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SOMERSET, Ky. -- The Pulaski County Kentucky Circuit Court appointed Tranzon Asset Advisors to auction the assets of Valley Oil Group LLC at absolute, meaning there is no minimum bid. The auction will include eight locations -- six convenience stores, one travel plaza and one liquor store -- that are located in Somerset, Eubank, Stanford and Lawrenceburg, Ky.
Seven of the locations are currently open and operating. One BP-branded location on the Bluegrass Parkway is closed. The convenience stores are branded BP or Marathon, according to Tranzon, and the travel plaza is located in Eubank, Ky. and was recently operated under the Oran's brand, until its name changed recently.
"The stores are large, modern, well designed, and visible and located in high traffic areas and most of the locations have additional occupied rental spaces," said Vance Luksetich, vice president of Tranzon Asset Advisors. "We're excited to offer such a quality group of income-producing investments that are not often available in this area."
A substantial number of bidders are expected. "It's not often a buying opportunity like this comes along," Regional President Ed Durnil said in a written statement. "We're anticipating significant demand and competitive bidding."
All bidders must submit a sealed bid before April 24. The best and highest bidders will be invited to a live auction that will be held at the Center for Rural Development in Somerset, Ky., on April 27, where the stores will be sold in a buy one, some or all format.