Sheetz 601 Pulaski Hwy

Harford County, MD
ONLINE REAL ESTATE AUCTION
$2,000,000 Opening Bid
NNN INCOME OPPORTUNITY
SHEETZ
Gas Station & Convenience Store
601 Pulaski Highway (US-40)
Joppa, Maryland 21085
$203,643 Net Annual Income
Sheetz Corporate Lease
Online Bidding Opens
MONDAY, JANUARY 6, 2025
Online Bidding Closes
WEDNESDAY, JANUARY 8, 2025 AT 12:00 NOON
NOTE: The information contained herein has been obtained from sources deemed reliable and is believed to be accurate. However, no express or implied warranty is made or may be inferred from any such representation. Dimensions, square footage and acreage contained herein are more or less. Prospective purchasers are encouraged to perform their own due diligence, in advance of the auction, regarding the permitted uses of the property. List price is opening bid only. Due diligence information, including lease information, available from listing broker.
GENERAL INFORMATION:
Triple net ground lease to Sheetz, Inc., originally dated April 14, 2000 and as amended by subsequent addenda. The lease is in a five-year extension period, running through May 31, 2026, with an annual rent of $203,643 NNN. There are 7 remaining five-year options at 10% per period increased base rent. The extension beginning June 1, 2026 has an annual rent of $224,007 NNN. Tenant pays for all maintenance, insurance and annual real estate taxes.
LOCATION:
The property is situated in the Joppatowne area of eastern Harford County at the corner of Pulaski Highway (US-40) and Joppa Road. US-40, known as Pulaski Highway in the surrounding area, has been a major east-west thoroughfare running most of the continental United States for the past 100 years. The portion of Pulaski Highway in front of the subject property has an average daily traffic count (AADT) of 27,952, and another 3,520 along Joppa Road. Aberdeen Proving Ground is the major nearby employer, approximately 11 miles east, and boasts a workforce of “more than 21,000 military, civilian and contractor employees” according to the U.S. Army website. Bel Air, the Harford County seat, is approximately 8 miles north, and Baltimore City is about 13 miles south. I-95, via Mountain Road, is just 2 miles north.
IMPROVEMENTS:
Freestanding masonry convenience store building and two fuel islands. The building was constructed in 2001 and contains 4,244 square feet of gross building area, according to public tax records. The fuel islands consist of 10 two-sided pumps, unleaded and diesel, with covered awning.
SITE:
2.02 Acres – Site Drawing
Concrete and asphalt paved with parking for 40+ vehicles. Public water and sewer.
Zoning B3/General Business District is intended to provide a wide range of retail, service and business uses serving local and county-wide areas. Such activities are generally located along arterial roads. This district is intended for industrial, office, and business uses of a moderate scale and intensity.
TITLE:
The property is in fee simple and sold free and clear of liens. Harford County Deed Book 3452, Page 154.
TAXES:
Published annual real estate taxes are $25,644.98, based on a full value assessment of $2,361,233. The taxes are paid by the tenant.
ADDITIONAL INFORMATION:
Please complete the Waiver and Confidentiality agreement to receive the ground lease and associated addenda and additional due diligence information.
SUMMARY TERMS OF SALE:
Please see the contract of sale for complete terms.
A $100,000 deposit, payable by cashier’s check or wire, will be required of all online bidders prior to 10:00 A.M. Wednesday, January 8, 2025. The deposit will be held in escrow until the completion of the auction and will be retained from the winning bidder. Other bidder deposits will be returned within one business day. Interested parties who do not provide a deposit in advance as stated above will not be permitted to bid. The deposit shall be increased to 10% of the purchase price by cashier’s check or wire transfer by 4:00 P.M. on the day of auction.
Deposit Escrow Agreement
Deposit funds shall be held by A. J. Billig & Co., LLC. Balance to be paid in cash at settlement, which shall take place before 5 P.M. Eastern time on Friday, March 14, 2025. If payment of the deposit or balance does not take place within the specified time, the deposit shall be forfeited and the property may be resold at the risk and expense of the Purchaser. All adjustments, including taxes, rent, all other public charges and assessments payable on a monthly or annual basis, and sanitary and/or metropolitan district charges, if any, to be adjusted for the current year to date of settlement and assumed thereafter by the Purchaser. Security deposit, if any, shall be adjusted at the time of settlement. The property will be sold in “AS IS” condition, and subject to the existing lease of the tenant in place, easements, agreements, restrictions or covenants of record affecting same, if any. The Property will be sold subject to Harford County violation notices, if any. Purchaser assumes the risk of loss from the date of contract forward. The Purchaser waives and releases the Seller, the Auctioneers, and their respective agents, successors and assigns from any and all claims the Purchaser and/or its successors and assigns may now have or may have in the future relating to the condition of the property, including but not limited to the environmental condition thereof. If the Seller is unable to convey good and marketable title, the Purchaser’s sole remedy in law or equity shall be limited to the refund of the deposit. Upon refund of the deposit this sale shall be null and void and of no effect, and the Purchaser shall have no further claim against the Seller or Auctioneers. Recordation costs, transfer taxes and all costs incidental to settlement to be paid by the Purchaser. Time is of the essence. A 5% buyer’s premium will be added to the final bid price.
The Property is being sold subject to the tenant’s right of first refusal as designated in the subject lease. Said right of first refusal must be exercised within 30 days of being notified as to a bona fide offer. In the event that tenant exercises the right of first refusal, Purchaser shall receive a refund of their deposit as specified above, and the Contract will be deemed to be null and void and of no effect. Purchaser shall have no further claim against the Seller or Auctioneers.