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Tuesday, March 4, 2008

BP Selling Sites in Columbus

Source: Business First of Columbus
BP America Inc. plans to sell 47 gas stations in Central Ohio with the intention of redeveloping them into convenience stores under its "ampm" brand.

The Naperville, Ill.-based company, a unit of British oil giant BP Plc (NYSE:BP), said the sites for sale are among 146 in the Central Ohio, Cleveland and Pittsburgh areas that are available. Most are in Ohio, with 84 in Cleveland and 15 in Pittsburgh. For a complete listing of the Central Ohio locations for sale, click here.

The company said 121 will be available for franchisees, 24 as BP dealer sites, 12 with multiple offerings including commercial use, and one as a de-branded gasoline site.

The planned sale, brokered by Chicago-based NRC Realty Advisors LLC, is part of a larger move by BP to sell or franchise more than 700 of its remaining company-owned gas stations nationwide. The ampm brand was formed in 1978 by Arco Gasoline, which BP acquired in 2000.

The company didn't disclose the asking price for individual stations, but its Web site at bpampmfranchising.com indicates a total investment between $2.2 million and $6.6 million is needed for each site, including real estate costs. The estimated capital required is $700,000 to $1 million.

BP said NRC is accepting offers submitted by May 28. The firm plans to host seminars in the Columbus and Cleveland areas regarding the sales. More information is available at www.nrc.com/bp.

BP America Inc. plans to sell 47 gas stations in Central Ohio with the intention of redeveloping them into convenience stores under its "ampm" brand.