RICHMOND, Va. -- A company in the Tidewater region of Virginia is offering to sell six company-operated convenience stores and a car-wash facility through a structured sale process.
The stores are located at prime traffic locations in Chesapeake, Norfolk, Suffolk and Virginia Beach. Five stores also offer motor fuels, and all six stores offer traditional convenience merchandise items. Five of the convenience stores and the car-wash facility are being sold with the real estate, and one store is subject to a lease.
Based [image-nocss] on annualizing the actual operating results for the nine months ended June 30, 2006, the stores sold approximately 770,000 gallons of motor fuels per store and approximately $536,000 of merchandise per store. The median store size is 2,050 square feet, and one of the stores includes additional retail space for lease. Five of the stores and the car-wash facility were re-imaged in 2005.
The sale of these stores, to be managed by Matrix Capital Markets Group Inc., Richmond, Va., is governed by formal sale procedures, which are available upon request.Offers can be submitted on individual stores, combinations of individual stores, or for all of the stores.A qualified bid must be submitted in order to participate in the live auction. All preemptive and qualified bid offers must be submitted on or before 5 p.m. ET on Monday, Oct. 9, 2006.The stores that are not sold through the preemptive sealed-bid process will be entered into a live auction on Thursday, Oct. 12, 2006.
Offering materials and for more information about the stores and the sale process are available by visiting Matrix's Energy & Multi-Site Retail Web site www.matrixcapitalonline.com.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.