Tuesday, October 5, 2010
ARCO Sites on Block
BP West Coast Products selling 28 locations in California, Oregon, Washington
Source: CSP Daily NewsBy Greg Lindenberg
LA PALMA, Calif. — The sale by BP West Coast Products LLC, La Palma, Calif., of 28 ARCO-branded retail sites is part of the company's "normal portfolio management process," BP spokesperson Scott Dean told CSP Daily News. The portfolio includes eight sites in the Sacramento and San Francisco areas; nine sites in the Los Angeles and San Diego areas; four sites in the Eugene and Portland, Ore., areas; and seven sites in the Seattle area.
The sale "involves ARCO-branded sites that will remain in the ARCO network as dealer-owned facilities," Dean added.
As reported yesterday in a Morgan Keegan/CSP Daily News Flash, 22 of the sites are available as combination ampm franchises with ARCO-branded gasoline. The remaining six, located in California and Oregon, are being offered as ARCO dealer sites with fuel agreements only.
NRC Realty & Capital Advisors LLC, Chicago, is selling the sites.
The locations will be sold through NRC's sealed-bid process in a "buy one, some, or all" format. Offers must be received by NRC by the bid deadline of December 2. Brochures on this sale are available by calling (800) 747-3342, ext. 1009. Prospective buyers wishing to view property-specific information or receive sale updates may register online at www.nrc.com/1009.
NRC will conduct complimentary webinars for those interested in submitting offers for these locations. Separate regional online webinars will be held for Northern California, Southern California and the Pacific Northwest the week of November 8.
"We have worked with BP on similar divestitures in the past, with great success," said Hope Mineo, managing director of NRC. "Our sealed bid format is fair to all concerned, and our online information and webinars make the process easy for prospective buyers."
NRC provides a full array of real estate and financial advisory services and specializes in the accelerated sale of commercial and residential real estate. Services include portfolio evaluation and analysis; refinancing, recapitalization and sale-leaseback financing options; and merger and acquisition advisory services. Since its inception in 1989, NRC has sold more than 10,000 properties. That has included, since 2003, more than 2,100 convenience stores and service stations for an amount in excess of $1.5 billion for clients. Among NRC's clients are globally recognized companies in a variety of industries, including petroleum (BP, Shell and Sunoco), convenience sto