ALBUQUERQUE, N.M. -- Trigild Inc.--with the assistance of Annandale Real Estate and Hopkins Real Estate--has closed the sale, valued at more than $15 million, of 30 Albuquerque, N.M., area gas station/convenience stores once owned by PRP Inc. and operated by Ever-Ready Oil Inc. The deal includes the sale of 28 sites to Brad Hall & Associates Inc. and two to Brewer Oil Co.
The 28-site deal with Brad Hall, which closed earlier this month, was a "long process" after providing earnest money last November, Logan Hall, vice president of marketing and supply for the Idaho Falls, Idaho-based company, told CSP Daily News. "I think that's just due to the sites being under receivership."
As reported in a Morgan Keegan/CSP Daily News Flash yesterday, the former Chevron- and Conoco-branded properties range in size from 900 to 2,400 square feet and are situated on half-acre to three-acre parcels.
Hall said the sites will be branded with Chevron, ConocoPhilips and private-label gasolines. The store facilities will be privately managed, although the store brands were not available at press time.
Gary Aharonian, Trigild's vice president of petroleum properties, told CSP Daily News that some of the stores were being leased and that Brad Hall & Associates will be keeping some of the leasees and looking for tenants for the other sites.
Hall said his company owns about 60 sites in New Mexico, Arizona, Utah, Idaho and Indiana. The company has already begun remodeling and reimaging the newly acquired stores, canopies and dispensers. Three of the sites are not currently in operation, and will likely be razed and rebuilt, he added.
Aharonian said the two sites Brewer Oil acquired are cardlock facilities, with one having retail fuel operations and c-store--which will be operated internally.
Albuquerque-based Brewer Oil currently has 36 c-stores and six cardlocks offering the Chevron and Shell brands.
When Ever-Ready Oil was placed in receivership in May 2010, Trigild took over operations for the properties as manager/receiver, and was charged with protecting the assets, as well as preparing them for a quick sale. The firm's immediate tasks included liquidating $1 million in wholesale inventory, excess equipment and company vehicles, as well as collecting over $1 million in accounts receivable.
"Upon taking charge as management company and receiver, we reviewed the financials--hiring employees, and reopening/operating the eight stores deemed profitable," Aharonian said. "The remaining units were then secured and appropriate inventories transferred to the operational units. Many store-level and corporate office employees have since been rehired, and the stores have all resumed business and fully operating."
Albuquerque-based Ever-Ready formerly owned and operated 28 Chevron and three Conoco stations. It also had a network of national and proprietary commercial fueling sites and a wholesale division that sold and distributed lubricants and approximately 40 million gallons of wholesale fuels yearly throughout New Mexico.
Click here for previous CSP Daily News coverage of Ever-Ready Oil.
Based in San Diego, Trigild has more than 30 years of expertise in managing a wide array of commercial real-estate assets and operating businesses--among them petroleum properties nationwide--combining receivership, operations management, consulting and disposition services under one roof.
Annandale Real Estate is a privately owned commercial real-estate and advisory company that specializes in small-format real estate. With headquarters in Dallas, its management team has decades of experience redeveloping and repositioning projects, including design, engineering construction, financial analysis, project leasing and project disposition.
Hopkins Real Estate is based in Los Lunas, N.M.
For an in-depth look into how mergers and acquisitions are affecting the c-store channel, look for the October cover feature of CSP magazine at the 2011 NACS Show.
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