SALT LAKE CITY, Utah -- Sinclair Oil Corp. is selling 118 gas stations or parcels of land, including 19 facilities in Minnesota, 13 in the Twin Cities, reported Twin Cities Finance & Commerce. The sale will help the company pay for developing larger, high-volume stations with expanded convenience store offerings, said the report.
The Sinclair Oil properties we're selling are vintage 1950s or 1960s stations, Mark London, real estate manager for Sinclair Oil Corp., told the newspaper. As such, they don't have as high a traffic volume and don't have [image-nocss] the capability to develop that volume.
He characterized the sites as old and tired. Approximately 60 are previosuly closed facilities. London said Sinclair Oil wants to build combination gas stations and convenience stores on lots ranging between 1.5 acres and two acres.
The company is hunting for larger chunks of land and has acquired several parcels for new stations, including several sites once occupied by now-defunct Tom Thumb c-stores, London told the newspaper.
Minnesota ranks second to Missouri among 11 states where Sinclair plans to sell its properties, the report said; 27 Missouri properties are on the market. Nebraska has 16 properties, Iowa, 15, and Montana, 12. Other states include Colorado (6), Idaho (4), Kansas (7), South Dakota (1), Utah (5) and Wyoming (3).
A Sinclair spokesperson said the company will pay for any oil-related environmental cleanup necessary to prepare the property for future use.Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.