BIRMINGHAM, Ala. -- On December 2, McCullough Oil acquired six Jolly Food Stores located in the greater Birmingham, Ala., market, for an undisclosed amount.
All of these sites were sold as fee simple gas stations and convenience stores. According to David Bowers, vice president of McCullough Oil, the company plans to rebrand the former Jolly properties to either Chevron- or CITGO-branded retail outlets.
Houston-based international commercial real estate firm Situs Inc. handled the sale, having been engaged by the creditors of [image-nocss] Jolly Oil.
Gardendale, Ala.-based Jolly Enterprises Inc. faced mounting insolvency issues and was unresponsive to efforts by creditors to resolve outstanding defaults, said Situs in April, when it announced the sale. According to a January report in The Birmingham Business Journal, the troubled 26-store chain, which was under investigation by the FBI, carried a heavy debt load and sold off many of its stores.
The six Jolly stores sold by Situs include four operating locations and two closed sites. All of the properties except one contain drive-through car washes. A number of the locations were built in the last five years, and feature modern construction components such as glass facades and multi-product dispensers with credit card readers.
Situs continues to be heavily involved in the sale of retail petroleum assets, having been engaged by numerous lenders to handle dozens of loan workouts, receiverships, notes sales, and the sale of convenience stores numbering in the hundreds. Situs also provides disposition services for owner-operated stores, travel plazas and various other types of commercial real estate.
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