Wednesday, August 28, 2013
Five Former BP Connect Convenience Stores To Be Sold In A Bankruptcy Sale
CHICAGO, August 28, 2013 - Eugene Crane, as Chapter 11 Trustee, has retained NRC Realty & Capital Advisors LLC, (NRC) to coordinate the sale of five operating convenience stores with gas. The stores are being sold pursuant to a 363 bankruptcy sale and sold free and clear of all liens. The sites are located in Elk Grove Village, Joliet, Orland Park, Oswego and Romeoville, Illinois at strategic retail corners.
The Elk Grove property was built in 2001 and features a 2,900 sf convenience store on a 33,290 sf site and is located at Devon and Wood Dale. The Joliet property, built in 2005, features a 4,200 sf store on a 1.47 ac site and is situated at the corner of Jefferson/US-52 and Hammes. The Orland Park property, built in 2002, has a 4,200 sf store on a 1.29 ac site. It is located at LaGrange/US-45 and 143rd Street. The Oswego property, built in 1988, has a 3,360 sf store on a 1.15 ac site and is located at US-34/Ogden and Douglas. The Romeoville property, built in 2004, features a 4,200 sf store on 1.44 acres and is located at Independence/IL-53 and Normantown. All sites are being sold with real estate with the exception of the Orland Park property, which is under a long-term lease. The Elk Grove, Joliet and Romeoville sites have car washes. Sites may be sold without fuel supply, but must carry the BP gas brand.
"This is a great opportunity for operators and investors," said Eugene Crane, Chapter 11 Trustee. "While the stores all need investment, they are at great corners and are modern, large facilities."
"We expect spirited bidding from a variety of parties," commented Evan Gladstone, NRC's Executive Managing Director. "A little TLC and these stations can be pumping high gas gallons and have great inside sales."
The properties will be sold "buy one, some or all," in a sealed bid sale process, coordinated by NRC. Property Specific Packages (due diligence packages) will be available for download online in early September from the NRC website. The bid deadline is Tuesday, October 1, 2013. Information on the sites can be found at www.nrc.com/1308 or by calling NRC Customer Service at 800.747.3342, extension 1308. All sales are subject to the approval of the US Bankruptcy Court. The sale terms and procedures can be reviewed on the NRC website.
NRC Realty & Capital Advisors, LLC provides a full array of real estate and financial advisory services to the convenience store and petroleum industries, and specializes in the accelerated sale of commercial real estate. NRC's breadth of experience in the convenience store arena includes portfolio evaluation and analysis; refinancing, recapitalization & sale-leaseback financing options; and merger and acquisition advisory services. NRC also has coordinated numerous bankruptcy sales including Clark Retail and Bennigan's. Since its inception in 1989, NRC has sold more than 15,000 properties. Clients include globally recognized companies in a variety of industries, including leading financial institutions (GE Capital, Stancorp Mortgage Investors and Fifth Third), industrial companies (YRC Worldwide) and petroleum and convenience store companies (7-Eleven, Sunoco, BP, The Pantry, Circle K).