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Friday, October 8, 2010

Dozens of local gas stations to be auctioned

Source: theDestinLog.com
By Dusty Ricketts

More than 50 gas stations previously owned by Ryan Phillips will soon be sold at auction.

Chicago-based NRC Realty & Capital Advisors has been retained to oversee the sale of roughly 56 convenience stores located Fort Walton Beach, Destin and Crestview, as well as some in Panama City and Pensacola.

"We think it will be a combination of bidders buying multiple sites and then individual bids from one operator," said Evan Gladstone, NRC's executive managing director. "Once the winning bidder is selected, the closing process takes around a month. We would expect all of these properties to close sometime next year."

NRC has not released the name of the current owner, but the convenience store trade magazine CSP reported earlier this week that it was a "national lender." Gladstone said the stations up for sale were previously owned by Phillips, but now had a new owner looking to sell them.

Phillips settled two price-fixing lawsuits brought against him by the state last year.

NRC is still finalizing the list of properties up for sale. Once that is completed, NRC will release a list of each individual location up for sale, as well as details such as lot size, store size and information on when the business was opened and what upgrades have been made to the location.

Most of the operating stations are major-branded for gasoline, but all have unbranded convenience stores. Gasoline brands include BP, Shell, Exxon, Chevron and Mobil, with some unbranded sites.