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CHICAGO -- BP West Coast Products retained NRC Realty Advisors to coordinate the sale of 33 sites in Arizona and seven in the Northern California market. All sites are currently operating ARCO AM/PM stations. The Arizona sites are generally located in the Tucson and Phoenix markets, while the California sites are located from Redding, south through Turlock.
All sites have large convenience stores, which are being sold with 20-year AM/PM franchises and fuel supply agreements from BP. As part of normal ongoing business activity, BP (operating under the ARCO brand) constantly reviews its network of sites to ensure it maintains an efficient and comprehensive offer to the customer. An integral part of this review includes an assessment of whether the company should continue to own any specific site.
The ARCO branded network is made up of a mix of company and dealer/franchise owned locations. Within any given market, there are sites that no longer make sense for BP to own, but may offer excellent opportunities for many dealer/franchisees to own and operate themselves.
"This is a tremendous offering comprised of exceptionally strong sites," said Hope Mineo, managing director of NRC. "We anticipate a great deal of interest."
The locations will be sold through a sealed-bid sale in a "buy one, some or all" format with bids due on Nov. 17, 2005. A complete list of sites and information on submitting bids is available online at www.nrc.com/520, or by calling the NRC Customer Service Center at 800-747-3342, extension 520.
NRC will conduct a How-To-Bid Seminar on Tuesday, Oct. 25th in Phoenix, Ariz. and Thursday, Oct. 27 in Sacramento, Calif. For more information contact the NRC Customer Service Center at (800) 747-3342, ext. 520.
NRC has prepared a color sales brochure and individual property specific packages for each property, which contain store level information and bidding terms of sale. PSPs are available at $35 for a hard copy and $25 for a CD-ROM.