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COLUMBUS, Ind. -- MarketplaceAdvisors LLC Thursday has begun accepting sealed bids for 212 convenience stores/gas stations in northern and central Kentucky, southern and central Indiana, and southern Illinois that are owned by Columbus, Ind.-based Kiel Bros. Oil Co. Inc.
The stores primarily operate under the Tobacco Road brand name, selling primarily BP and Marathon brand gasoline. The largest concentration of stores are in the Columbus, Evansville and Indianapolis areas of Indiana, and the Lexington and Louisville areas of Kentucky, the company said.
The transactions will be in the form of leases, so potential operators "will not need to raise the additional capital that would be required for an outright purchase of the land, building and equipment," according to a news release.
The sales of the convenience stores are part of a strategic plan by Kiel Bros. "to return to our petroleum products wholesale and distribution roots and to exit the direct retail operation of our stores," Gregory Pence, Kiel Bros. president, said.
Successful bidders will enter into long-term petroleum-supply agreements with Kiel Bros., and the company will retain most environmental-remediation obligations associated with the sites.
In addition to selling the stores that are operating, MarketplaceAdvisors will accepts bids for seven closed stores, two vacant parcels and Kiel Bros.' corporate headquarters building in Columbus. All bids must be submitted through Dec. 5, and bidders will receive notification of the results of the auction by the end of the year, the release said.
Information on how to bid and detailed property description packages are available online at www.marketplaceadvisors.com or by calling (877) 298-3381.