CHICAGO -- Twenty BP properties in northern New Jersey and one site in Freeport, N.Y., were placed on the auction block this week as the company continues its rationalization of retail sites. Spokesperson Scott Dean said the sale is part on an ongoing move toward more jobber-owned-and-operated stores.
There are about 13,000 BP- and ARCO-branded sites coast to coast, Dean told CSP Daily News. Well over three-quarters now are in the hands of jobbers or dealers, including franchisees, and that percentage is growing.
The [image-nocss] properties include 18 BP-branded gas stations, two vacant land parcels and one land parcel with an existing building.
Of the 18 BP-branded stations, 14 include convenience stores. These properties are currently dealer-owned, dealer-operated BP stations being offered with a five-year dealer supply agreement, with five-year extension terms. The two vacant land parcels are being sold for development as new BP-branded stations. The remaining land parcel with an auto repair facility is being sold as-is for occupancy or redevelopment.
This sale comes as a result of continuous review by BP of its network of branded sites. This review is done to determine the performance and value of each site location and how to best serve customer needs, the company said.
BP has hired NRC Realty Advisors LLC, Chicago, to coordinate and execute the sale.
We are very pleased to continue serving BP in the ongoing refinement of their property portfolio, said Hope Mineo, managing director of NRC. BP remains a market leader by continually improving its operations and offerings. Our goal is to maximize BP's return on these sites, and we feel very strongly that these New Jersey properties will receive strong demand from prospective buyers.
The properties will be sold through a sealed-bid sale. Bidders may bid on one, some or all properties, with bids due by Thursday, June 8, 2006. A complete list of sites and information on submitting bids is available online at www.nrc.com/607 or by calling the NRC Customer Service Center at (800) 747-3342, Ext. 607.
NRC will conduct a how to bid seminar on Tuesday, May 16, 2006, in Somerset, N.J. Attendance at the seminar is required to bid on BP-branded sites. Reservations can be made by calling the NRC Customer Service Center at (800) 747-3342, Ext. 508.
NRC Realty Advisors specializes in the sale of petroleum industry property and commercial real estate throughout the United States, Mexico and Canada, and has sold more than 10,000 properties since its inception in 1989.
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