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OKLAHOMA CITY -- Sinclair Oil Corp. sold the last of its company-owned gasoline stations in Oklahoma, reported The Oklahoman .
Seven of the stations received more than Sinclair was asking for in a recent sealed-bid auction by Louis Dakil of Dakil Auctioneers Inc. One station in Muskogee, Okla., received no bids, according to the report.
Dakil said in the report that the total amount -- $2,031,511 for the seven properties -- was more than he expected. "This real estate in Oklahoma City's really incredible," he told The Oklahoman . He added that although West Coast investors did not buy any of the Sinclair stations, they are buying enough real estate here to help drive up prices for all commercial property.
Sinclair district manager Stephen Healey said in the report that the privately held oil company sold the stations because it believes the market is oversaturated. He added that the sale would have no effect on the approximately 240 Sinclair-branded stations owned by independent operators.
Four of the seven stations will continue to operate under the traditional green dinosaur logo, since the buyers opted to buy the properties with Sinclair branding rights. The buyers purchased the other three without branding agreements, The Oklahoman reported.
Dakil told the newspaper he sent out 120 information packets on the stations, mostly to local people. All the buyers but one were from the Oklahoma City metropolitian area, he said.
He said in the report that Sinclair chose to auction the stations rather than list them for sale in hopes of getting a better price. He estimated that the company got 20 percent more for the properties that way.