Wednesday, October 19, 2011
Last of Phillips Oil's Properties Sold
Source: Convenience Store News
CRESTVIEW, Fla. -- The final 30 properties formerly owned and operated by Ryan Phillips of Phillips Oil have been sold. NRC Realty Advisors of Florida LLC -- a division of NRC Realty & Capital Advisors LLC -- completed the sale of the sites, all located in the Florida panhandle.
At one time, Phillips Oil's Fill-Ups Food Stores division owned and operated more than 70 c-stores in and around the Emerald Coast area, according to the company's website.
Although there are multiple new owners, Sun State Oil Inc. will be the fuel supplier for the 30 stores, NRC reported. Virtually all are operating convenience stores with motor fuel.
NRC Realty Advisors of Florida was initially retained to sell a total of 52 sites on behalf of the national lender who then had possession of the Phillips Oil stores. The sale of 22 sites closed earlier this year to Hewatt Enterprises and existing dealers.
"We believe this deal represents a win-win for all involved -- from the financial institution, to the buyers of the real estate and businesses, to Sun State Oil and to the communities the stores serve," stated Evan Gladstone, NRC's executive managing director.
NRC provides an array of real estate and financial advisory services to the convenience store and petroleum industries, and specializes in the accelerated sale of commercial and residential real estate. Since its inception in 1989, the company has sold more than 10,000 properties.