Getty Realty Terminals on the Block

Published in CSP Daily News

Closed New York, New Jersey sites likely to be redeveloped

JERICHO, N.Y. -- Getty Realty Corp. is divesting six closed petroleum terminals in New York and New Jersey. The properties, with land ranging from two to 15 acres and most with barge access via pipeline or river, are located in New York and New Jersey.

The properties for sale include:

  • Bronx/Mount Vernon, N.Y.: A 5.5-acre property adjacent to a large retail center. Contains five buildings ranging from 500 to 8,100 square feet, and has barge access via the Hutchinson River. Minimum bid is $2.5 million.
  • Long Island City, N.Y.: A 4.1-acre property with barge access via channel to the East River. It has four buildings ranging from 4,800 to 12,100 square feet sizes. Minimum bid is $3 million.
  • Rhinebeck, N.Y.: A 2.3-acre property on U.S. Route 9 with 1,000- and 2,700-square-foot buildings. Minimum bid is $400,000.
  • Port Ewen, N.Y.: A 5.7-acre property with 4 usable acres located west of U.S. Route 9W with access to the Hudson River. Contains 6,000- and 3,800-square foot buildings and four bulk storage tanks. Minimum bid is $450,000.
  • Catskill, N.Y.: A 5.3-acre property with 4.2 usable acres located on the Hudson River and Catskill Creek with barge access. Contains four buildings ranging from 400 to 4,200 square feet, and five storage tanks. Minimum bid is $450,000.
  • Newark, N.J.: A 15.5-acre property with six buildings located on the Passaic River with barge access via pipeline. It is divided by Doremus Ave., with 5.7 acres east of the road and 9.7 acres on the west. Minimum bid is $3 million.

Getty Realty has retained NRC Realty & Capital Advisors LLC, Chicago, to coordinate the divestiture.

While NRC expects some interest from terminal operators for these locations, it anticipates more from developers looking to re-purpose the locations, which are in urban areas that are actively being redeveloped.

"These sites are strategically located and adaptable for a variety of industrial or other uses," said Evan Gladstone, NRC's executive managing director. "The Newark site is at Exit 15E of the New Jersey Turnpike with barge access on the Passaic River, and the Long Island City and Bronx/Mount Vernon sites could have retail or other commercial potential."

The properties will be sold using NRC's sealed-bid sale process. NRC will be coordinating property viewings. Interested parties can find more details at www.nrc.com/1301. Property-specific packages (due diligence packages) are expected to be available in mid-January, with a bid deadline of March 7, 2013.

Chicago-based NRC provides a full array of real-estate and financial advisory services to the convenience store and petroleum industries, and specializes in the accelerated sale of commercial and residential real estate.

Jericho, N.Y.-based Getty Realty is a publicly traded real-estate investment trust (REIT) specializing in ownership, leasing and financing of retail motor-fuel and convenience store properties and petroleum distribution terminals. Its properties are located in 20 states across the United States with concentrations in the Northeast and the Mid-Atlantic regions.