Tuesday, November 22, 2011
Properties Sold in RPM Financial Bankruptcy Case
Source: Convenience Store News
CHICAGO -- NRC Realty & Capital Advisors LLC completed the sale of 16 operating and recently closed convenience stores with gas that were owned and operated by RPM Financial LLC and an affiliated company, USA Travel. The sale of the properties in Alabama, Florida and Georgia was conducted at the request of the U.S. Bankruptcy Court for the Middle District of Alabama.
They were sold by RPM, the debtor in possession, in a sealed bid process first announced on July 28.
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 located 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, Georgia, according to a release by NRC Realty.
The sale was conducted using NRC's well-known "buy one, some or all" sealed bid sale process. The bid deadline was Sept. 15, and all sales were subject to court approval.