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Thursday, October 30, 2014

Elkton Commercial Property Offered At Auction

Source: Cecil Whig
By Jane Bellmyer

ELKTON — A tiny strip of commercial property along Route 40 is up for bid in a sale of 16 properties in five states.

NRC Realty and Capitol Advisors, LLC, of Chicago, has hired GPM Investments LLC of Richmond, Va., to conduct the auction. Bidding will close at 4 p.m. on Dec. 11.

“They can buy one, some or all,” said Tracey Suppo, vice president of marketing for NRC. “Given the different locations, it’s unlikely.”

The almost vacant Elkton lot at the corner of Landing Lane and U.S. Route 40 is the only Cecil County site on the list, and one of two Maryland properties. The other is in Aberdeen. The remainder of the properties is in Delaware, New Jersey, Virginia and Connecticut.

The 300 W. Pulaski Highway lot is small, according to Jeanne Minner, director of planning for the town of Elkton.

“It’s less than 10,000 square feet,” Minner said Thursday.

Still standing on the site is a 520-square-foot building, the last vestiges of the former Valero gas station.

A Wawa is set to be built next door, where the Knights of Columbus Hall currently stands. Minner said that Wawa had considered purchasing that tract too, but never did.

“A Dunkin’ Donuts was considered,” she said, noting it was a person interested in owning one of the popular franchises. However, the property wasn’t large enough for a drive-in window.

Minner couldn’t say how long the tract has been vacant. However, two Delaware men were injured there seven years ago as they disassembled the gas pumps. A section of roof over the pumps collapsed striking one man in the stomach and knocking the second to the ground.

Minner added that the new owner would have to do any environmental work required, including the disposition of any underground fuel storage tanks.

“They would have to do due diligence,” she said.

Interested bidders can obtain a property specific package online or by calling 800-747-3342. Suppo said once the deadline passes all the bids would be reviewed.

“Typically, it’s two to three weeks depending on how many come in,” she said.

Regardless of who purchases it, Minner said that corner lot is valuable.

“It’s right on Route 40. It’s got good exposure,” Minner said. “I’m sure something will go in there.”

To see a list of convenience stores for sale and gas stations for sale, click here.