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Thursday, October 20, 2011

Curtain Call for Phillips Oil Sites

Source: CSP Daily News

Final 30 of 52 Florida Panhandle stations sold; Sun State Oil to supply new owners

CRESTVIEW, Fla. -- The final 30 of 52 properties formerly owned and operated by Ryan Phillips of Phillips Oil Inc. and located in the panhandle of Florida were sold this week to multiple buyers. The sites are located in the Fort Walton Beach/Destin market area, the Pensacola and Panama City markets, in and around Crestview and some are in smaller communities eastward toward and beyond Tallahassee.

Along with its more than 70 Fill-Ups Food Stores in and around the Emerald Coast area, Crestview.-based Phillips Oil operated wholesale fuel distribution centers in Crestview and Panama City, serving a wide variety of fuel retailers. Fuel brands included Exxon, Mobil, BP, Chevron, Shell and Parade.

As reported yesterday in a Morgan Keegan/CSP Daily News Flash, Sun State Oil Inc. will be the fuel supplier for the stores, although there are many new owners of the real estate. Almost all are operating convenience stores with motor fuel.

Sun State Oil is a privately operated company based in Orlando, dealing in gasoline and diesel supply since 2005. It supplies fuel to more than 200 stations all across Florida, Georgia and Alabama.

NRC Realty & Capital Advisors LLC had initially been retained to sell some 52 sites on behalf of the national lender who then had possession of the stores, and closed on the sale of 22 sites earlier this year to Hewatt Enterprises and existing dealers.

Chicago-based NRC Realty & Capital Advisors provides a full 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. Its experience in the c-store arena includes 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. Clients include companies in a variety of industries, including petroleum (BP, Shell and Sunoco), convenience stores (The Pantry, Circle K), financial institutions (GE Capital, Fifth Third Bank) and retail (Kmart).