Sun Sets on 60 Sunoco Sites
Published in CSP Daily News
NRC to coordinate sale of retail outlets in Northeast
PHILADELPHIA -- Sunoco Inc. is selling off 60 of its retail sites in the Northeast, each with long-term gasoline supply agreements from Sunoco attached. Our plan of selective divestment of assets while retaining the motor-fuel volumes has proven to be an effective strategy as we seek to maximize shareholder value, said Robert W. Owens, senior vice president of marketing for Sunoco.
Chicago-based NRC Realty Advisors LLC will coordinate the sale of the 60 sites in Pennsylvania, New Jersey, New York, Massachusetts and Ohio. The locations will be sold through a sealed-bid [image-nocss] sale in a buy one, some or all format, with bids due on Friday, June 3, 2005.
A complete list of the sites is available online at www.nrc.com/501.
NRC will conduct How-To-Bid Seminars on Tuesday, May 17, in the Pittsburgh area, on Wednesday, May 18, in Syracuse, N.Y., and on Thursday, May 19, in Philadelphia. Registration for the seminars begins at 9:30 a.m.
A color sales brochure and individual property specific packages are available for each property. The packages contain store-level information and bidding terms of the sale. Packets are $35 for a hard copy and $25 for a CD-ROM. Individual bid packages for each store will be ready by May.
NRC is pleased to continue our partnership with Sunoco and coordinate the sale of these quality properties, said Hope Mineo, managing director of NRC. This is the fourth consecutive sale NRC has enjoyed with Sunoco.
Philadelphia-based Sunoco has more than 4,800 retail sites.
Since April of 2003, NRC has coordinated three separate offerings for Sunoco, resulting in the sale of 173 Sunoco retail outlets and raising more than $105 million in proceeds.
NRC specializes in the sale of petroleum industry property and commercial real estate throughout the United States, Mexico and Canada, and has sold more than 10,000 properties since its inception in 1989.