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HOUMA, La. -- IAC Louisiana LLC and IAC Mississippi LLC will auction 17 convenience stores in Louisiana and Mississippi through a sealed bid offering by Tranzon Asset Advisors, as well as an office/bulk plant capable of marine fueling operations and a tract of land zoned for casino operations, Tranzon stated.
Of the 17 stores, nine have deli operations with full kitchens, two which feature Subway franchise operations available for purchase separately, and one with a McDonald's quick-service restaurant. In addition, 14 locations are fee simple sites with five store locations under long-term ground leases, the company stated.
Most of the sites for sale are located in excellent areas that are exposed to high traffic counts in corner locations, according to he company.
All of the sites were reimaged in 2007 to the Chevron or Texaco brand, and qualify for the Chevron rebate program. The stores also have new blending Gilbarco Encore 500's dispensers and Veeder-Root TLS-350 Plus systems with printers. And 15 stores have diesel pumps and accept fleet cards, and six stores have truck stop operations with separate diesel islands.
In addition, the chain currently operates through six third-party dealer lessees. All existing operating leases and motor fuel agreements with dealers are on a month-to-month basis and can be terminated with 30 days notice by prospective purchasers. Other income generated, which includes rental income, was approximately $800,000 in 2007.
All sales are subject to the purchase of existing inventories and fuel.
Bidders may purchase a single store, multiple locations or the entire portfolio, according to Tranzon. Sealed bids are due by 5 p.m. March 25, 2009. Pre-sales are encouraged and preliminary due diligence information can be made available to serious buyers, the company stated. More information is available by calling (866) 243-8243 or visiting www.tranzon.com.