LA PALMA, Calif. -- As part of an ongoing rationalization of its assets, BP West Coast Products LLC has placed 77 ARCO stations on the West Coast up for sale.
The portfolio of sites features 20 stores in Southern California, 33 stores in the San Francisco Bay Area and Sacramento/Central Valley, Calif., 10 stores in and around Portland, Ore., 10 stores in and around Seattle, and four stores in Arizona. All sites are currently operating stations with convenience stores. They are being sold with 20-year am/pm franchises and fuel supply agreements [image-nocss] from BP.
BP retained NRC Realty Advisors LLC, Chicago, to arrange and execute the sale.
The ARCO and am/pm brands are market leaders up and down the West Coast, said Hope Mineo, managing director of NRC. These are high-quality sites at premier locations within strong markets. BP, ARCO and am/pm provide great brands, along with exceptional support and resources. As such, we expect this sale to generate a high level of interest from prospective dealers and franchisees.
As part of its normal, ongoing business operations, BP (operating under the ARCO brand) constantly reviews its network of sites to ensure it maintains an efficient and comprehensive offering to its customers. An integral part of this review includes an assessment of whether the company should continue to own any specific site. The ARCO-branded network consists of both company-owned and dealer/franchisee-owned locations. BP's approach is to continue to grow and strengthen its brands by growing and strengthening its franchise network. As a result, this provides an opportunity for dealer/franchisees to own and operate an established ARCO and am/pm site on their own.
The sites will be sold through a sealed bid sale in a buy one, some or all format with bids due on May 26, 2006. A complete list of sites and information on submitting bids is available online at www.nrc.com/608 or by calling the NRC Customer Service Center at (800) 747-3342, Ext. 608.
Prospective bidders must attend a how-to-bid seminar to bid on any sites. NRC will conduct four seminars:
Friday, April 28, in Modesto, Calif., for the southern California sites
Monday, May 1, in Garden Grove, Calif., for the Bay Area and Central Valley sites
Wednesday, May 3, in Portland, Ore.
Thursday, May 4, in Seattle
Those interested in the Arizona sites should call NRC and request bidding information.All calls for more information should be directed to the NRC Customer Service Center.
NRC has prepared a color sales brochure and individual property specific packages (PSP) for each property. The packages contain store-level information and bidding terms of sale. PSPs are available at $35 for a hard copy and $25 for a CD-ROM.
NRC Realty Advisors LLC specializes in the sale of petroleum industry property and commercial real estate throughout the United States, Mexico and Canada.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.