PHILADELPHIA-Shell Oil has unloaded 13 undeveloped properties identified by the company as non-productive assets. Totaling 650 acres, the lots are spread across nine states and were sold for $31.5 million.

The vacant parcels, which ranged in size from a two-acre site in Cary, NC to a 153-acre parcel in Fulton County, GA, are located in California, Colorado, Illinois, Missouri, North Carolina, Texas, Georgia, Florida and New Jersey. Benswanger/CBB’s Advisory Group arranged the transactions in an 18-month campaign.

Shell has owned the properties for more than 10 years, acquiring them through various development ventures in the 1980s. Shell Oil is a wholly owned subsidiary of Shell Petroleum Inc., which is part of the Royal Dutch/Shell Group.

Binswanger/CBB, headquartered here, is a member of Chesterton Blumenauer Binswanger, in international full-service real estate organization with more than 160 offices worldwide.

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