Investor Buys Mapco Express Pair
BAR II pays total of $1.2 for two locations in Memphis, Tenn., area
MEMPHIS, Tenn. -- BAR II LLC has bought a Mapco Express Inc. portfolio for a combined $1.2 million from Mapco Express Inc. The sales closed September 24 in special warranty deeds. Quitclaim deeds also were filed for the two properties, which are in Bartlett and the Rhodes College area, according to a report by The Memphis Daily News.
The Bartlett property is a 2,560-square-foot convenience store built in 1986 that sits on 1.16 acres on the southeast corner of the intersection. The Shelby County Assessor of Property's 2009 appraisal is $852,000. BAR II paid $700,000 for that property, said the report.
The Rhodes College property is a 1,219-square-foot convenience store built in 1988 that sits on 0.52 acres at the southwest corner of the intersection. Its appraised value is $238,100. BAR II paid $475,000 for that property, the report said.
BAR II, which financed the purchase with a $1.4 million loan through First Capital Bank, is a limited-liability company named after its three principalsBernard Farber, Anwar Aman and Robert Allen. Farber and Allen signed the trust deed as secretary and chief manager, respectively, of BAR II. It was recently registered in Germantown, Tenn, added a report by The Nashville Post.
The company also recently redeveloped a Steak & Ale restaurant into Sharky's Gulf Grill and developed a retail center, the newspaper said.
MAPCO Express is a wholly owned subsidiary of Delek US Holdings Inc. With headquarters in Brentwood, Tenn., Delek US Holdings operates a network of nearly 500 retail gasoline and convenience stores in Alabama, Arkansas, Georgia, Kentucky, Louisiana, Mississippi, Tennessee and Virginia, primarily under the MAPCO Express, MAPCO Mart, East Coast, Discount Food Mart, Fast Food & Fuel and Favorite Market brands. Approximately 93% of the stores are located in Tennessee, Alabama and Virginia.