Ed Durnil, a spokesperson for Elizabethtown, Ky.-based Tranzon, said response [image-nocss] to the sale announcement was immediate and remarkable. "We just put the news out and I think we've had a hundred inquiries in less than four hours," he told CSP Daily News yesterday.
He added that the sites put up for sale were previously acquired through a bankruptcy sale. "Textron Financial is the ultimate, underlying lender that has authorized the sale," he said. "IAC Louisiana [and Mississippi] is the turnaround and consulting company."
Nine of the store locations have deli operations with full kitchens and two have Subway franchise operations. Ten locations are fee-simple sites, one site is fee/lease split and five store locations are under long-term ground leases. The ground leases have all been recently extended.
The entire chain has been re-branded and re-imaged with the Chevron/Texaco logos between August and November of 2007.
The chain's current fuel jobber is Johnson Oil Co., Gonzalez, Texas. The chain has an existing motor fuel agreement with Johnson Oil that is assignable or can be cancelled by seller with 30 days notice without penalty to purchaser.
The chain participates in the Chevron rebate program, administered through Johnson Oil. It is a $0.015 cents per gallon rebate on all unleaded fuel sales for three years.
New blending Gilbarco Encore 500's multipump dispensers (MPDs) and new Veeder-Root TLS-350 Plus systems with printers have been installed in all locations.
All but two of the stores have diesel pumps and accept fleet cards. Six stores have truckstop operations with separate diesel islands. These locations are capable of accepting industry recognized fleet cards.
The chain currently operates with four third-party dealer lessees that currently generate approximately $311,000 in rental annually. All existing operating leases and motor fuel agreements with dealers are month to month and can be terminated with 30 days notice by a prospective purchaser.
All Louisiana properties are covered under the Louisiana DEQ Trust Fund.
The store prices do not include inventory or franchises. All sales are contingent on the purchase of existing fuel inventories at last delivered laid in cost and the purchase of inside inventories verified by a third party source . Asking prices do include all real estate and all outside and inside equipment, furniture and furnishings except any recent verifiable (invoiced) equipment purchases made by lessees.
All locations are offered individually or in combination purchases via sealed bid, Tranzon Asset Advisors said. Sealed bids are due on or before March 25, 2009, by 5:00 pm (ET).Click here for more details.
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