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    Seven AM/PMs Up for Sale in California

    BP auctioning off sites with gas.

    CHICAGO -- BP Products North America Inc. has engaged NRC Realty Advisors LLC (NRC) to coordinate the sale of seven sites in the Central/Southern California market. The sites, which currently operate as AM/PM stations, are located in Arroyo Grande, Atascadero, Phelan, Piru, Riverside, and two locations in Victorville.

    “These stations have great gas and merchandise sales,” said Hope Mineo, managing director of NRC. “Several are pumping over 300,000 gallons a month.”

    All of the locations 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, which has proved to be very successful, both for BP and its dealers/franchisees. Within any given market, there are sites that no longer make sense for ARCO to own, but may offer excellent opportunities for many dealer/franchisees to own and operate themselves.

    The locations will be sold through a sealed bid sale in a “buy one, some or all” format with bids due on August 24, 2005. A complete list of sites and information on submitting bids is available online at www.nrc.com/516.

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