BETHLEHEM, Pa. -- Fresh off a deal to sell 40 locations, Lehigh Gas Corp. is putting 26 more gas stations and convenience stores, and one truck stop on the selling block.
Lehigh owns the real estate at 21 of the locations (including the truck stop) and leases the remaining six. Twelve of the stations and the truck stop are company operated, six are dealer operated and eight are currently closed. The structured sale process will be exclusively managed by Matrix Capital Markets Group Inc.
Of the sites, 16 are located in New Jersey, nine in Pennsylvania (including the truck stop), and one each in New York and Ohio. Lehigh currently supplies fuel to the locations; prospective buyers are encouraged to reach a fuel supply contract with Lehigh, but they are not required to do so as a condition of the sale, according to the acquisition portfolio released today by Matrix.
The average lot size, excluding the truck stop, is seven-tenths of an acre, while the average building size is approximately 1,320 square feet. Five of the locations have repair bays.
The truck stop is located in Milesburg, Pa. It sits on a 17.75-acre lot and has 50,406 square feet in various building footprints. The site includes a 9,408-square-foot convenience store, a 4,884-square-foot restaurant, a 2,520-square-foot auto parts building, a 11,738-square-foot hotel, an 18,166-square-foot service garage and a 3,150-square-foot Ryder truck rental center.
According to Matrix, all 13 company-operated locations and the eight closed locations can be operated immediately by a buyer after the sale closes. The six dealer-operated locations could be run by a buyer after the existing lease expires or per any termination rights in the individual leases. The average lease expiration is January 2014.
Offers on the locations are due March 28. However, Lehigh will consider accepting offers prior to the deadline.