What Happens in Vegas
NRC to handle sale of 9 ARCO ampm's in Vegas market for BP
LAS VEGAS -- NRC Realty Advisors LLC (NRC) said that it has been retained by BP Products North America Inc. to coordinate the sale of nine branded ARCO ampm stations in its Las Vegas market and a commercial development site on the Strip.
Of the 10 sites, seven are located in Las Vegas (with two on the Strip), and three are located in the neighboring Arizona cities of Bullhead City, Kingman and Lake Havasu City. All sites have large convenience stores, which are being sold with 20-year ampm franchises and fuel supply agreements from BP Products [image-nocss] NA.
As part of normal, ongoing business activity, BP (operating under the ARCO brand) reviews its network of sites to ensure it maintains an efficient and comprehensive offer to the customer. An integral part of this review includes an assessment of whether it should continue to own any specific site. The ARCO branded network is made up of a mix of company and dealer/franchise owned locations, which has proved to be very successful, both for BP and its dealers/franchisees, the company said. Within any given market, there are sites that no longer make sense for ARCO to own, but may offer excellent opportunities for many dealer/franchisees to own and operate themselves.
These stations have great gas and merchandise sales, said Hope Mineo, managing director of NRC. Several are pumping over 300,000 gallons a month, and three sites have additional billboard income.
The locations will be sold through a sealed-bid sale in a buy one, some or all format with bids due on Thursday, July 14, 2005. A complete list of sites and information on submitting bids is available online at www.nrc.com/506 or by calling the NRC Customer Service Center at 800-747-3342, extension 506.
NRC will conduct a How-To-Bid Seminar on Thursday, June 30, 2005, in Las Vegas. It has prepared a color sales brochure and individual property specific packages (PSP) for each property, which contain store level information and bidding terms of sale. PSPs are available at $35 for a hard copy and $25 for a CD-ROM.
Chicago-based NRC specializes in the accelerated sale of petroleum industry property and commercial real estate throughout the U.S., Mexico and Canada, and it said it has sold more than 10,000 properties since its inception in 1989. Since 2003, NRC has coordinated the sale of more than 1,600 sites aggregating more than $560 million in sales, it added.
Clients include major oil companies such as Sunoco, BP and Shell; convenience store chains; and franchise and commercial lenders, including GE Capital Franchise Finance Corp., Bank One Corp. and Wachovia Corp.; other retailers including K Mart; and independent retailers and distributors throughout the country.