMG-owned retail locations with gasoline, two convenience stores leased to Circle K franchisees without gas and two former service stations all located in New Jersey.
Of the 12 sites, two are dealer operated and the balance are operated by commission marketers with month-to-month leases. Eleven properties are located in northern New Jersey, one in Tom’s River, N.J., one property is in Carney’s Point, N.J. (Wilmington, Del. area) and one store in Tuckerton, N.J.
Most lot sizes are 10,000 square feet to 3/4 acres and buildings range from kiosks to 3,900-square feet. Stores are branded Shell, BP, 76, Gulf and Exxon, and PMG is selling the stores with long-term supply agreements. All properties include real estate.
“This is a great opportunity for small and single site operators,” according to Evan Gladstone, NRC’s executive managing director. “We expect robust bidding, especially for the stores in densely populated northern New Jersey,” said Gladstone. “We also have two convenience stores without gas, and two former service stations with service bays ideal for auto repair shops.”
The properties are being sold through NRC’s well-known sealed bid sale process with bids due in March. Further information can be obtained by going to the NRC website www.nrc.com/1903, or calling NRC customer service at 800-747-3342 extension 1903. Due diligence packages which contain real estate and financial information on the sites should be available in the next several weeks.
