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CHICAGO -- Sunoco Inc. will sell 165 sites in the eastern United States through NRC Realty Advisors LLC. The portfolio of sites includes 134 currently operating retail fuel outlets, 14 non-operating locations that are expected to re-open and 17 commercial properties, two of which are undeveloped lots, the company stated.
"These locations are being sold as part of a continuing review of Sunoco-branded retail outlets, with the goal of maximizing return on capital employed and cash flow from our assets," Robert W. Owens, Sunoco senior vice president of marketing, said in a statement. Sunoco will continue to supply gasoline to the operating retail fuel locations through long-term direct-supply or distributor-supply agreements.
The properties are located in select markets in Florida, Massachusetts, Maryland, North Carolina, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, South Carolina, Tennessee and Virginia.
"These are prime retail properties that will provide excellent investment opportunities to the right buyers," Hope Mineo, managing director of NRC, said in a statement.
The locations will be sold through a sealed bid process, in a "buy one, some or all" format. Bids are due April 15, 2009. NRC will conduct a series of seminars on bidding instructions in the following areas:
-- Orlando: March 3;
-- Charlotte, N.C.: March 4;
-- Philadelphia: March 10;
-- Syracuse, N.Y.: March 11; and,
-- Cleveland, Ohio: March 12.
All interested parties are encouraged to attend for free, to learn more about the sale.
A complete list of sites is available at www.nrc.com/822, or by calling (800) 747-3342, ext. 822. In addition, color sales brochures and property-specific packages with store-level information and terms of the sale are also available for $35, and a $25 for a CD-ROM.