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Thursday, February 23, 2012

Buck's Inc. Selling Chicago Convenience Stores

Source: Convenience Store Decisions
By CSD Staff

Both company-owned company-operated sites and company-owned dealer-operated locations are available for purchase.

Buck's Inc. is selling 62 properties located in the greater Chicago and St. Louis metropolitan areas by sealed bid sale.

The St. Louis deadline (Feb. 22) has passed, but the Chicago bid deadline is set for March 8. NRC Realty & Capital Advisors LLC is coordinating the sale.

Buck's Inc. is paying to upgrade the signage at all Chicagoland area Mobile sites to the Exxon Gemini image, which will be completed prior to closing for most sites. If it is not completed prior to closing, the purchaser is expected to provide access to Buck's, so it can complete the upgrade.

The locations are comprised of "COCO properties" (company-owned, company-operated) and "CODO properties" (company-owned, dealer-operated).

COCO
Buck's is selling 37 COCO properties. Each COCO property in Chicago will be a Mobil/Exxon branded gasoline station, while St. Louis sites are branded BP. All COCO Properties are offered with the fee or leasehold interest in the real property (as applicable), improvements, and certain furnishings, fixtures and equipment owned by the seller.

Thirty-two of the COCO properties are owned in fee and five are a leasehold interest, while 33 are operating and four are closed.

CODO
Some 25 company-owned, dealer-operated gas stations with convenience stores or kiosks are also up for sale. Each CODO property will have either a BP branded gasoline station (St. Louis metropolitan area) or a Mobil/Exxon branded gasoline station (Chicago metropolitan area). All CODO properties are offered with the fee or leasehold interest in the real property (as applicable), improvements, and certain furnishings, fixtures and equipment owned by the seller.

Twenty-one of the CODO properties are owned in fee and four are a leasehold interest.

Both the COCO and CODO properties are being offered on a gas branded basis, and successful bidders for will be required to enter into a 20 year fuel supply agreement with the seller or an affiliate effective upon the possession date. A bidder may offer a purchase price that reflects an option for a reduction on the fuel supply term to 15 years, provided the 15-year fuel supply agreement includes a right of first refusal for Seller at the end of term. The price for fuel under the fuel supply agreement will be rack plus one cent plus freigh