OAK BROOK, Ill. -- Although Major Oil retail divestments and whole-chain mergers and acquisitions grab headlines on a frequent basis, a steady stream of individual transactions is usually going on in the background. Along with the many stations and stores listed for sale nationwide through brokers and other agents, the following is a snapshot of several gas stations and convenience stores that are on the block or have changed hands in May, June and July in relatively small deals—small in size, but still representing major dollars.
West
Investor Behmard & Associates [image-nocss] Inc., Culver City, Calif., has acquired an ARCO station and ampm c-store in Culver City from Sofijon Inc. for $2.55 million or about $1,475 per square foot, reported The CoStar Group. The 1,728-square-foot retail property was built in 1986 in the Culver City submarket. It consists of two islands, four pumps, eight fueling stations, three curb cuts and is at a signalized intersection.
ConocoPhillips Co. has sold a station in Marina Del Rey, Calif., to Villa Marina Inc. for $4.12 million, or about $1,705 per square foot, the CoStar Group said. The property consists of a 2,146-square-foot retail building on a 0.48-acre corner parcel.
A station in Pomona, Calif., sold for $4 million in a sale between two private investors, reported The CoStar Group. The 2,048-square-foot retail property sits on 0.91 acres on a corner. The property consists of one island and four gas pumps. It is currently occupied by an ampm store.
Southeast
Cella Oil Investments LLC has sold a Chevron station in Pembroke Pines, Fla., to H.I.T. Oil Investments LLC for $4.4 million, said The CoStar Group. The station was constructed in 2004 and includes a 3,960-square-foot c-store.
The Vero Beach Shell gas station in Vero Beach, Fla., has been put on the market. It is nearby Highway I-95 across the Vero Beach outlet mall and CVS distribution center. The station is 15 minutes drive to the beach. The station serves cars from surrounding area including Fort Pierce, Port St. Lucie, West Palm Beach, Melbourne, Miami and Orlando. The station sells on averages of 100,000 gallons a month; diesel fuel is available. The station is owned and operated by Next Star Rental.
Orlando, Fla.-based REIT National Retail Properties Inc. has purchased the Johnson Drive Auto Plaza in Ventura, Calif., from a Bakersfield, Calif., investor Sovereign WW LLC for about $12.16 million or $1,932 per-square-foot, reported The CoStar Group. The 6,298 -square-foot property consists of a full-service car wash facility, c-store, gas station, restaurant and quick lube service.
Superior Oil Co. Inc. has sold two stations in Salisbury, N.C., to Sam's Real Estate Holdings LLC of Matthews, N.C., for $1.3 million, reported The Salisbury Post. Steve Jarrett, president of Superior Oil, said it was not just the price that led him to sell. "Economics, environmental requirements—it's a little bit of everything," he told the newspaper. "With the price of fuel, it's getting to be like the mom-and-pops in the '80s. With one, two or three stores, it's getting tough."
Sami Nafisi is behind Sam's Real Estate, which owns a number of other stations in the Carolinas and Georgia that operate as Sam's Marts. Jarrett said Nafisi had 150 stores. One of the purchased locations will rebrand from Exxon to Shell Oil; the other will become a Sunoco.
Tranzon Hagen, Carrollton, Ga.., is offering for sale its remaining inventory of closed c-store properties. They are located in Aliceville, Ala., Fayette, Ala. (four sites) and Warren, Mich. All offers presented must include 20% down, with closing to occur within 30 days. All properties are sold "As Is, Where Is" with no contingencies.
Midwest
Tim Wells, an entrepreneur from Canton, Ill., has purchased Buckley, Ill.'s only grocery store and plans to install gasoline pumps in the store's parking lot by August 1, reported The Urbana/Champaign News-Gazette. Buckley, a town of about 600 people in central Illinois hasnot had a gas station in more than a decade, village board President Ardell Goetting said. The availability of fuel, he said, should increase sales and property tax revenue. Wells, who has owned and operated gas stations in the Peoria area, said "all were successful," and he expects his newest undertaking in Buckley to be no different. Wells, who bought the store about a month ago, said all its employees will remain on staff and add a few more. Once fuel pumps are installed, the store's hours likely will be expanded, perhaps to 5:30 a.m. to 11 p.m., Wells said. The fuel pumps will be functional 24 hours a day because they will have credit-card readers.
WESTCO (Western Cooperative Co.) has purchased of Crossroads Mini Mart in Crawford, Neb., said The Chardon Record, effective May 20. Plans to re-image the site to CENEX will make Crawford the sixth Cenex Station for WESTCO. General manager David Briggs said, "WESTCO is excited to have the opportunity to serve the Crawford Community with a convenience store. We have had the pleasure of serving the area with bulk fuel and propane for many years and are happy to expand our service in the Crawford community." WESTCO, headquartered in Alliance, Neb., is a farm supply cooperative that provides agronomy, feed and petroleum products and services throughout the Nebraska Panhandle and eastern Wyoming.
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