BIRMINGHAM, Ala. --Situs Inc. has been engaged by the creditors of Jolly Oil to market and sell six of the Jolly Food Store convenience stores located in the greater Birmingham, Ala., market.
Gardendale, Ala.-based Jolly Enterprises Inc. has faced mounting insolvency issues and has been unresponsive to efforts by creditors to resolve outstanding defaults, said Situs. According to a January report in The Birmingham Business Journal, the troubled 26-store chain, which was under investigation by the FBI, carried a heavy debt load and has sold off many of [image-nocss] its stores.
The Jolly stores being sold by Houston-based Situs include four operating locations and two closed sites. All of the properties except one contain drive-through car washes. Three of the operating sites are branded Chevron; the other is branded CITGO. A number of the locations were built in the last five years, and feature modern construction components such as glass facades and multi-product dispensers with credit card readers.
According to Nathan Kerr of Situs, nearly all of the stores are located in high-traffic locations with limited competition.
Situs Capital Services has been heavily involved in the sale of retail petroleum assets for the last several years, having been engaged by numerous lenders to handle dozens of loan workouts, receiverships, note sales and the sale of c-stores numbering in the hundreds. Situs also provides disposition services for owner-operated stores, travel plazas and various other types of commercial real estate.
For further details, visit www.situscos.com.