OKLAHOMA CITY -- Sinclair Oil Corp. has sold its last company-owned gasoline stations in Oklahoma, according to a report in The Oklahoman.
Salt Lake City, Utah-based Sinclair has sold seven gas stations in the Oklahoma City metropolitan area last month in a sealed-bid auction by Dakil Auctioneers Inc.
According to the report, locations and buyers include:
A 1,855-sq.-ft. building on 1.58 acres, bought by Ngoc Nguyen for $450,000. A 646-sq.-ft. building in Bethany, Okla., on about half an acre, purchased by Mahmoud Amaireh for $251,175. [image-nocss] A 1,247-sq.-ft. building on about three-quarters of an acre, bought by Chinh Quoc Vuong for $161,000. A 1,844-sq.-ft. building on about half an acre, bought by Dimay Patel for $377,731. A 617-sq.-ft. building on about half an acre, bought by On Cue Marketing LLC (Hao Nguyen and Tam Nguyen) for $400,000. A 714-sq.-ft. building on about half an acre, bought by Diep Ngoc Ha for an undisclosed amount. A 1,989-sq.-ft. building on about half an acre, bought by International Truck Rental & Sales, Dallas, for $111,605.A station in Muskogee, Okla., received no bids and will be sold individually, said the report.
The transactions are all subject to close, it added.
Sinclair district manager Stephen Healey in Omaha, Neb., told the paper 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 240-plus 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 stations fetched more than Sinclair was asking in a recent sealed-bid auction, Louis Dakil of Dakil Auctioneers told the newspaper. He said the total amount$2,031,511 for the seven propertieswas more than he expected. "This real estate in Oklahoma City's really incredible," he said, adding that West Coast investors, while none bought any of the Sinclair stations, are buying enough real estate here to help drive up prices for all commercial property.
Dakil said he sent out 120 information packets on the stations, mostly to local people. All the buyers but one were from the metro area, he said.
He said 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% more for the properties that way.
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.