Chicago company takes over potential sale of former Getty properties in East Providence
CHICAGO, ILL. — NRC Realty & Capital Advisors, LLC (NRC) announced Wednesday, March 12, it has been retained again by Getty Realty Corp. to coordinate the divestiture of 16 gasoline stations, 29 commercial and retail properties formerly used as gas stations and two industrial sites in seven states, including two in East Providence.
Most of the 29 commercial and retail properties are improved with operating or closed gasoline stations. Many of the sites are currently being operated by licensees under month-to-month license agreements.
The sale consists of two industrial sites located Rhode Island one being on Massasoit Avenue in the Rumford section of the city and the other at 732 Willett Ave. in the Riverside section, both with potential redevelopment use. Both are former fuel distribution terminals. The 16 gasoline stations are located in a variety of urban and suburban markets in each of the eight states.
“These sites are very attractive for a variety of gasoline, automotive, retail and commercial and industrial 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 many of 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 May 13. Interested parties may view a complete site list and register online for sale updates at www.NRC.com/1401, or by calling the NRC Customer Service Center at 800-747-3342, extension 1401.
NRC will be coordinating property viewings on sites without tenants on scheduled viewing dates. Dates and times will be listed on the NRC website. 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.