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Tuesday, June 12, 2007

BP Offering South Florida Sites

22 sites for sale include 20 working, two closed stations
Source: CSP
CHICAGO - BP is selling BP-branded gas stations in southern Florida. Of the 22 sites, 20 are operating stations and two are closed. Sales will include real estate or ground lease, buildings, fixtures and equipment. Additionally, three of the 20 working sites are also being offered for redevelopment for other commercial use.

The 22 sites are located in Boca Raton, Fort Lauderdale, Hallandale, Hialeah, Lake Park, Lauderdale Lakes, Miami (7 operating; 1 closed), Miami Beach (closed), North Lauderdale, North Miami (3), Opa-Locka, Sunrise and West Palm Beach. The three sites for redevelopment are located in Miami, North Miami and West Palm Beach.

"The BP brand is distinctive in South Florida," said Hope Mineo, managing director of NRC Realty Advisors LLC (NRC), Chicago, which has been retained by the oil company to coordinate the sale.

The sites are being sold through NRC's sealed bid sale process. The deadline for sealed bid submission is July 26, 2007. Prospective dealers are required to submit a completed dealer application prior to submitting bids. NRC has prepared a complimentary color portfolio brochure with site information summaries and maps that can be obtained by calling 800.747.3342, extension 716, or visiting www.nrc.com/716.

To submit a bid, bidders must obtain a property specific package (PSP) for each site to be bid upon. Each PSP contains a site-specific bid package, including bid instructions, a bidding form and purchase contract. Each PSP additionally contains site-specific due diligence information, such as a title commitment, survey and environmental information. PSPs may be purchased from NRC in either hard-copy or CD-ROM format at $35 and $25, respectively.

BP markets more than 15 billion gallons of gasoline every year to U.S. consumers through 13,000 retail outlets. BP is the single, global brand formed by the combination of the former British Petroleum, Amoco, Atlantic Richfield (ARCO) and Burmah Castrol.

NRC specializes in the accelerated sale of North American commercial real estate property. With a concentration in the convenience store industry, NRC provides divestiture, commercial and financial advisory real-estate services. Clients have included companies in a variety of industries, including petroleum (BP, Shell and Sunoco), convenience stores (White Hen, BP Connect, ampm), financial institutions (GE Capital, Bank One and Wachovia), retail (Kmart) and closely held distributorships and independent retailers.