HOUSTON & JEFFERSONVILLE. Ind. -- Six months after foreclosure, four convenience stores in southeast Texas and southwest Louisiana are on the auction block. The four properties, formerly owned by Sarbali Oil Inc., Houston, were sold off as part of a foreclosure deal this past October. Current owners, Conifer Energy Assets and Gulfstream Capital Corp, Conifer, Colo., are now selling the stores.
The four sites, located in Leesville, La. (2), Kirbyville, Texas, and Woodville, Texas, are leased to a third party operator. They are being auctioned by Insolvency Strategies Inc., Las Vegas.[image-nocss]
The two Louisiana sites are Mobil-branded JOC Stops. Both include 15-year-old stores of about 3,500 square feet on less than an acre of property.
The Kirbyville site is a Shell-branded c-store on less than half an acre. The 1,380-square-foot store is 14 years old. And the Woodville site is a split 2,176-square-foot building with a Mobil-branded c-store on one side and space for another tenant on the other. There previous tenant operated a quick-service restaurant with a dedicated entrance and a drive-up window.
Six-month-old appraisals suggest the value of the properties range from $410,000 to $500,000. The deadline to submit bids is Thursday, June 12.
Separately, a convenience store, tobacco outlet and deli in the heart of the commercial district of Jeffersonville, Ind., remains on the market after an April 22 auction failed to achieve the seller 's minimum reserve price.
The Keystop convenience store is situated on just less than an acre of land. The facility features "modernized" improvements (1999), including pumps, tanks, awning cover, building windows, walk-in cooler and deli/kitchen equipment.
The owner provided the following averages for this longstanding business: average monthly gross profit of $18,500; average monthly operating expense of $12,208; and average monthly net profit of $6,292.
Tranzon LLC of Elizabethtown, Ky., is handling the sale. The asking price is $577,500 and offers will be considered, Jeffrey M. Farmer, vice president of Tranzon Asset Advisors, told CSP Daily News.
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