SOMERSET, Ky. -- A Kentucky Circuit Court judge has ordered the auction of the assets of the Valley Oil Group LLC, including six convenience stores, a travel plaza and a liquor store. The ruling is part of a lawsuit filed against the Sumerset, Ky.-based retailer by Fifth Third Bank. A Circuit Court spokesperson would not share details of the case.
Of the six c-store sites, all in the Somerset area, half are branded BP, and the rest are Marathon. The sites range in size from 450-sq.-ft. kiosk to a 5,215-sq.-ft. store. Two of the sites include drive-thru [image-nocss] windows.
The Eubank, Ky., travel plaza operated under the name of Oran's (until a recent name change), a name known by truckers in the area and travelers headed to Lake Cumberland, according to Tranzon Asset Advisors, the company hired to conduct the auction.
The stores are large, modern, well-designed, visible and located in high-traffic areas, and most of the locations have additional occupied rental spaces, said Vance Luksetich, vice president of Tranzon, Breese, Ill. We're excited to offer such a quality group of income-producing investments that are not often available in this area.
Between a national marketing campaign and the quality of the locations, Tranzon regional president Ed Durnil said he expects a good crowd of bidders. It's not often a buying opportunity like this comes along, he said. We're anticipating significant demand and competitive bidding.
The auction has been ordered and approved as a receiver's sale through the Pulaski County Kentucky Circuit Court. All bidders must submit a sealed bid on or before Tuesday, April 24, with the best and highest bidders invited to the live auction that will be held at The Center for Rural Development in Somerset, Ky., on Friday, April 27, when the stores will be sold in a buy one, some or all auction format. More information is available on Tranzon's website at www.tranzon.com.
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