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Thursday, August 29, 2013

BP Station on Jefferson Being Sold at Bankruptcy Auction

Source: Joliet Patch
By Karen Sorensen, Editor

The deadline to bid on the station/convenience store at Jefferson and Hammes is Oct. 1, the Chapter 11 trustee said.

The BP station at Jefferson Street and Hammes Avenue in Joliet is being sold at auction, according to the bankruptcy trustee who issued a news release seeking bidders for the property.

The 1987 W. Jefferson station, which includes a convenience store, remains open. It's one of five that is on the auction block. Here's the trustee's release:
Eugene Crane, as Chapter 11 Trustee, has retained NRC Realty & Capital Advisors LLC (NRC) to coordinate the sale of five operating convenience stores with gas. The stores are being sold pursuant to a 363 bankruptcy sale and sold free and clear of all liens. The sites are located in Elk Grove Village, Joliet, Orland Park, Oswego and Romeoville, Illinois at strategic retail corners.

  • The Elk Grove property was built in 2001 and features a 2,900 sf convenience store on a 33,290 sf site and is located at Devon and Wood Dale.
  • The Joliet property, built in 2005, features a 4,200 sf store on a 1.47 ac site and is situated at the corner of Jefferson/US-52 and Hammes.
  • The Orland Park property, built in 2002, has a 4,200 sf store on a 1.29 ac site. It is located at LaGrange/US-45 and 143rd Street.
  • The Oswego property, built in 1988, has a 3,360 sf store on a 1.15 ac site and is located at US-34/Ogden and Douglas.
  • The Romeoville property, built in 2004, features a 4,200 sf store on 1.44 acres and is located at Independence/IL-53 and Normantown.

All sites are 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. Sites may be sold without fuel supply, but must carry the BP gas brand.

"This is a great opportunity for operators and investors," said Eugene Crane, Chapter 11 Trustee. “While the stores all need investment, they are at great corners and are modern, large facilities.”

“We expect spirited bidding from a variety of parties,” commented Evan Gladstone, NRC’s Executive Managing Director. “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