ONANCOCK, Va. -- Prospect Corp. LLC, Corner Mart Inc. and Bagwell Oil Co. Inc., a petroleum marketing, distribution and convenience store company located on the Eastern Shore of Virginia,are offering to sell 10 operating c-stores through a structured sale process to be managed by Matrix Capital Markets Group Inc.
Nine stores are owned in fee and will be sold with the real estate included and one is subject to a long-term lease. All of the stores sell a traditional assortment of c-store merchandise, and four stores have full-service delis. All 10 are [image-nocss] major oil company branded.
All of the stores are located at prime traffic locations south of the Maryland state border and north of the Chesapeake Bay Bridge-Tunnel on or near to Highway 13 and along the route to Chincoteague, Va., a popular beach vacation destination.
In 2005, the stores averaged more than 800,000 fuel gallons sold and approximately $600,000 of merchandise sales per store. The stores present an excellent business opportunity for an individual or strategic buyer looking to maximize convenience retail opportunities in the Mid-Atlantic, Matrix said.
The sale of these storesis governed by formal sale procedures. Offers can be submitted on individual stores, groups of stores and for all of the stores. All offers must be submittedhttp://www.matrixcapitalonline.com on or before 5:00 PM ET on May 5th, 2006.
To receive offering materials and for more information on the stores and the sale process, please visit Matrix's website, www.matrixcapitalonline.com, and click on the Corner Mart link.Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.