Petroleum Marketing Group (PMG) is selling 14 properties in New Jersey. The Woodbridge-based company tapped NRC Realty & Capital Advisors LLC to coordinate the sale of 10 PMG-owned retail locations with gasoline, two convenience stores leased to Circle K franchisees without fuel and two former service stations.
Of the 12 sites, two are dealer operated and the balance are operated by commission marketers with month-to-month leases. Eleven properties are located in Northern New Jersey. In addition, one each is located in Tom's River, N.J, Carney's Point, N.J., and Tuckerton, N.J.
According to NRC, most of the lot sizes are 10,000 square feet to three-quarter acres, and buildings range from kiosks to 3,900 square feet. The stores are branded Shell, BP, 76, Gulf and Exxon, and PMG is selling the stores with long-term supply agreements. All properties include the real estate.
"This is a great opportunity for small and single site operators," according to Evan Gladstone, NRC's executive managing director. "We expect robust bidding, especially for the stores in densely populated Northern New Jersey. We also have two convenience stores without gas, and two former service stations with service bays ideal for auto repair shops."
The properties are being sold through NRC's sealed bid sale process with bids due in March. PMG is a leading jobber and distributor of petroleum products, and an operator of convenience stores in the Mid-Atlantic region of the United States. The company services more than 1,000 locations, from Maine to Florida.
It is an authorised distributor for Marathon, Shell, Exxon, Mobil, BP, Sunoco, CITGO, Gulf, 76 and Crown brands, and supplies non-branded petroleum products as well. PMG delivers more than 1 billion gallons of petroleum on an annual basis.