Thursday, August 29, 2013
Bankruptcy Sale Offer Five Former BP Connect Stores
Source: Convenience Store News
CHICAGO - The bankruptcy trustee for five Windy City-area convenience stores and gas stations has put the sites up for sale. Chapter 11 trustee Eugene Crane retained NRC Realty & Capital Advisors LLC to coordinate the divestiture of the former BP Connect stores, pursuant to a 363 bankruptcy sale and sold free and clear of all liens. The sites were previously owned by Elk Grove Village Petroleum, LLC, and certain affiliates of theirs.
The sites for sale are:
- Elk Grove, Ill. - this site was built in 2001 and features a 2,900-square-foot c-store on a 33,290-square-foot site at Devon and Wood Dale.
- Joliet, Ill. - built in 2005, the site features a 4,200-square-foot store on a 1.47-acre site at the corner of Jefferson/US-52 and Hammes.
- Orland Park, Ill. - a 4,200-square-foot store built in 2002 on a 1.29-acre site. It is located at LaGrange/US-45 and 143rd Street.
- Oswego, Ill. - built in 1988, this site has a 3,360-square-foot store on a 1.15-acre site located at US-34/Ogden and Douglas.
- Romeoville, Ill. - built in 2004, this site features a 4,200-square-foot store on 1.44 acres at Independence/IL-53 and Normantown.
Each site is being sold with real estate with the exception of the Orland Park property, which is under a long-term lease. The Elk Grove, Joliet and Romeoville sites have car washes. The sites may be sold without fuel supply, but must carry the BP gas brand.
"This is a great opportunity for operators and investors," said Crane. “While the stores all need investment, they are at great corners and are modern, large facilities.”
NRC Executive Managing Director Evan Gladstone added, “We expect spirited bidding from a variety of parties. A little TLC and these stations can be pumping high gas gallons and have great inside sales.”
The properties will be sold “buy one, some or all” in a sealed bid process coordinated by NRC. Property Specific Packages (due-diligence packages) will be available for download online in early September from the NRC website. The bid deadline is Tuesday, Oct. 1.
Information on the sites can be found at www.nrc.com/1308 or by calling NRC Customer Service at (800) 747-3342, ext. 1308. All sales are subject to the approval of the U.S. Bankruptcy Court. The sale terms and procedures can be reviewed on the NRC website.