West Coast, Midwest Gas Station Portfolios on the Block
By Dees Stribling, Special Correspondent
Oil giant BP has put 37 of its West Coast Arco gas stations up for sale, while simultaneously offering 43 sites in metro Chicago to be sold to franchisees for conversion or redevelopment into ampm brand of convenience stores with BP gasoline stations (pictured). Both sales will be conducted later this spring in sealed-bids overseen by NRC Realty Advisors L.L.C. of Chicago.
The West Coast portfolio includes 19 sites California, eight in Washington, five in Oregon, and five in Arizona. All of the sites also include operating ampm convenience stores that are 20-year franchises of BP (owner of the ampm brand) that also have fuel supply agreements from BP.
The ampm brand has a long history in the western United States, with about 930 locations coupled with Arco gas stations (there are also about 2,000 ampm stores in Brazil, Japan and Mexico). Arco, the previous owner of ampm, was a regional oil company that was acquired by BP in 2000. Now BP, which has gas stations worldwide, is rolling the ampm brand into BP stations in other parts of the United States--hence the franchise sale in Chicago, according to BP.
BP brand gasoline stations already have a significant presence in the Chicago area. Of the 43 sites to be branded as ampm franchise stores, 36 are existing BP gasoline station sites. The remaining seven sites are vacant, and for sale to buyers of new ampm retail franchises with BP-branded gasoline stations.
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