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NEW YORK — Cambridge Petroleum Corp. (CPC) will sell leasehold rights, title and interest in seven gasoline stations and the fuel supply of one location via a sealed bid sale. The bid deadline is Aug. 11.
CPC operates under the commission agent model for fuel sales at all eight locations. The seven sites that are leased to CPC are subleased to a commission agent that pays rent and receives a commission on every gallon of gas sold.
Among the eight sites, four are in Rhode Island, two in New Jersey, and one each is in Pennsylvania and Connecticut.
The total fuel volume is approximately 4.7 million gallons, with an annual income of $1.27 million before commissions paid and credit card fees.
CPC will use the proceeds from the bid sale to pay a settlement to the Getty Petroleum Liquidating Trust.
The sealed bid sale is being coordinated by The Energy Exchange of Chicago. “The leasehold interest in these sites with the commission agents in place could be very valuable to some regional distributors," said Phil Boyd, managing director of The Energy Exchange. "It gives them 4-plus million gallons with very high margins and no operating responsibilities.”
A list of available sites and detailed site-specific information can be obtained by contacting The Energy Exchange at (866) 906-7499 or by clicking here.
New York City-based Cambridge Petroleum Corp. is a Northeast fuel distributor.