Former Quik-Way Sites Will Keep Pumping
Six North Texas locations sold to two buyers for total of $3.5 million
DALLAS-- The buyers of two groups of former Quik-Way gas station/convenience stores in North Texas are were local operators who will continue to run the properties. Two sets of buyers have purchased the locations in transactions valued at a total of more than $3.5 million.
As reported in a Raymond James/CSP Daily News Flash on Tuesday, one of the groups purchased two of the properties and the other purchased four of the properties.
Four of the stores, in Sherman, Denison and Howe, were Chevron branded; the others in Denison and Bonham, were Shell branded. All have full c-store operations.
The properties range in size from 1,800-square-feet to 4,500-square-feet and are situated on half-acre to three-quarters-of-an-acre parcels.
The buyers of the properties were local operators and will continue to run the properties.
San Diego-based Trigild Inc., working with Dallas-based Annandale Real Estate, closed on the sale. Trigild was appointed receiver of the former Quik-Way stores in late 2011. The company facilitated the sale with Annandale, which auctioned the properties on June 28, 2012.
Gary Aharonian, Trigild's vice president of petroleum properties, said that when the portfolio was placed in receivership, Trigild took over as both manager and receiver to protect the assets and prepare them for a quick sale. As part of the process, Trigild staff liquidated inventory and equipment at the lease-hold locations valued in excess of $250,000.
"When petroleum properties like these enter receivership, it is critical to assure the assets are handled properly so that prospective buyers can move forward quickly and efficiently once the purchase is closed," Aharonian said, noting that the process was completed in six months.
In late 2011, Empire Petroleum Partners, Gaithersburg, Md., and the Quik-Way Group, Dallas, merged to create a single multiregional fuel distributor serving more than 530 customers across 13 Mid-Atlantic, Southeastern and Midwestern states.
The company did not respond to a CSP Daily News request for comment by press time concerning these six former Quick-Way sites.
(See Related Content below for previous CSP Daily News coverage.)