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Tuesday, March 5, 2024

Former Mountain Express Convenience Stores Up For Sale
3 Midwest locations come on market as a result of 2023 bankruptcy filing

Source: CSP Daily News
By Greg Lindenberg, Editor

A group of institutional investors advised by J.P. Morgan Global Alternatives is selling three large, closed convenience stores with gasoline in Dodgeville, Wisconsin, and Melrose and St. Joseph, Minnesota.

“These stores are being sold with real estate and without gas or c-store brand, and were closed last fall when Mountain Expressfiled bankruptcy. They will be of interest to small operators, c-store companies and fuel distributors,” said Evan Gladstone, executive managing director of NRC Realty & Capital Advisors LLC, Chicago, which J.P. Morgan Global Alternatives has retained to coordinate the sale.

Acworth, Georgia-based fuel distributor and convenience-store retailer Mountain Express Oil Co. filed for voluntary protection under Chapter 11 in March 2023 and intended to restructure and continue to conduct business. But in August 2023, a judge in U.S. Bankruptcy Court in Texas converted the filing from Chapter 11 to Chapter 7, essentially directing Mountain Express to liquidate its assets.

The Dodgeville store is 5,800 square feet on an acre lot built in 1997. Dodgeville is about 45 miles west of Madison. The Melrose store is 4,300 square feet on a three-quarter acre site built in 1987. It has a Subway tenant. The St. Joseph store is a 3,300-square-foot store on an acre site built in 2004 and about 25 miles from Melrose, which is approximately 100 miles from the Twin Cities.

The properties will be sold using NRC’s “buy one, some or all” sealed-bid sale process. A complete list of the properties and information regarding submitting offers is available online. Interested parties can register online to view detailed information about the sites or by calling the NRC Customer Service Center at (800) 747- 3342, extension 2402. Due diligence packages on the sites are expected to be available in early April, with a bid deadline May 14.

J.P. Morgan Asset Management – Real Estate Americas is the U.S. real estate investment platform of J.P. Morgan Global Alternatives. The New York-based firm has $74 billion in equity and debt assets under management.