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Wednesday, August 11, 2021

Speedway LLC Auctioning Off 166 US Retail Sites

Source: Oil Express
By Donna Harris and Barbara Chuck

Speedway LLC, Marathon Petroleum's former retail arm that was sold to 7-Eleven Inc. earlier this year, is selling 166 retail properties -- 78 of them with buildings -- in 22 states, according to a recent announcement that went out to prospects.

The properties are former Hess, Speedway and Tesoro sites and land acquired for development. They are being sold through a sealed bid auction run by NRC Realty and Capital Advisors LLC. The bid deadline is Sept. 30.

A source familiar with the offering said many of the properties are "legacy" sites, including some parcels where Speedway stores were closed years ago. All the sites are fee-owned, according to the NRC website.

There are 100 sites in Indiana, Michigan and Ohio, as well as 66 more sites in Alaska, Arizona, Colorado, Florida, Georgia, Illinois, Kentucky, Massachusetts, Maryland, Minnesota, New Jersey, New Mexico, North Carolina, Pennsylvania, Rhode Island, Tennessee, Wisconsin and West Virginia, the announcement says.

Average land sizes are 18,000 square feet, with larger sites up to 17 acres. Where the properties have buildings, the stations are 1,000 to 9,000 square feet, averaging 1,350 square feet, the announcement said.

According to an online list, 43 of the properties are an acre or more. Of those, 23 are two or more acres. Seven of the properties are four acres or more.

The states with the most properties for sale are Ohio (47), Indiana (32), Michigan (22), New York (8), and North Carolina (7), the list shows.

To see a list of convenience stores and gas stations for sale, click here.