Tuesday, November 22, 2011
Eight Buyers Acquire Properties After RPM Bankruptcy
Source: Convenience Store DecisionsA total of 16 sites were sold in a sealed bid process.
NRC Realty & Capital Advisors LLC (NRC) has completed the disposition of 16 operating and recently-closed convenience stores with gas in Alabama, Florida and Georgia, that were owned and operated by RPM Financial LLC and an affiliated company, USA Travel, at the request of the U.S. Bankruptcy Court for the Middle District of Alabama.
The properties were sold by RPM, the debtor in possession, in a sealed bid process first announced on July 28, 2011.
The 16 sites were sold to eight different buyers, at prices ranging from $50,000 to $670,000 per site. This was a Chapter 11 bankruptcy proceeding, and the stores were sold in a 363 bankruptcy process free and clear of all liens. All were fee properties and were sold without supply or branding agreements.
All but three of the stores were in Alabama, with five of the operating stores in the Montgomery market and another eight closed stores there and in smaller towns around the state. There were also two closed stores in resort markets in Gulf Breeze and Pensacola Fla., and one operating store in Cuthbert, Ga.
The sale was conducted using NRC's well-known "buy one, some or all" sealed bid sale process. The bid deadline was Sept. 15, 2011. All sales were subject to court approval.