Tuesday, March 6, 2007
BP offers ampm franchises in Chicago metro area\nCHICAGO, IL, March 6, 2007 - NRC Realty & Capital Advisors, LLC (NRC) announced today that it has been retained by BP to coordinate the sale of forty-three sites in the Chicago metro area to be re-imaged or developed as ampm franchise stores with BP branded gasoline stations.
Franchising these sites as ampm is in line with BP's strategic plans to expand and grow the brand to reach more consumers with its products and services.
"Our goal is to build and recruit a franchise network East of Rockies that complements our already distinctive BP brand," said Ben Amante, BP's vice president of franchising in the U.S. "We are offering franchise buyers the rare opportunity to purchase a franchise with real estate rights. We also see an opportunity to reflect the diverse communities where we operate by appealing to minority business people looking to franchise in the community. We look forward to building a strong network of franchisees to help us grow our business and deliver our products and services to more consumers."
Of the forty-three sites to be branded as ampm franchise stores with BP gasoline stations, thirty-six are existing BP-branded sites. These thirty-six include:
• Eighteen sites that will have convenience stores rebranded to ampm prior to closing;
• Eight sites that the buyers will initially operate under current BP branding and complete the conversion and rebranding to ampm after closing; and
• Ten sites that will require complete redevelopment before opening with the ampm brand; closings for these sites will occur after buyers have obtained all necessary construction permits.
Additionally, BP is offering seven vacant sites for construction by buyers of new ampm retail franchises with BP branded gasoline stations.
In addition to the ampm franchise sites, BP is offering eighteen properties (including the seven vacant sites and one of the redevelopment sites described above which are being offered either for franchise or commercial use) for other commercial use, including the potential operation of de-branded gasoline stations on two of these properties.
With the introduction of ampm in the Eastern U.S., including in Chicago, Indianapolis and Pittsburgh, BP is leveraging its significant ampm franchising experience and market recognition in the Western U.S. and internationally. There are about 1,000 franchisee-owned and/or operated ampm franchise stores in the Western US. Internationally, there are appro