Gas Station Portfolio In CA, AZ, OR, And NV
I am working on acquiring a 38 property portfolio of closed or about to closed gas station in the following cities:
Fresno, CA
Corcoran, CA
Rodeo, CA
San Rafael, CA
Las Vegas, NV
Portland, OR
Lompoc, CA
Sacramento, CA
Las Vegas, NV
San Diego, CA
San Luis Obispo, CA
Sacramento, CA
Woodland, CA
Vista, CA
Phoenix, AZ
Renton, WA
Tacoma, WA
Renton, WA
Puyallup, WA
Oakland, CA
Danville, CA
Dunnigan, CA
Phoenix, AZ
San Bernadino, CA
Phoenix, AZ
Santa Rosa, CA
Pomona, CA
Stockton, CA
I am looking for various types of partners on this project
Right now I am looking for a couple people from each area to be my eyes and ears. Give suggestions on what can be built there, take some pictures of the streetscape, etc.
This portfolio represent 1,033,735 sq. ft. of land and a book value of $37,095,500. But, like buying bad or written off debt, this portfolio has been sold a couple times and will sell again at a significant discount.
Environmentally, most sites are closed and have been cleaned-up, but may have a use restrictions (e.g. no residential), others are in the process of being cleaned-up while the rest are operating stations with paying ground leases. The sites come w/ indemnifications from the oil company. Most of the parcels are 15-30K and are typically signalized, Main and Main properties.
If people are interested, please post a message indicating what role you’d like to play.
Thanks.
[ Edited by cjmazur on Date 03/18/2007 ]
Can look at the Oregon and Washington properties. I am a Commercial Lender working in the Northwest and can offer financing on individual site purchase financing if you need or want to split them up.
Thanks,
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Matt Williams[ Edited by commercialking on Date 04/01/2007 ]
Please contact me. I represent the largest Gas Station Brokerage in Southern California and we have over 100 listings and 3000 qualified buyers/operators.
steve [at] www.gasstationexchange.com
I would suggest getting a good property management company to handle the management of the building.
And getting a no debt service loan to acquire the property if you have trouble getting financing due to the 1.12 dscr. Other than that it appears the deal has potential.
I would like to speak with you regarding this project; I am a financial consultant and I have a program that would allow you to take down the land and move into permanent financing with one closing. Allow me to provide you with a quote.
I am direct with one of my solid well capitalized lenders and they have right now a specialized Land Fund program that is earmarked with over $600Million for the rest of this year to quality and experienced commercial real estate developers nationwide.
The key to this loan program is that the Principal borrower have the entitlements in www.place.They would also like the opportunity to do the Construction and Perm loans.
They will loan from $3Million and up,we will need an Executive Summary initially.
Here are highlights of the program:
*50% TO 65% LTV
*Libor+ 300bp
*Non-Recourse
*30 Day closings
If interested,contact me,also you must have some funds that you are bringing to the project as well.
Don Carter
What areas are you looking in? We have some good ones in Austin.[ Edited by DeeinAustin on Date 01/26/2007 ]
You can get great deals right now in Myrtle Beach, SC...i do a lot of sub-contract for production builders and there are a lot of empty homes along the coast of SC and Florida that have been built in the last couple of years.
I am a builder in the Tampa Bay area. I am building 5 homes in a 22 home subdivision. The developer is looking to flush a chunk of the other lots. I am going to list my houses in 600K+ range. Contact me if you are intersted.
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