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ALBUQUERQUE, N.M -- In a deal valued at more than $15 million, San Diego-based Trigild Inc. – in tandem with Dallas-based brokerage firm Annandale Real Estate -- has closed the sale of a portfolio of 30 Albuquerque area gas station/convenience stores once owned by PRP Inc. and operated by Ever-Ready Oil Inc.
Trigild, which specializes in loan recovery and management of commercial real estate assets and operating businesses, facilitated the sale with Annandale, who also worked with New Mexico-based Hopkins Real Estate.
According to Gary Aharonian, Trigild's vice president of petroleum properties, the stores were sold to two separate regional operators. Twenty eight of the locations were sold to Brad Hall Fuel, and the other two properties were sold to Brewer Oil, a jobber with 36 existing locations in New Mexico.
Located throughout Albuquerque, and the surrounding communities, the former Chevron and Conoco-branded properties range in size from 900 to 2,400 square feet and are situated on half-acre to three-acre parcels.
When Ever-Ready Oil was placed in receivership in May 2010, Trigild took over operations for the properties as manager/receiver and was charged with protecting the assets, as well as preparing them for a quick sale. The firm's immediate tasks included liquidating $1 million in wholesale inventory, excess equipment and company vehicles, as well as collecting more than $1 million in accounts receivable.
"Upon taking charge as management company and receiver, we reviewed the financials -- hiring employees and reopening/operating the eight stores deemed profitable," Aharonian explained. "The remaining units were then secured and appropriate inventories transferred to the operational units. Many store-level and corporate office employees have since been rehired, and the stores have all resumed business and [are] fully operating."
Albuquerque-based Ever-Ready formerly owned and operated 28 Chevron and three Conoco stations. It also had a network of national and proprietary commercial fueling sites and a wholesale division that sold and distributed lubricants and approximately 40 million gallons of wholesale fuels yearly throughout New Mexico.