Wednesday, November 23, 2011
Circle K, Russell Petroleum Among RPM Buyers
Source: CSP Daily NewsBy Steve Holtz
Nineteen sites sold in bankruptcy auction
HIGHLAND HOME, Ala. -- Circle K, Russell Petroleum and a company called Paul's Newco are among the buyers of 18 former RPM convenience stores and one bulk-storage facility sold as part of a Chapter 11 bankruptcy auction.
The properties, located in Alabama, Florida, and Georgia, were owned and operated by RPM Financial LLC and an affiliated company, USA Travel. They were sold by RPM, the debtor in possession, in a sealed bid process first announced in July 28, as previously reported in a CSP Daily News Flash yesterday.
An original 16 sites were sold to eight different buyers, at prices ranging from $50,000 to $670,000 per site. Circle K bought one of the sites in Alabama. Russell Petroleum bought two of the sites. Paula's Newco purchased four of the sites. Other buyers included Chris Jones (four sites) and one site each to S&S Eagles LLC, Sima Properties, Abu Mridha, Ahmed Merchant and Sam Patel, according to court documents accessed by CSP Daily News.
An additional three properties, not sold during the original auction, were purchased by S&S Eagles this month, including stores in Brantley and Evergreen, Ala., and a "bulk plant" in Evergreen, Ala.
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 by NRC Realty & Capital Advisors LLC, Chicago, using NRC's "buy one, some or all" sealed bid sale process. All sales were subject to court approval.
NRC Realty & Capital Advisors LLC 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.