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PHILADELPHIA -- Sunoco Inc., which manages a network of 4,500 convenience stores and gas stations in the United States, has retained Chicago-based National Real Estate Clearinghouse (NRC) to coordinate the sale of approximately 80 retail properties in Michigan and Ohio, CSNews Online has learned. The stores will be sold through a sealed bid sale in a "buy one, some or all" format with bids due Sept. 9.
The convenience stores and gas stations in this sale are being offered with the intention that Sunoco will continue to supply gasoline to the sites through long-term supply agreements with branded distributors, the companies said.
"The sale of our direct-supplied Sunoco outlets is part of a continuing review and assessment of our assets," according to Sunoco Senior Vice President of Marketing Robert Owens. "This real estate sale simply shifts the method of delivery from direct to distributor. We remain strongly committed to the Midwest market, and expect this sale to strengthen the Sunoco branded distributor network."
NRC will conduct three How-To-Bid Seminars: August 5 at the Cincinnati Marriott North; August 6 in Columbus at the Hyatt on Capitol Square; and August 7 in Detroit at the Westin Southfield. Registration for each seminar begins at 9:30am sharp. All interested parties are encouraged to attend to learn more about the sale. "We expect enormous interest in these stores," said Evan Gladstone, NRC's managing director. "These are quality sites with good merchandise and gasoline sales."
NRC is also preparing a color sales brochure and individual property specific packages (PSP) for each property, which contain store level information and bidding terms of sale. Packets are $35 for a hard copy and $25 for a CD-ROM. Individual bid packages for each store should be ready by late July.
A complete list will be available online at www.nrcBid.com/306or by calling 800-747-3342 extension 306.
NRC recently just completed selling 520 stores for Swifty Serve and 45 sites for BP in the western United States. NRC is currently handling the liquidation of 631 sites for Clark Retail in Illinois, Indiana, Michigan, Ohio and Kentucky.