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WAWA, Pa. -- Wawa Inc., operator of more than 540 convenience stores, will auction off 20 excess commercial properties, including two stores, worth $25 million in four mid-Atlantic states.
With the exception of two New Jersey properties, all of the auctions will be conducted live online and in real time. The first auction will take place Nov. 13; the last is scheduled for Nov. 22, according to The (Pa.) Mercury.
Buyers can bid either online from their homes or offices or attend the auction in person. The bids from people who attend the traditional auction will be entered online along with the e-bids. When the auctioneer deems the bidding has stopped, he or she will close the bids. Wawa has two weeks from the date of the auction to reject or accept the offers, the report said.
The properties, which are in Pennsylvania, New Jersey, Maryland and Virginia, are vacant commercial land that surrounds many of Wawa's new prototype convenience stores.
Wawa had been selling the excess properties through a traditional broker. But with the convenience store's tremendous growth, the inventory of excess land kept pilling up. Eventually, it made more sense to get out of the real estate business and sell the properties all at once at an auction.
The auctions will start at 1:30 p.m. Nov. 13 with 12 acres in Concordville, Pa. The auction sign is on the lot where Wawa will build its store. The property being auctioned adjoins this parcel. The second auction is will be at 10:30 a.m. Nov. 14 for 1.4 acres in North Coventry, Pa. The property is zoned for residential and municipal use.
Other Pennsylvania sites include Reading; East Petersburg, Lancaster County and York. The auction will continue with nine Maryland, two Virginia and four New Jersey properties.
Interested parties can go to BidSpotter.com to participate in the auction.