315.10924 614brochure
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knight enterprises directs sealed bid sale MICHIGAN, OHIO & ILLINOIS 56 GAS STATIONS & COMMERCIAL PROPERTIES operating gas stations with c-stores closed gas stations vacant lots strip shopping center BID DEADLINE: DECEMBER 14, 2006 800.747.3342, ext. 614 www.nrc.com/614 2 | GENERAL INFORMATION GENERAL INFORMATION Knight Enterprises, Inc., (“Seller”) is offering to sell its interest in 56 properties comprised of operating and closed gasoline stations, a commercial shopping center, a closed restaurant site and commercial land parcels located in Illinois, Michigan and Ohio (the “Properties”) by sealed-bid on Thursday, December 14, 2006. NRC Realty Advisors, LLC (“NRC”) is coordinating the offering for the Seller. COMMERCIAL SITES Some commercial sites in this sale list minimum price information. Seller will sell each of these sites absolute at or over the minimum price listed, subject to the terms and conditions contained herein. PROPERTY INFORMATION NRC has prepared a due diligence package called a Property Specific Package (“PSP”), for the properties. The PSP contains site description information, gross merchandise sales, gas volumes and other available information, as applicable. TO ORDER PSP BOOKS Bidders can order PSPs on the www.nrc.com/614 Web site, by faxing a completed PSP order form (available for download on the Web site) to NRC at 312.278.6900 or by calling the NRC Customer Service Center at 800.747.3342, ext. 614. PSPs are available at a cost of $35 per hard copy and $25 per CD-ROM (including 2-day shipping) and may be purchased on the www.nrc.com/614 Web site or by Visa, MasterCard, American Express or Discover for faxed and telephone orders. BIDDING INSTRUCTIONS AND PURCHASE AGREEMENTS All offers are subject to the Terms and Conditions of Sale located on page 19 of this brochure, in the PSP and in the Purchase and Sale Agreement. NRC will provide bidding instructions and the Purchase and Sale Agreement (“PSA”), to be returned to NRC with the bid, to all prospects who have ordered PSPs. SITE INSPECTIONS Properties may be inspected during normal business hours. The store managers and employees have been instructed to refer any buyer questions directly to NRC. UNDER NO CIRCUMSTANCES MAY BIDDERS ASK QUESTIONS OF STORE MANAGERS OR STORE EMPLOYEES. BIDDERS VIOLATING THIS REQUIREMENT WILL BE DISQUALIFIED FROM BIDDING. 800.747.3342, ext. 614 SALES FORMAT Properties will be sold “as-is, where-is with all faults”. Buyers must submit with their bid a cashiers or certified check equal to 2.5% of the bid amount or $10,000, whichever is greater, made payable to NRC Realty Advisors, LLC. Within two (2) business days of written notification from NRC of Seller’s acceptance of the bid, Buyers must increase the Bid Deposit to 10% of the bid amount. NRC will return bid deposits from nonconforming or rejected bids by certified mail approximately ten (10) days after the Bid Deadline. BUYERS PREMIUM The buyer shall pay, in addition to the Purchase Price, an amount equal to 2% of the Purchase Price at closing. COOPERATING BROKERS A fee equal to 1% of the gross selling price of each property will be paid by NRC upon the closing of escrow of the sale of such property pursuant to the Purchase and Sale Agreement to any licensed broker or agent whose registered prospect consummates the sale. For purposes of calculating such fee, the gross selling price shall not include any amounts paid for inventory and/or supplies. Brokers must register their prospect(s) with NRC no less than three (3) days prior to the Bid Deadline by completing a Broker Registration Form obtained from NRC and returning the completed form to NRC at 312.278.6900, referencing Sale 614. No commissions will be paid for any prospect previously contacted by NRC. No commissions will be paid on any property to brokers participating in the purchase of the property, and an affidavit may be required stating that the broker is acting solely as broker and not as purchaser. NO OTHER FORM OR ORAL REGISTRATION IS PERMITTED. DISCLAIMER Although information has been obtained from sources deemed reliable, NRC Realty Advisors, LLC, the Seller and/or its representatives, brokers or agents make no guarantees as to the accuracy of the information obtained herein, and offer the Property without expressed or implied warranty of any kind. Property may be withdrawn at any time without notice. This sale is being conducted in conjunction with Larry Norris of Michigan Real Estate Services, a licensed Michigan real estate broker, and Tanya Woodford of Woodford Contemporary Real Estate, a licensed Ohio real estate broker. HOW-TO-BID SEMINAR® Thursday, November 16, 2006 | Dearborn, MI | Location to be announced The seminar begins promptly at 8:30am and is expected to conclude by 11am. Doors will be closed to late arrivals. www.nrc.com/614 OPERATING AND CLOSED GAS STATIONS Site Address 035 19333 Van Born Road 320 40200 Michigan Avenue 031 41350 Ford Road 341 34975 Harper Avenue 323 24045 W Warren Street 312 8438 N Telegraph Road 311 11694 Greenfield Road 318 15440 Schoolcraft Street 316 15464 Livernois Avenue 321 16951 Telegraph Road 616 6134 Van Dyke Street 565 6401 W 8 Mile Road 007 31233 Grand River Avenue 326 29370 W 12 Mile Road 313 29510 Orchard Lake Road 010 38030 W 10 Mile Road 078 3325 Owen Road 418 G 4005 Clio Road 369 G 5145 Miller Road 317 G 5277 Corunna Road 070 206 N James Street 080 9400 W Lake City Road 345 9469 W Lake City Road 072 3501 Page Avenue 303 29230 5 Mile Road 038 33375 8 Mile Road 006 25810 Schoolcraft Street 043 2689 W Federal Highway 027 28005 Gratiot Avenue 073 2811 S Washington Avenue 309 23640 W 8 Mile Road SITE LIST & gas stations MICHIGAN City, State Allen Park, MI Canton, MI Canton, MI Clinton Township, MI Dearborn Heights, MI Dearborn Heights, MI Detroit, MI Detroit, MI Detroit, MI Detroit, MI Detroit, MI Detroit, MI Farmington, MI Farmington Hills, MI Farmington Hills, MI Farmington Hills, MI Fenton, MI Flint, MI Flint, MI Flint, MI Grayling, MI Houghton Lake, MI Houghton Lake, MI Jackson, MI Livonia, MI Livonia, MI Redford, MI Roscommon, MI Roseville, MI Saginaw, MI Southfield, MI Page 03 03 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 OPERATING AND CLOSED GAS STATIONS (CONT.) Site Address 005 24722 Southfield Road 308 29009 Northwestern Highway 315 10924 Telegraph Road 365 24991 Groesbeck Highway 362 32900 Mound Road 442 317 N Washington Street 081 1303 N Main Street 507 6027 State Route 95 379 7225 E State Route 37 COMMERCIAL PROPERTIES Site Address 601* 1521 N Eaton Street 603* I-94 & N Eaton Street 602* 1503 N Eaton Street 604 301 Austin Avenue 612 352 Van Buren Street W 616 6134 Van Dyke Street 610 W 4 Mile Road & I-75 609 117 W Stockbridge Avenue 605 27410 Joy Road 618 35 Mary Street 608 1445 N Gettysburg Avenue 614 2108 E 3rd Street 611 3525 W 3rd Street 615 530 W Vine Street 606 323 N Verity Parkway 607 1201 Miami Street 613 1717 N State Street * Strip shopping center and adjacent properties | 3 City, State Southfield, MI Southfield, MI Taylor, MI Warren, MI Warren, MI Ypsilanti, MI Marion, OH Mount Gilead, OH Sunbury, OH Page 11 11 11 12 12 12 12 13 13 City, State Albion, MI Albion, MI Albion, MI Albion, MI Battle Creek, MI Detroit, MI Grayling, MI Kalamazoo, MI Livonia, MI Mount Clemens, MI Dayton, OH Dayton, OH Dayton, OH Lima, OH Middletown, OH Toledo, OH Westville, IL Page 14 14 14 15 15 15 15 16 16 16 16 17 17 17 17 18 18 Site 035 | Allen Park, MI Address: 19333 Van Born Road Cross Streets: Van Born & Pelham County: Wayne Status: Operating Type: Lease Lease Exp: 8/30/2016 Lease Options: One 10-Year Mo Rent: $2,000 Lot Size: 22,000 sf Building Size: 1,484 sf Mo Gallons Sold: 44,383 Mo Diesel Gallons: 6,064 Mo Store Sales: Not available Year Built: 1971 Zoning: G-1 Location Description: With two major freeways, I-94 and the Southfield, less than one-half mile away, this property enjoys steady traffic along busy Van Born Road. A generous mix of both residences and businesses are nearby. This site is being re-branded to Valero. Site 320 | Canton, MI Address: 40200 Michigan Avenue Cross Streets: Michigan & S Lotz (I-275) County: Wayne Status: Operating Type: Fee Lot Size: 5.84 ac Building Size: 4,000 sf Mo Gallons Sold: 114,666 Mo Diesel Gallons: 4,232 Mo Store Sales: Not available Year Built: 2004 Zoning: C-3 Tenant: Arby’s Tenant Mo Rent: $2,298.62 Tenant Lease Exp: 2/28/2021 Tenant Options to Renew: Four 5-Year Location Description: Located along a busy section of Michigan Avenue just blocks away from the I-275 exit, this property receives continuous traffic throughout the day. Dozens of stores, restaurants, hotels, and businesses line Michigan Avenue, in the immediate area. Land includes the adjacent Arby’s. 4 | gas stations MICHIGAN 800.747.3342, ext. 614 Site 031 | Canton, MI Address: 41350 Ford Road Cross Streets: Ford & N Haggerty (I-275) County: Wayne Status: Operating Type: Fee Lot Size: 39,250 sf Building Size: 1,800 sf Mo Gallons Sold: 84,425 Mo Diesel Gallons: 12,773 Mo Store Sales: $46,188 Mo Add’l Revenue: $9,110 (lottery) + $605 (ATM) Year Built: 1985 Zoning: C-4 Location Description: Less than two blocks west of I-275, this property is located on busy Ford Road, among dozens of restaurants, banks, hotels and professional offices. Its eight dispensers attest to the heavy traffic volume, and its 24/7 operations take full advantage of the area’s continuous commuting patterns. This site is being re-branded to Valero. Site 341 | Clinton Township, MI Address: 34975 Harper Avenue Cross Streets: Harper & 15 Mile County: Macomb Status: Operating Type: Fee Lot Size: 19,050 sf Building Size: 1,500 sf Mo Gallons Sold: 90,233 Mo Diesel Gallons: 8,497 Mo Store Sales: Not available Year Built: 1984 Zoning: C-1 Location Description: Strategically located just one block from the I-94 exit at the corner of Harper Avenue and 15 Mile Road, this is a high volume producer that presents generous cash flow opportunities. This site is being re-branded to Valero. Site 323 | Dearborn Heights, MI Address: 24045 W Warren Street Cross Streets: W Warren & N Telegraph County: Wayne Status: Operating Type: Fee Lot Size: 17,120 sf Building Size: 1,500 sf Mo Gallons Sold: 85,339 Mo Diesel Gallons: 2,768 Mo Store Sales: Not available Year Built: 1961 Zoning: C-1 Location Description: Located at the corner of W Warren Street and N Telegraph Road and less than onehalf mile away from Ann Arbor Trail, this property receives heavy traffic both day and night. It also borders Warrendale Park, the area’s major recreational destination. Site 312 | Dearborn Heights, MI Address: 8438 N Telegraph Road Cross Streets: N Telegraph & Constance County: Wayne Status: Operating Type: Fee Lot Size: 22,000 sf Building Size: 3,460 sf Mo Gallons Sold: 216,338 Mo Diesel Gallons: 1,139 Mo Store Sales: Not available Year Built: 1976 (remodeled 2005) Zoning: C-1 Location Description: Strategically located on N Telegraph Road between Joy Road and Ann Arbor Trail, approximately 70 businesses lie within one-quarter mile of this busy station. www.nrc.com/614 gas stations MICHIGAN | 5 Site 311 | Detroit, MI Address: 11694 Greenfield Road Cross Streets: Greenfield & Plymouth County: Wayne Status: Operating Type: Fee Lot Size: 10,560 sf Building Size: 2,288 sf Mo Gallons Sold: 82,826 Mo Diesel Gallons: 2,733 Mo Store Sales: Not available Year Built: 1997 (remodeled) Zoning: B-3 Location Description: Benefiting from traffic flow from two major streets and one freeway – Greenfield Road, Plymouth Road and I-96 – this property’s prime location enjoys steady 24/7 business. Dozens of stores, restaurants and businesses line Greenfield Road. This site is being re-branded to Valero. Site 318 | Detroit, MI Address: 15440 Schoolcraft Street Cross Streets: Schoolcraft & Greenfield County: Wayne Status: Operating Type: Fee Lot Size: 20,900 sf Building Size: 2,000 sf Mo Gallons Sold: 84,064 Mo Diesel Gallons: 1,015 Mo Store Sales: Not available Year Built: 1971 Zoning: B-4 Location Description: This property is located in a high-traffic area just east of Greenfield Road on Schoolcraft Street, and both I-96 and Grand River Avenue are less than one-half mile away. This 24/7 station is situated among dozens of restaurants, stores and businesses. This site is being re-branded to Valero. Site 316 | Detroit, MI Raze and Rebuild Site Address: 15464 Livernois Avenue Cross Streets: Livernois & John C Lodge Freeway County: Wayne Status: Operating Type: Fee Lot Size: 1.21 ac Building Size: 1,500 sf Mo Gallons Sold: 67,021 Mo Diesel Gallons: 680 Mo Store Sales: Not available Year Built: 1964 Zoning: B-4 Location Description: Located close to the Lodge on Livernois Avenue, the feeder street to the University of Detroit-Mercy, this 24/7 station receives both commercial and residential traffic. Over 150 businesses lie within one mile. Site to include three adjacent land parcels located directly east of the property. This site is being re-branded to Valero. Site 321 | Detroit, MI Address: 16951 Telegraph Road Cross Streets: Telegraph & 6 Mile County: Wayne Status: Operating Type: Fee Lot Size: 21,600 sf Building Size: 2,400 sf Mo Gallons Sold: 125,477 Mo Diesel Gallons: 12,115 Mo Store Sales: Not available Year Built: 1966 Zoning: B-4 Location Description: Benefiting from traffic flow from three major streets – 6 Mile Road, W Telegraph Road and Grand River Avenue – this property’s prime location draws steady business 24/7. This is an extraordinarily high-volume station, providing generous cash flow opportunities. This site is being re-branded to Valero. 6 | gas stations MICHIGAN 800.747.3342, ext. 614 Site 616 | Detroit, MI Address: 6134 Van Dyke Street Cross Streets: Van Dyke & I-94 County: Wayne Status: Vacant Commercial Lot Type: Fee Lot Size: 25,400 sf Zoning: R-2 Location Description: This site allows developers to take full advantage of the area’s heavy residential population. General Motors’ Cadillac Assembly Plant is less than one mile away. Site has been permitted to build a gas station. Site 565 | Detroit, MI Address: 6401 W 8 Mile Road Cross Streets: W 8 Mile & Livernois County: Wayne Status: Operating Type: Fee Lot Size: 12,000 sf Building Size: 1,200 sf Mo Gallons Sold: 42,698 Mo Diesel Gallons: 1,029 Mo Store Sales: Not available Year Built: Not available Zoning: C P Location Description: With its prominent W 8 Mile Road and Livernois Avenue location just a few blocks west of Woodward Avenue, this property rests within a densely populated, traffic-rich area. Dozens of stores and restaurants line 8 Mile Road, Livernois Avenue, and Woodward Avenue, ensuring steady volume throughout the day. This site is being re-branded to Valero. Site 007 | Farmington, MI Address: 31233 Grand River Avenue Cross Streets: Grand River & Orchard Lake County: Oakland Status: Operating Type: Lease Mo Rent: $3,000 Lot Size: 13,000 sf Building Size: 1,735 sf Mo Gallons Sold: 82,016 Mo Diesel Gallons: 15,319 Mo Store Sales: Not available Year Built: 1955 Zoning: B-2 Location Description: Benefiting from heavy traffic flow from three major streets – Orchard Lake Road, W 9 Mile Road and Grand River Avenue – this property’s prime location draws steady business throughout the day. Dozens of stores, restaurants and businesses line Grand River Avenue; the M-5 Freeway exit is less than one-half mile away. Site 326 | Farmington Hills, MI Address: 29370 W 12 Mile Road Cross Streets: W 12 Mile & Middlebelt County: Oakland Status: Operating Type: Fee Lot Size: 27,889 sf Building Size: 2,400 sf Mo Gallons Sold: 120,552 Mo Store Sales: Not available Mo Add’l Revenue: $265 (ATM) Year Built: 1966 Zoning: B-1 Location Description: Strategically located at the corner of W 12 Mile Road and Middlebelt Road in Farmington Hills, one of Metro Detroit’s most densely populated areas, this station produces extraordinary sales numbers. There’s a healthy residential-commercial mix throughout the area, ensuring steady and consistent traffic. This site has been re-branded to Valero. www.nrc.com/614 gas stations MICHIGAN | 7 Site 313 | Farmington Hills, MI Address: 29510 Orchard Lake Road Cross Streets: Orchard Lake & W 13 Mile County: Oakland Status: Operating Type: Fee Lot Size: 16,675 sf Building Size: 1,900 sf Mo Gallons Sold: 129,029 Mo Diesel Gallons: 2,180 Mo Store Sales: Not available Year Built: 1976 Zoning: B-3 Location Description: Roughly one-half mile north of I-696 and one-half mile south of Northwestern Highway at the corner of Orchard Lake Road and W 13 Mile Road, this property receives tremendous traffic volume. No fewer than 150 businesses lie within a 350-yard radius of the station, ensuring steady volume throughout the day. This site is being re-branded to Valero. Site 010 | Farmington Hills, MI Address: 38030 W 10 Mile Road Cross Streets: W 10 Mile & Grand River County: Oakland Status: Closed for Remodeling Type: Fee Lot Size: 28,314 sf Building Size: 1,189 sf Mo Gallons Sold: Not available Mo Store Sales: Not available Year Built: 1970 (remodeled 2006) Zoning: B -3 Location Description: Strategically located at the corner of 10 Mile Road and Grand River Avenue, with three freeways – I-96, I-275 and M-5 – all less than one-half mile away, this property enjoys heavy traffic both day and night. Approximately 100 businesses lie within one-quarter mile of the station. This site is being re-branded to Valero. Site 078 | Fenton, MI Address: 3325 Owen Road Cross Streets: Owen & US 23 County: Genesee Status: Operating Type: Fee Lot Size: 1.31 ac Building Size: 6,240 sf Mo Gallons Sold: 115,450 Mo Diesel Gallons: 20,898 Mo Store Sales: $38,669 Mo Add’l Revenue: $10,412 (lottery) + $315 (ATM) Year Built: 1981 Zoning: C-1 Location Description: Just one block west of US 23 on Owen Road in Fenton, this property rests within a densely populated, traffic-rich area. This is an extraordinarily busy 24/7 station with healthy sales, providing great cash flow opportunities. This site is being re-branded to Valero. Site 418 | Flint, MI Address: G 4005 Clio Road Cross Streets: Clio & W Pierson County: Genesee Status: Operating Type: Lease Lease Exp: 12/13/2014 Lease Options: None Mo Rent: $3,700 Lot Size: 38,184 sf Building Size: 2,812 sf Mo Gallons Sold: 54,188 Mo Stores Sales: Not available Year Built: 1992 (remodeled) Zoning: C-2 Location Description: Located one mile west of I-75 at the corner of Clio Road and W Pierson Road, this property lies in a busy residential-commercial mixed area. Over 100 business lie within one mile of the station, and the GM-Service Parts Operation Plant is nearby. 8 | gas stations MICHIGAN 800.747.3342, ext. 614 Site 369 | Flint, MI Address: G 5145 Miller Road Cross Streets: Miller & American Veterans Highway County: Genesee Status: Closed Type: Fee Lot Size: 1.1 ac Building Size: 1,500 sf Year Built: 1976 Zoning: C -1 Location Description: This property is located in a high-traffic area just north of I-69 at the corner of Miller Road and American Veterans Highway. Though a closed station, it offers tremendous development opportunities. The Genesee Valley Shopping Center is a few blocks away, as is the GM-Service Parts Operation Plant and Genesee Valley Meadows Golf Club. If reopened as a gas station, site will be re-branded as Sunoco. Site 317 | Flint, MI Address: G 5277 Corunna Road Cross Streets: Corunna (US 21) & S Dye County: Genesee Status: Operating Type: Fee Lot Size: 32,000 sf Building Size: 1,200 sf Mo Gallons Sold: 48,262 Mo Store Sales: Not available Year Built: 1971 Zoning: C -1 Location Description: Roughly one mile west of I-75 on Corunna Road, this property sits in a heavily trafficked area on Flint’s west side. The Genesee Valley Shopping Center is due south along Linden Road, and the GM-Service Parts Operation Plant is nearby. This site is being re-branded to Valero. Site 070 | Grayling, MI Address: 206 N James Street Cross Streets: N James & Ionia County: Crawford Status: Operating Type: Fee Lot Size: 17,400 sf Building Size: 1,500 sf Mo Gallons Sold: 36,138 (2006) Mo Store Sales: $5,095 Mo Add’l Revenue: $1,461 (lottery) Year Built: 1986 Zoning: C-1 Location Description: Located along the I-75 Business Loop in Grayling, this property enjoys traffic throughout the day. I-75 is less than one mile away, and several dozen stores, restaurants and businesses lie within a few blocks. Site 080 | Houghton Lake, MI Address: 9400 W Lake City Road Cross Streets: W Lake City (US 55) & US 127 County: Roscommon Status: Operating Type: Fee Lot Size: 28,000 sf Building Size: 1,500 sf Mo Gallons Sold: 24,720 (2006) Mo Diesel Gallons: 5,662 (2006) Mo Store Sales: $7,862 Mo Add’l Revenue: $2,607 (lottery) + $61 (ATM) Year Built: 1976 Zoning: C-1 Location Description: Less than three blocks east of US 127, this property is located on busy W Lake City Road among dozens of restaurants, hotels and professional offices. It is also situated less than one mile away from Houghton Lake. Beer and wine license available for transfer to buyer. www.nrc.com/614 gas stations MICHIGAN | 9 Site 345 | Houghton Lake, MI Address: 9469 W Lake City Road Cross Streets: W Lake City (US 55) & Cloverleaf County: Roscommon Status: Operating Type: Fee Lot Size: 31,850 sf Building Size: 1,500 sf Mo Gallons Sold: 78,694 Mo Store Sales: Not available Year Built: 1966 Zoning: C-1 Location Description: Less than three blocks east of US 127, this property is located on busy W Lake City Road among dozens of restaurants, hotels, and professional offices. It is also situated less than one mile away from Houghton Lake, a popular vacation spot. Site 072 | Jackson, MI Address: 3501 Page Avenue Cross Streets: Page & Fairfax County: Jackson Status: Operating Type: Fee Lot Size: 24,840 sf Building Size: 2,400 sf Mo Gallons Sold: 33,275 (2006) Mo Diesel Gallons: 7,110 (2006) Mo Store Sales: $12,346 Mo Add’l Revenue: $7,583 (lottery) Year Built: 1985 Zoning: C-1 Location Description: Located along Page Avenue, a main artery that leads to downtown Jackson, this property receives steady business throughout the day. Dozens of stores, restaurants and businesses line Page Avenue; the US 127 exit is a few blocks west. This site is being re-branded to Valero. Site 303 | Livonia, MI Address: 29230 5 Mile Road Cross Streets: 5 Mile & Middlebelt County: Wayne Status: Operating Type: Fee Lot Size: 12,000 sf Building Size: 1,500 sf Mo Gallons Sold: 78,055 Mo Diesel Gallons: 5,727 Mo Store Sales: Not available Year Built: 1971 Zoning: B-2 Location Description: Just one mile north of I-96 on the corner of 5 Mile Road and Middlebelt Road, this Livonia property sits in a busy mixed residential–commercial area. Daily traffic is enhanced by a rich concentration of medical and dental offices; over 70 practices are located within one mile of the site. This site is being re-branded to Valero. Site 038 | Livonia, MI Address: 33375 8 Mile Road Cross Streets: 8 Mile & Farmington County: Wayne Status: Operating Type: Fee Lot Size: 28,000 sf Building Size: 1,800 sf Mo Gallons Sold: 54,706 Mo Diesel Gallons: 12,239 Mo Store Sales: $25,562 Mo Add’l Revenue: $15,824 (lottery) + $193 (ATM) Year Built: 1987 Zoning: C-2 Location Description: Just one mile south of the M-5 Freeway on the corner of 8 Mile Road and Farmington Road, this property is located in a mixed residential–commercial area in Livonia. 10 | gas stations MICHIGAN 800.747.3342, ext. 614 Site 006 | Redford, MI Raze and Rebuild Site Address: 25810 Schoolcraft Street Cross Streets: Schoolcraft & Beech Daly (I-96) County: Wayne Status: Operating Type: Fee Lot Size: 17,498 sf Building Size: 1,500 sf Mo Gallons Sold: 55,404 Mo Store Sales: $34,402 Mo Add’l Revenue: $10,557 (lottery) + $324 (ATM) Year Built: 1952 Zoning: C-1 Location Description: At the intersection of Schoolcraft Road and Beech Daly Road in a heavily populated area, this property enjoys continuous 24/7 traffic. The Jeffries (I-96) is less than three blocks away, and dozens of stores, restaurants and businesses lie within one-half mile. This site is being re-branded to Valero. Site 043 | Roscommon, MI Address: 2689 W Federal Highway Cross Streets: W Federal & Ivy (I-75) County: Roscommon Status: Operating Type: Fee Lot Size: 1.88 ac Building Size: 1,800 sf Mo Gallons Sold: 53,136 Mo Diesel Gallons: 10,003 Mo Store Sales: $35,424 Mo Add’l Revenue: $6,201 (lottery) + $273 (ATM) Year Built: 1991 Zoning: C-1 Location Description: This property is strategically located just east of Ivy Road on W Federal Highway, the main road connecting US 127 and I-75 as you head for Higgins Lake, the area’s most popular recreation spot. This site is being re-branded to Valero. Beer and wine license available for transfer to buyer. Site 027 | Roseville, MI Address: 28005 Gratiot Avenue Cross Streets: Gratiot & Martin County: Macomb Status: Operating Type: Lease Lease Exp: 7/31/2008 Lease Options: One 5-Year Mo Rent: $5,500 Lot Size: 7,500 sf Building Size: 1,040 sf Mo Gallons Sold: 66,633 Mo Diesel Gallons: 1,813 Mo Store Sales: $38,616 Mo Add’l Revenue: $8,586 (lottery) + $280 (ATM) Year Built: 1995 Zoning: C-1 Location Description: Roughly one-half mile north of I-696 and one-half mile west of I-94 on Gratiot Avenue, this property is situated within a densely populated, traffic-rich area. Dozens of stores and restaurants line Gratiot Avenue, ensuring steady volume throughout the day. This site is being re-branded to Valero. Site 073 | Saginaw, MI Address: 2811 S Washington Avenue Cross Streets: Washington & Wisner County: Saginaw Status: Operating Type: Fee Lot Size: 22,000 sf Building Size: 970 sf Mo Gallons Sold: 30,116 (2006) Mo Diesel Gallons: 373 (2006) Mo Store Sales: $7,087 Mo Add’l Revenue: $795 (lottery) Year Built: 1981 Zoning: C-1 Location Description: Strategically located at the corner of S Washington Avenue and Wisner Street, with two main Saginaw feeders – Gallagher Street and Hess Avenue – just a block away, this property receives steady traffic both day and night. Approximately 150 businesses lie within onequarter mile of the station. www.nrc.com/614 gas stations MICHIGAN | 11 Site 309 | Southfield, MI Address: 23640 W 8 Mile Road Cross Streets: W 8 Mile & Sherman County: Oakland Status: Operating Type: Fee Lot Size: 19,500 sf Building Size: 1,945 sf Mo Gallons Sold: 87,186 Mo Diesel Gallons: 6,663 Mo Store Sales: Not available Year Built: 1981 Zoning: B-3 Location Description: Located a few blocks east of Telegraph Road on W 8 Mile Road, this property enjoys continuous 24/7 traffic. Dozens of stores, restaurants and businesses lie within one-quarter mile of the station. This site is being re-branded to Valero. Site 005 | Southfield, MI Forecourt Raze and Rebuild and Interior Remodel Site Address: 24722 Southfield Road Cross Streets: Southfield & George Washington County: Oakland Status: Operating Type: Fee Lot Size: 13,000 sf Building Size: 2,800 sf Mo Gallons Sold: 37,371 (2006) Mo Diesel Gallons: 1,575 (2006) Mo Store Sales: $10,879 Mo Add’l Revenue: $304 (lottery) Year Built: 1961 (remodeled 1982) Zoning: B-3 Location Description: This property is located in a high-traffic area just south of W 10 Mile Road on Southfield Road. Both the Lodge and Southfield Freeways are less than one mile away. The station is directly across the street from an ABC Warehouse and other popular stores. This site is being re-branded to Valero. Site 308 | Southfield, MI Address: 29009 Northwestern Highway Cross Streets: Northwestern & W 12 Mile County: Oakland Status: Operating Type: Fee Lot Size: 16,100 sf Building Size: 1,208 sf Mo Gallons Sold: 125,109 (2006) Mo Diesel Gallons: 1,162 (2006) Mo Store Sales: Not available Year Built: 1996 Zoning: B-3 Location Description: This property is situated along Northwestern Highway, one of the highest density commercial strips in Metro Detroit. This is an extraordinarily busy 24/7 station with healthy sales, providing great cash flow opportunities. Site 315 | Taylor, MI Address: 10924 Telegraph Road Cross Streets: Telegraph & Goddard County: Wayne Status: Operating Type: Fee Lot Size: 35,000 sf Building Size: 1,260 sf Mo Gallons Sold: 66,759 Mo Diesel Gallons: 3,971 Mo Store Sales: Not available Year Built: 1964 Zoning: B-2 Location Description: Located just a few blocks south of Oakwood Heritage Hospital at the corner of Telegraph Road and Goddard Road in Taylor. Its location enjoys strong and steady traffic throughout the day. This site is being re-branded to Valero. 12 | gas stations MICHIGAN & OHIO 800.747.3342, ext. 614 Site 365 | Warren, MI Address: 24991 Groesbeck Highway Cross Streets: Groesbeck & E 10 Mile County: Macomb Status: Operating Type: Fee Lot Size: 1.73 ac Building Size: 2,400 sf Mo Gallons Sold: 144,732 Mo Diesel Gallons: 18,484 Mo Store Sales: Not available Year Built: 1966 Zoning: C-1 Location Description: Located at the corner of Groesbeck Highway and E 10 Mile Road in Warren, this property sits in a busy mixed residential–commercial area. Sales at this station are extraordinarily high, providing excellent cash flow opportunities. This site is being re-branded to Valero. Site 362 | Warren, MI Address: 32900 Mound Road Cross Streets: Mound & E 14 Mile County: Macomb Status: Operating Type: Fee Lot Size: 1.02 ac Building Size: 1,800 sf Mo Gallons Sold: 159,640 (2006) Mo Diesel Gallons: 690 (2006) Mo Store Sales: Not available Year Built: 2005 Zoning: C-1 / C-3 Location Description: Positioned at a busy intersection at Mound Road and E 14 Mile Road, this property enjoys steady sales throughout the day. Over 100 businesses lie within one-half mile, including a car dealership directly across the street. This site is being re-branded to Valero. Site 442 | Ypsilanti, MI Address: 317 N Washington Street Cross Streets: N Washington & W Cross County: Washtenaw Status: Closed Type: Fee Lot Size: 9,100 sf Building Size: 970 sf Year Built: 1966 Zoning: RC Location Description: Just one block west of N Huron Street and three blocks north of W Michigan Avenue in Ypsilanti, this site offers tremendous development opportunities. Over 150 businesses lie within onequarter mile, most catering to this heavily populated residential community. Site 081 | Marion, OH Address: 1303 N Main Street Cross Streets: N Main (US 423 and US 4) & Marion-Williamsport E County: Marion Status: Operating Type: Fee Lot Size: 24,000 sf Building Size: 408 sf Mo Gallons Sold: 57,567 Mo Diesel Gallons: 30,179 Mo Store Sales: $22,010 Mo Add’l Revenue: $1,981 (lottery) + $190 (ATM) Year Built: 1971 Zoning: C-1 Location Description: Located at the corner of N Main Street and Marion-Williamsport Road E, just one mile from the heart of downtown Marion, this property draws steady commuter and residential traffic throughout the day. This site is being re-branded to Valero. www.nrc.com/614 gas stations OHIO | 13 Site 507 | Mount Gilead, OH Address: 6027 State Route 95 Cross Streets: State Route 95 & I-71 County: Morrow Status: Operating Type: Fee/Lease Lease Exp: 10/07/2010 Lease Options: Twelve 5-Year Mo Rent: $475 per mo + $0.01 per gallon sold Lot Size: 22.6 ac Building Size: 567 sf Mo Gallons Sold: 47,452 Mo Store Sales: Not available Year Built: 1992 (remodeled) Zoning: C Location Description: This property is located on State Route 95, one-quarter mile from the I-71 exit, the north-south interstate connecting Cleveland and Columbus. Site 379 | Sunbury, OH Address: 7225 E State Route 37 Cross Streets: E State Route (OH-) 37 & US 36 (I-71) County: Delaware Status: Closed Type: Fee Lot Size: 2.2 ac Building Size: 1,500 sf Year Built: 1976 Zoning: PCD Location Description: Great commercial opportunity at this location near the intersection of US 36 and Cherry Street (OH-37). With easy access to I-71, the site is primed to take advantage of a steady flow of commercial and residential traffic from downtown Sunbury. strip shopping center & commercial properties MICHIGAN ”N 800.747.3342, ext. 614 Bemer Street N Eaton Street 94 28 1/2 Mile Road 14 | NOT TO SCALE Site 601 | Albion, MI Address: 1521 N Eaton Street Cross Streets: N Eaton & I-94 County: Calhoun Status: Closed Casual Dining Restaurant Type: Fee Lot Size: 1.81 ac Building Size: 5,000 sf Zoning: B-3 Year Built: 1985 Location Description: Just a few blocks south of I-94 on N Eaton Street, a main connector to downtown Albion, this commercial site – one of three adjacent sites (see site numbers 602 and 603) – offers tremendous development opportunities. Eaton Street is blanketed by a dense concentration of stores, restaurants and businesses, ensuring a generous system of commercial support. Site 603 | Albion, MI Address: N Eaton Street & I-94 Cross Streets: I-94 & N Eaton County: Calhoun Status: Vacant Commercial Lot Type: Fee Lot Size: 27.71 ac Zoning: B-3 Location Description: One of three adjacent commercial sites available near Albion’s I-94/Eaton Street junction, this property is primed for your development ideas. Take advantage of the steady commuter traffic flow from I-94, southern Michigan’s main east-west interstate connecting Detroit and Chicago. Site 602 | Albion, MI Address: 1503 N Eaton Street Cross Streets: I-94 & N Eaton County: Calhoun Status: Strip Shopping Center Type: Fee Lot Size: 13+ ac Building Size: 71,000 sf Zoning: B-3 Parking Lot Size: 55,000 sf Year Built: 1956 Location Description: Adjacent to Site 601, this site is well positioned for a high-impact development project. The parking lot has 200 spaces. Over 150 businesses lie within one mile, a strong economic base that attests to the area’s popularity. Tenant 1: Cash Advance Mo Rent: $1,875/month Options to Renew: Two 3-Year Options Lease Exp: 8/10/2007 Tenant 2: Family Dollar Mo Rent: $750 + 3% of gross sales over $25k Options to Renew: Two 5-Year Options Lease Exp: 12/31/2008 Tenant 3: Auto Zone Mo Rent: $3,166.66 Options to Renew: Two 5-Year Options Lease Exp: 9/30/2007 Tenant 4: Colortyme/Rent To Own Mo Rent: $1,825 Options to Renew: Currently in last renewal term Lease Exp: 10/31/2008 www.nrc.com/614 commercial properties MICHIGAN | 15 Site 604 | Albion, MI Minimum Price: $25,000 Address: 301 Austin Avenue Cross Streets: Austin & N Eaton County: Calhoun Status: Vacant Commercial Lot Type: Fee Lot Size: 9,450 sf Zoning: B-1 Location Description: This commercial site is located at the corner of Austin Avenue and N Eaton Street, less than one-half mile from the I-94 exit. Downtown Albion is just a few blocks away, ensuring high visibility for the steady stream of passing motorists. Site 612 | Battle Creek, MI Minimum Price: $20,000 Address: 352 Van Buren Street W Cross Streets: Van Buren W & N Cass County: Calhoun Status: Vacant Commercial Lot Type: Fee Lot Size: 8,580 sf Zoning: C-3 Location Description: This property is located in a high-traffic area along Van Buren Street W, one-half block north and parallel to W Michigan Avenue, a major feeder street to downtown Battle Creek. The densely populated commercial-residential mix provides steady traffic throughout the day. Site 616 | Detroit, MI Address: 6134 Van Dyke Street Cross Streets: Van Dyke & I-94 County: Wayne Status: Vacant Commercial Lot Type: Fee Lot Size: 25,400 sf Zoning: R-2 Location Description: This site allows developers to take full advantage of the area’s heavy residential population. General Motors’ Cadillac Assembly Plant is less than one mile away. Nelson A Miles Parkway ”N 251 W 4 Mile Road SO ld U S-2 7 75 251 NOT TO SCALE Site 610 | Grayling, MI Address: W 4 Mile Road & I-75 Cross Streets: W 4 Mile & I-75 County: Crawford Status: Vacant Commercial Lot Type: Fee Lot Size: 220 ac Zoning: C Location Description: Development opportunities abound at this 220-acre northern Michigan site located just east of I-75, the state’s main north-south freeway, in Grayling. The area provides year-round recreational activities, attracting both winter and summer travelers. 16 | commercial properties MICHIGAN & OHIO 800.747.3342, ext. 614 Site 609 | Kalamazoo, MI Minimum Price: $20,000 Address: 117 W Stockbridge Avenue Cross Streets: W Stockbridge & S Burdick County: Kalamazoo Status: Vacant Commercial Lot Type: Fee Lot Size: 13,200 sf Zoning: C Location Description: Located less than two blocks east of S Park Street, a main north-south Kalamazoo thoroughfare, this lot provides tremendous development opportunities. Situated at the corner of W Stockbridge Avenue and S Burdick Street, your project will enjoy a steady flow of both commuter and commercial traffic. Site 605 | Livonia, MI Minimum Price: $550,000 Address: 27410 Joy Road Cross Streets: Joy & Inkster County: Wayne Status: Vacant Commercial Lot Type: Fee Lot Size: 1.09 ac Zoning: B-2 Location Description: At the intersection of Joy Road and Inkster Road, this property enjoys continuous traffic, owing to its prime location just south of the Jeffries (I-96) corridor. Over 100 stores, restaurants and businesses lie within one-half mile. Site 618 | Mount Clemens, MI Address: 35 Mary Street Cross Streets: Mary & Cass County: Macomb Status: Vacant Commercial Lot Type: Fee Lot Size: 1.93 ac Zoning: C-1 Location Description: Located less than one block from Cass Avenue, one of Mount Clemens’ busiest streets, this site offers tremendous development opportunities. There’s a dense concentration of businesses – over 100 within a few blocks – providing a steady stream of traffic. Groesbeck Highway is just a few blocks west, providing easy north-south access throughout the area. Site includes 14 storage tanks which hold more than half a million gallons. Site 608 | Dayton, OH Minimum Price: $45,000 Address: 1445 N Gettysburg Avenue Cross Streets: N Gettysburg & Gardendale County: Montgomery Status: Vacant Commercial Lot Type: Fee Lot Size: 42,500 sf Zoning: I-1 Location Description: Just a few blocks south of N James H McGee Boulevard, a main artery leading to downtown Dayton, this property rests within a densely populated, traffic-rich area. Dozens of stores and restaurants line Gardendale Avenue and N Gettysburg Avenue, ensuring steady traffic throughout the day. www.nrc.com/614 commercial properties OHIO | 17 Site 614 | Dayton, OH Minimum Price: $25,000 Address: 2110 E 3rd Street Cross Streets: E 3rd & Bell County: Montgomery Status: Vacant Commercial Lot Type: Fee Lot Size: 13,200 sf Zoning: MNC Location Description: With the heart of downtown Dayton just blocks away, this site’s prime location enjoys steady traffic flow throughout the day. Dozens of stores, restaurants and businesses lie in the immediate area; there is easy access to both I-75 and US 35. Site 611 | Dayton, OH Minimum Price: $20,000 Address: 3525 W 3rd Street Cross Streets: W 3rd & N Halloway County: Montgomery Status: Vacant Commercial Lot Type: Fee Lot Size: 15,600 sf Zoning: T Location Description: With a prominent site along W 3rd Street (a continuation of US 35), the main eastwest street feeding downtown Dayton, this property sits in a busy mixed residential–commercial area. Daily traffic is enhanced by a rich concentration of businesses; over 100 are located within one-half mile. Site 615 | Lima, OH Minimum Price: $30,000 Address: 530 W Vine Street Cross Streets: W Vine & S Metcalf County: Allen Status: Vacant Commercial Lot Type: Fee Lot Size: 11,500 sf Zoning: B-1 Location Description: Located on the corner of W Vine Street and S Metcalf Street in Lima, this site presents generous development opportunities. There’s a healthy concentration of residential and commercial traffic in this town of 40,000+. Over 150 businesses lie within three-quarters of a mile. Site 606 | Middletown, OH Address: 323 N Verity Parkway Cross Streets: N Verity & Reinartz (OH-122) County: Butler Status: Closed Type: Fee Lot Size: 11,200 sf Building Size: 650 sf Year Built: 1958 Zoning: C Location Description: This metro Cincinnati site, at the corner of N Verity Parkway and Reinartz Boulevard, is nestled in a robust working class neighborhood. The strong community atmosphere will provide a loyal following for an invested station owner. 18 | commercial properties OHIO & ILLINOIS 800.747.3342, ext. 614 Site 607 | Toledo, OH Minimum Price: $45,000 Address: 1201 Miami Street Cross Streets: Miami & Fassett County: Lucas Status: Vacant Commercial Lot Type: Fee Lot Size: 12,500 sf Zoning: B-1 Location Description: With easy access to downtown Toledo and situated among dozens of businesses, this site offers tremendous development opportunities. Located less than one mile from the I-75–Miami Street exit and bordering the Maumee River, the infrastructure is in place for a successful commercial project. Site 613 | Westville, IL Address: 1717 N State Street Cross Streets: N State (US 150) & W Oak County: Vermilion Status: Operating Type: Fee Tenant Lease Exp: 4/30/2015 Tenant Lease Options: Two 10-Year Lot Size: 39,250 sf Zoning: B-1 Yearly Rental Income: $75,865 Location Description: Situated along US 150 just a few miles south of I-74, this commercial site enjoys a steady yearly income from the tenant. The lease is a triple net lease. Kickapoo State Park is nearby, as is Danville, a robust and historic Illinois community. www.nrc.com/614 NRC Realty Advisors, LLC (“NRC”) has been retained by Knight Enterprises, Inc., a Michigan corporation, (“Seller”) to coordinate the sale of 56 properties comprised of operating and closed gasoline stations, a commercial shopping center, a closed restaurant site and commercial land parcels located in Illinois, Michigan and Ohio (the “Properties”) by sealed-bid on Thursday, December 14, 2006. OFFERING The offering consists of the following: Operating Gasoline Stations Thirty-four of the Properties are currently operating and are being offered as branded gasoline stations with convenience stores. All will be sold with 15-year fuel supply agreements. Twenty-nine of these stations are offered as fee sites and five stations are lease sites. Some stations may change brands prior to closing. Closed Gasoline Stations Five of the Properties are currently closed and are being offered as branded gasoline stations with convenience stores. Each of these sites are offered as fee sites and all will be sold with 15-year fuel supply agreements. Commercial Properties Seventeen of the Properties are offered for commercial development or redevelopment. All of these commercial sites are offered as fee sites. Commercial Shopping Center One Property is offered as a commercial shopping center. DEED RESTRICTION All sites in this sale are being sold with 15-year deed restrictions requiring any party operating a gas station on that site to enter into a fuel supply agreement with Seller for that term. Please refer to the Property Specific Package (“PSP”) and brochure for site-specific information. FUEL SUPPLY AGREEMENT Buyers purchasing gasoline station sites shall be required to enter into a 15 year fuel supply agreement as a condition of the sale. The supplying entity will be determined on a site by site basis. PERSONAL PROPERTY BEING SOLD In addition to the real estate for the fee properties and the leases for the leasehold sites, Seller is offering for sale the Equipment and Inventory located at each site. Please see the PSP for each site for the Equipment List. TERMS AND CONDITIONS OF SALE The sale of the Properties is subject to the terms and conditions outlined herein (the “Terms and Conditions of Sale”), in the PSP for each Property and the Purchase and Sale Agreement (the “PSA”) for each Property. In the event of a conflict between the Terms and Conditions of Sale and any applicable PSA, the provisions of the PSA shall control. BID DEADLINE NRC must receive all bids by Thursday, December 14, 2006, 12:00 noon Central Standard Time (the “Bid Deadline”). All bids must be sent to: NRC Realty Advisors, LLC 363 W Erie Street, Suite 300E Chicago, IL 60610 ATTN: SEALED BID SALE 614 BID PACKAGE AND BID DEPOSIT A Bid Package will be included in each PSP. The Bid Package contains the PSA to be executed, the sealed-bid envelope for return of the bid and specific instructions on how to complete and return bids to NRC. Bids must be conforming to be accepted. A bid must contain the following information to be conforming: (a) a certified or cashiers check in the amount of 2.5% or $10,000, whichever is greater, of the bid price made payable to NRC Realty Advisors, LLC, and (b) a fully executed and initialed PSA with Exhibit A (Legal Description) and all other exhibits attached. CONFIDENTIALITY All information contained in the PSP and Bid Package is confidential and must be kept confidential by each person and entity receiving such information (each, a “Recipient”). Any person or entity that orders a PSP or otherwise receives a Bid Package specifically agrees to this confidentiality. A Recipient, however, may disclose information obtained from the PSP and Bid Package, on a “need-to-know” basis, to the following persons (a “Permitted Disclosure”) and entities, provided that those persons and entities agree to keep that information TERMS AND CONDITIONS confidential: (a) the employees, officers and directors of the Recipient or the Recipient’s affiliates, (b) third parties who are performing investigations and analyzing information to advise a Recipient regarding its bids, and (c) third parties providing a Recipient with financing for the purchase of a Property. These confidentiality provisions will terminate as to a Recipient only if and when it consummates its purchase of the Property. BEST AND FINAL BIDS Seller reserves the right to solicit a best and final offer (“BAFO”) for any Property, whereby bidders will be given an opportunity to raise their bids. NRC shall notify bidders of Seller’s intent to solicit a BAFO by telephone and facsimile. BAFOs shall be incorporated by written amendment into the PSA. Bidders may not lower BAFO bids below their original bid amounts. If no BAFO is received, the original bid amounts shall remain in effect. PROPERTIES TO BE SOLD WITH EXISTING LEASES If applicable, the Properties will be sold with existing leases in place and the buyer will be assigned Seller’s interest under the lease in the Property. The assignment of the Seller’s leasehold interest may be subject to lessor’s approval. The acceptance of any bid shall be expressly subject to Seller being relieved of all continuing obligations under the related ground lease and operating agreement upon assignment by Seller to a buyer of its entire interest thereunder. PROHIBITION ON WITHDRAWING BIDS Sealed bids will be considered purchase offers in effect as of the Bid Deadline and will remain in effect for 15 business days thereafter, unless amended prior thereto by a BAFO. BAFOs shall be considered purchase offers in effect as of the date the BAFO is received by NRC and for 15 business days thereafter. Purchase offers may not be revoked or withdrawn by the bidder during such time periods. INSPECTIONS Properties that are currently operating may be inspected during normal business hours from 8:30am to 5:00pm local time, Monday through Saturday. The store managers and employees have been instructed to refer any buyer questions directly to NRC. UNDER NO CIRCUMSTANCES MAY BUYERS ASK QUESTIONS OF STORE MANAGERS OR STORE EMPLOYEES. BUYERS VIOLATING THIS REQUIREMENT MAY BE DISQUALIFIED FROM BIDDING. BIDDER’S PERFORMANCE OF DUE DILIGENCE Bidders must perform their own independent due diligence before bidding. DUE DILIGENCE INFORMATION Physical, environmental and certain financial information about each Property is contained in the PSP. A separate PSP is available for each Property from NRC at a cost of $35 per hard copy and $25 per CD-ROM, which includes second-day air delivery. PSPs may be purchased online at the www.nrc.com/614 Web site, by faxing a completed PSP order form (available for download on the Web site) to NRC at 312.278.6900 or by calling the NRC Customer Service Center at 800.747.3342 ext. 614. BIDDER’S FINANCIAL QUALIFICATION Seller reserves the right to review additional financial information concerning the buyer and information confirming the buyer’s ability to close the sale. BID FORMAT Bids must be made on the PSA forms provided in the PSP. No other method of bidding is acceptable. Purchase of gasoline and merchandise inventory, if applicable, at closing is in addition to the purchase price. Please refer to the PSP for a list of equipment that is being offered for sale by Seller. BID DEPOSIT An initial bid deposit of 2.5% of the bid price or $10,000, whichever is greater, (the “Bid Deposit”) must be included with each bid. Bid Deposits must be in the form of a certified or cashiers check made payable to NRC Realty Advisors, LLC. Bids received without a Bid Deposit are non-conforming and will not be considered. Successful bidders will be required to increase their bid deposit to 10% of the purchase price by certified or cashiers check within two business days of written notification from NRC of Seller’s acceptance of their bid. NON-CONFORMING OR REJECTED BIDS Seller reserves the right to reject any bid that it considers nonconforming. No alteration, modification or amendment to the PSA is permitted. Any change may cause Seller to consider a bid non-conforming and reject the bid. NRC will return bid deposits from nonconforming or rejected bids by certified mail approximately ten days after the Bid Deadline. BUYERS PREMIUM Buyer shall pay, in addition to the purchase price, an amount equal to 2% of the purchase price of the Property at closing. EVALUATION AND AWARD OF BIDS Seller will review all bids received by the Bid Deadline. After consideration of bids, Seller, in its sole and absolute discretion, will select the successful bidders. Seller reserves the right to review additional financial information concerning the buyer, and information confirming the buyer’s ability to close the sale. In Seller’s sole and absolute discretion, acceptance of any bid shall be expressly subject to Seller being relieved of all continuing obligations under the related ground lease and operating agreement upon assignment by Seller to a Buyer of its entire interest thereunder. Seller shall use good faith efforts to accept or reject bids within seven business days after the Bid Deadline. All sales will be final, upon Seller’s acceptance of the bid. EFFECTIVE DATE OF AWARD OF BID The effective date of the award of the bid will be the date that Seller executes the PSA. Because time is of essence, NRC will notify successful bidders of the award via facsimile. The fullyexecuted PSA will be sent subsequently by mail. ADDITIONAL EARNEST MONEY REQUIREMENTS AND ESCROW DEPOSIT Within two business days after NRC’s notification of Seller’s acceptance of the bid, the successful bidder must deposit additional funds (the “Additional Escrow Deposit”) that, when added to the initial bid deposit, shall equal 10% of the successful bid price. The Additional Escrow Deposit must be payable to NRC Realty Advisors, LLC and paid by certified or cashiers check or wire transfer of immediately available funds. The Bid Deposit and Additional Escrow Deposit shall be collectively referred to herein as the “Earnest Money”. All Earnest Money delivered to NRC shall be held by NRC in a separate, non-interest bearing trust account for the benefit of the parties to the transaction. NRC reserves the right to allocate any excess Bid Deposits toward the Additional Escrow Deposit requirement. SELLER’S RESERVATION OF RIGHTS Seller reserves the right, in its sole discretion, to decline any bid, postpone, extend, or cancel the Bid Deadline, and withdraw any Property from the sealed-bid sale at any time without notice. Seller further reserves the right, in its sole discretion, without notifying any other bidder, giving any other bidder similar opportunity, or re-offering the subject Property, to negotiate with any bidder the terms of its bid; to overlook minor inconsistencies or nonconformities in any bid; to extend any deadlines for any Property; and to accept the bid that Seller considers in its best interest, whether or not it is the highest purchase price. Seller may require verification of funds available to close on offers before accepting any bid. The Terms and Conditions of Sale are subject to any modifications required by the laws of the state in which the Property is located. ENVIRONMENTAL MATTERS The following environmental information may be available in the PSP: (a) Phase I and/or Phase II, (b) state environmental insurance information, (c) copies of tank registrations, (d) and tank and line tests. BROKER COOPERATION A fee equal to 1% of the gross selling price of each property will be paid by NRC upon the closing of escrow of the sale of such property pursuant to the Purchase and Sale Agreement to any licensed broker or agent whose registered prospect consummates the sale. For purposes of calculating such fee, the gross selling price shall not include any amounts paid for inventory and/or supplies. Brokers must register their prospect(s) with NRC no less than three (3) days prior to the Bid Deadline by completing a Broker Registration Form obtained from NRC and returning the completed form to NRC at 312.278.6900, referencing Sale 614. No commissions will be paid for any prospect previously contacted by NRC. No commissions will be paid on any property to brokers participating in the purchase of the property, and an affidavit may be required stating that the broker is acting solely as broker and not as purchaser. NO OTHER FORM OR ORAL REGISTRATION IS PERMITTED. CLOSING DATES AND TRANSFER OF POSSESSION Closing of this transaction shall take place at a location (or by mail), and on a business day selected by Seller on or prior to the 60th day subsequent to the Effective Date, time being of the essence. Seller shall provide Buyer with not less than seven (7) days prior notice of the closing date. Seller may elect to extend the closing up to an additional sixty (60) days in its sole discretion. Seller and Buyer may agree to extend closing further if necessary to complete sale. Delivery, possession and risk of loss of the Property will be transferred to Buyer at the time of closing. | 19 CONVEYANCE OF PROPERTIES Properties will be conveyed by Seller to Buyers, free and clear of all liens except for certain permitted exceptions described in the PSA. Properties will be sold “AS IS, WHERE IS, WITH ALL FAULTS,” regarding any conditions affecting the Properties, with no representations or warranties whatsoever, express or implied. LICENSES, PERMITS AND AUTHORIZATION The successful bidder must obtain, at its expense, any licenses, permits and authorizations (collectively, “Licenses”) required to acquire, manage, and operate the Property. Obtaining the Licenses is not a condition to the successful bidder’s obligation to close. AMENDMENTS Seller reserves the absolute right, in its sole discretion, to amend the Terms and Conditions of Sale, the PSA, and any other sale documents or closing document. INVENTORY Petroleum and merchandise inventory will be paid for in addition to the Purchase Price at closing. Seven days prior to closing, NRC shall provide Buyer with an estimated amount of petroleum and merchandise inventory. Five days prior to closing, Buyer shall wire transfer to NRC an amount equal to 110% of the estimated petroleum and merchandise inventory amount. Failure to fund the inventory shall be considered a default under the PSA. On the day of closing, Seller and Buyer will perform an audit of the inventory using an outside audit firm designated by Seller. The cost of the audit will be split between Seller and Buyer. Purchaser is required to purchase all Petroleum inventory at the posted wholesale price of Seller on the closing date plus delivery costs and all taxes. In addition, purchaser will be required to purchase store inventory within its code date at the current wholesale price. DISCLAIMER Seller and NRC and their respective members, managers, directors, officers, employees, agents, subsidiaries, and affiliates (collectively, “Representatives”), disclose that they may not have complete knowledge of the physical or economic characteristics of the Properties being sold. Accordingly (except as otherwise specifically stated in the PSA), Seller and NRC, and their Representatives disclaim any warranty, guaranty or representation, express or implied, concerning (a) the condition or state of repair of the Properties, including, without limitation, any condition arising in connection with the generation, use, transportation, storage, release, or disposal of petroleum products, toxic or hazardous substances, on and under, above, upon, or in the vicinity of the Properties, and its impact on water, soil and geology, (b) the suitability of the Properties and their water, soil and geology for any activities and use that the buyer may elect to conduct; (c) the extent of any right of way, lease, possession, lien, encumbrance, easement, license, reservation, or condition in connection with the Properties; (d) the compliance of the Properties or their operation with any applicable laws, ordinances, or regulations of any government or other body, including without limitation, compliance with any land use, Americans with Disabilities Act, wetland, or zoning law or regulation, or applicable environmental or coastal laws, rules, ordinances, and regulations; (e) title to or the boundaries of the Properties; and (f) the physical condition of the Properties, including, without limitation, the structural, mechanical and engineering characteristics of the improvements to the Properties. Except as stated above and as set forth in the PSA, the sale of the Properties is on an “AS IS, WHERE IS, WITH ALL FAULTS,” basis. The buyers expressly agree that Seller and NRC and their Representatives make no warranty or representation, express or implied, or arising by operation of law, including, without limitation, any warranty of condition, habitability, or merchantability or fitness for a particular purpose, with respect to the Properties. The buyers will buy the Properties based on their own investigations. By accepting title to any Property, the buyers acknowledge that they have conducted any investigation that they have considered necessary or advisable and that they are not relying upon any representations of Seller, NRC or either of their Representatives. The materials and information concerning the Properties contained in this sales brochure, postcards, other brochures, the PSP, and the Bid Package, and any other information provided by Seller and NRC or their Representatives, is based in part upon information and materials obtained from sources considered reliable, without independent verification. Bidders must not base their bids upon that information or environmental studies, repair estimates, other studies, or pro-forma and financial information that Seller or NRC provides, but must rely solely on their own estimates and studies. No warranty or representation, express or implied, is made by Seller, NRC, or any of their Representatives, as to the accuracy or completeness of the information provided to bidders. 363 W Erie Street Suite 300E Chicago, IL 60610 800.747.3342, ext. 614 www.nrc.com/614 Sale is conducted in conjunction with the following state-licensed brokers: MI – Larry Norris of Michigan Real Estate Services; OH – Tanya Woodford of Woodford Contemporary Real Estate.
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