CHICAGO -- BP has placed 34 gas stations and 81 development sites on the auction block in Illinois, Indiana, Ohio and Pennsylvania. Twelve of the stations come with BP fuel supply agreements, while 22 of the stations are unbranded.
This move fits BP's strategy of reducing its real-estate portfolio and transferring more of the real estate into the hands of jobbers and franchisees, BP spokesperson Scott Dean told CSP Daily News. This is part of our routine portfolio management. [And] we remain an active marketer not only through company ops, but also through [image-nocss] jobbers and dealers in all those states.
Twelve of the properties will be sold as BP-branded stations, nine of them with convenience stores. These properties are currently company owned and are being offered with a five-year dealer supply agreement, with five-year extension terms, of which nine are owned in fee and three are leasehold interests.
Another 22 properties will be sold on a debranded basis; 18 of these sites include c-stores. Also, 18 of these properties are owned in fee, and four are leasehold interests.
Of the 81 development sites, all are former service stations or vacant land and will be sold for commercial redevelopment. Currently, 55 are closed stations with vacant buildings and 24 are vacant land parcels; 77 of these sites are owned in fee, and four are leasehold interests; 56 of these sites will be sold with 20-year use restrictions prohibiting the operation of a facility selling motor fuels, a c-store and/or a quick-service restaurant.
The 81 sites are considered prime retail locations in the Chicago; Indianapolis; Hammond, Ind.; Columbus, Ohio; Pittsburgh; and other areas of those states.
The properties will be sold in a sealed auction through NRC Realty Advisors LLC, Chicago, on Wednesday, June 7. NRC has prepared a due-diligence package for each property. These property specific packages are available at a cost of $35 per hard copy and $25 per CD-ROM, including shipping. To order, call NRC at (800) 747-3342, Ext. 507.
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