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According to Matrix Capital Markets Group Inc., all the assets sit along high-traffic roads within residential or commercial areas. Two are located in Boston. Mutual Oil tapped Matrix Capital to manage the sale process.
Of the 22 sites for sale, 17 stations are in Massachusetts, two are in New Hampshire, and there is one each in Connecticut, Rhode Island and Vermont. Mutual Oil owns the real estate at 19 locations and leases the remaining three, Matrix Capital added.
In addition, 20 of the properties are currently operated by temporary dealers on a month-to-month basis; the other two are temporarily closed. The stations were formerly branded BP and Lukoil but are currently selling unbranded fuel.
Mutual Oil supplies fuel to the open locations. The assets, according to Matrix Capital, are being offered for sale without any future brand or supply agreement requirements. Mutual Oil will also consider financing select buyers that meet their internal credit review standards. If a buyer requires financing from Mutual Oil, then a supply contract will be a prerequisite, the company explained.
The average lot size of the 19 fee simple assets is seven-tenths of an acre and the average size of the convenience store is approximately 1,410 square feet. In addition, some of the properties have other rental incomes from retail frontage. For example, a station in New Bedford, Mass., has a commercial warehouse on an adjacent lot offered in the sale. Three of the gas stations have repair bays.
The properties are available for sale on an individual or multiple basis. Offers are due Sept. 12.