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CHICAGO -- NRC Realty Advisors, LLC announced yesterday that it has been retained by BP West Coast Products, LLC to arrange and execute the sale of 37 ARCO stations on the West Coast, and separately, by Cincinnati-based Gilligan Oil Company, LLC to coordinate and execute a sealed bid sale of 13 gas stations in Ohio.
The BP West Coast Products portfolio features 19 sites in California, eight sites in Washington, five sites in Oregon, and five sites in Arizona. All of the sites are currently-operating stations with convenience stores. They are being sold with 20-year ampm franchises and fuel supply agreements from BP.
"The ARCO and ampm brands are market leaders up and down the West Coast," said Hope Mineo, managing director of NRC. "These are high-quality sites within strong metro markets. BP, ARCO and ampm provide great brands, along with exceptional support and resources. As such, we expect this sale to generate a high level of interest from prospective dealers and franchisees."
The ARCO-branded network consists of both company-owned and dealer/franchisee-owned locations, which has proven to be very successful for both BP and its dealers/franchisees. BP's approach is to continue to grow and strengthen its brands by growing and strengthening its franchise network. As a result, this sale provides an excellent opportunity for dealer/franchisees to own and operate an established and successful ARCO and ampm site on their own, according to NRC.
The sites will be sold through a sealed bid sale in a "buy one, some or all" format with bids due on May 22. A complete list of sites and information on submitting bids is available online at www.nrc.com/705, or by calling the NRC Customer Service Center at 800.747.3342, extension 705. To be eligible to bid, prospective bidders must attend a BP Franchise and How-To-Bid Seminar. NRC will conduct seminars in the following cities: April 23 in Garden Grove, Calif.; April 24 in Concord, Calif.; and April 26 in Portland, Ore. For more information, or to register for the seminar, call NRC Customer Service.
Meanwhile, the Gilligan Oil Co. sale portfolio consists of 12 operating Shell gas stations and one operating Sunoco station, all with c-stores; 10 locations also have car washes. All of the locations will be sold with 15-year fuel supply agreements and are located in the Greater Cincinnati Area: Cincinnati (three locations), Loveland (three locations), West Chester (two locations), Blue Ash, Columbus, Hamilton, Sharonville and Withamsville Ohio.
"These are exceptional properties in high-traffic areas," Mineo said. "Gilligan's superior reputation as a distributor and operator for c-store excellence makes these sites immediately appealing in the Ohio market."
Pat Gilligan, president and CEO of Gilligan Oil, said: "We are looking to grow our market share by balancing our co-op store count with our dealer store count. There are highly-qualified dealers out there who will be able to take advantage of this excellent opportunity to grow with us."
Gilligan Oil was founded in 1993 and has numerous company-operated and dealer- operated locations in central and southern Ohio. The chain sells fuel under Shell, Sunoco and Exxon banners at more than 80 retail locations. Gilligan's service portfolio includes convenience stores, gasoline stations, car washes and franchise restaurants.
NRC will conduct a How-To-Bid Seminar on Tuesday, April 3 at the Sheraton Cincinnati North in Cincinnati. For reservations, contact the NRC Customer Service Center.
All sites will be sold through a sealed bid sale in a "buy one, some, or all" format; bids are due May 3. For bid submission guidelines, or to order brochures and PSPs, contact NRC Customer Service Center or visit http://www.nrc.com/707.
NRC Realty Advisors specializes in the accelerated sale of commercial real estate and financial advisory services. Since 1989, it has sold more than 10,000 properties.