Thirty-One Sites Hit Auction Block
NEW YORK -- Sheldon Good & Co. is leading an auction to sell a portfolio of 31 properties consisting of convenience stores with gas stations and development sites. The properties are located in New Jersey, Pennsylvania and Florida.
The sites, according to Sheldon Good, include profitable roadside businesses along highly trafficked routes and ready-to-build parcels of land. The assets can be purchased individually, in small groupings, or as a complete portfolio by submitting bids. The auction will conclude on Aug. 23.
The 31 properties are located in established retail corridors with major retailers and in secondary markets that are primed for development. Cities include Clearwater, Cape Coral and Ocala in Florida; Philadelphia, Phoenixville and Coatesville in Pennsylvania; and Lakewood, North Brunswick, Bayonne, Englewood, Jersey City, Paramus and others in New Jersey.
Nine of the available properties have long-term net-leases. A majority of the other commercial properties are vacant and all offer a range of redevelopment possibilities through flexible commercial zoning. The parcels range in size from 8,700 to 103,834 square feet and are ideal for a multi-tenant retail/office building, fast-food franchise or convenience store.
"This sale offers an excellent investment opportunity for the astute buyer seeking a diversified real estate portfolio of stable, name-recognized businesses that generate consistent revenue and commercial development sites that provide positive upside potential," said Mark Troen, COO of Sheldon Good. "The ability to purchase one, several, or all of these assets gives a buyer the flexibility to invest in assets that are ideally positioned throughout New Jersey, Florida and Pennsylvania."