Wednesday, May 28, 2008
New West Petroleum, LLC to sell 32 West Coast Locations - Majority in San Diege Market
CHICAGO, IL - MAY 28, 2008 - NRC Realty & Capital Advisors, LLC, (NRC) announced today that it has been retained by Sacramento based New West Petroleum, LLC to coordinate the sale of 32 sites in California.
The sale portfolio consists of (30) operating convenience stores with gasoline stations including twenty-two (22) fee-owned properties, seven (7) leasehold properties and one (1) fee/leasehold combination. In addition there are two (2) fee owned undeveloped parcels. Twenty-nine properties are located in the San Diego market area and three in Northern California. A number of sites have repair shops. All the stations in the San Diego area are branded Exxon and some have Tiger Marts.
"These are exceptional properties in high-traffic areas and all are being sold without any branding requirements" said Evan Gladstone, Executive Managing Director of NRC. "Sites are being sold without supply, and we expect interest from distributors as well as smaller operators."
"My family and I have decided to exit the retail business, expand the wholesale fuel business and enter into other business ventures", commented Gil Moore, New West's founder and owner.
NRC is offering both an all-inclusive sales brochure as well as individual property specific packages (PSPs). The free brochure provides overviews of the property listings, including location and sales volume. The $35 PSPs ($25 CD-ROM versions available upon request) contain site-specific bid packages and detailed due diligence information. For more information, please contact the NRC Customer Service Center at 800.747.3342, extension 810.
The locations will be sold through a sealed bid sale in a "buy one, some, or all" format; bids are due July 22, 2008. For bid submission guidelines, or to order brochures and PSPs, contact the NRC Customer Service Center at 800.747.3342, extension 810.
NRC Realty & Capital Advisors, LLC, 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. Since 1989, it has sold more than 10,000 properties. In 2006 NRC sold properties in thirty-one states with aggregate purchase prices in excess of $300 million. Clients include globally-recognized companies in a variety of industries, including petroleum (BP, Shell, and Sunoco), convenience stores (White Hen, BP Connect, ampm), financial institutions (GE Capita