OAK BROOK, Ill. -- It's seldom that the one- and two-store sales get press coverage amid the high-profile, attention-getting activity of major acquisitions, but that doesn't mean smaller dealssmaller in number of stores and dollar amounts, but no less importantaren't also occurring on a frequent basis.
Oppenheim Consulting Services, a subsidiary of The Oppenheim Group, a real estate consulting and brokerage company, has announced the sale of PJ's Country Store, a 2.25-acre, full-service travel plaza located in West Memphis, Ark., and the Family Quick [image-nocss] Stop, a Phillips 66-branded gas station and convenience store located in Parkin, Ark.
Both properties were acquired by Eddie Khalad from CSH Inc., a retailer and wholesaler located in Jefferson City, Mo.
Although terms of the sale were not provided, Philip Sussman, a partner with The Oppenheim Group, and the seller's representative, said, PJ's, because of its prime I-40 location and ease of accessibility, is well positioned to handle the continued I-40 vehicular growth and truck traffic volumes for years to come.
Houston-based Oppenheim Consulting Services offers a variety of retail petroleum and franchised asset services, including strategic consulting, buy- and sell-side representation and lender disposition-related services.
Separately, a Princeton, N.J.-based private institution has sold the McKee Oil/Phillips 66 c-store and gas station in Kaysville, Utah, to an undisclosed family trust in Utah, said CoStar Realty Information Group Inc., Bethesda, Md.
The property sold for $2.07 million, or about $591.50 per square foot. The 3,500-square-foot building, originally built in 1998, is on 1.18 acres near Interstate 15.
The purchase of this property offered the buyer a long-term net lease with a strong regional tenant.
Kase Abusharkh of Sperry Van Ness of Danville, Calif., represented the seller. Robert Farnsworth of Re/Max Advantage represented the buyer.
McKee previously sold 10 Kicks stores to 7-Eleven, as reported last month in CSP Daily News. At the time, a representative of the company said it intended to continue ownership and operation of its remaining eight stores.
And Gray's Pit Stop has a new owner, and a new name, reported The Kennebec Journal. Duane and Fran Dumont recently purchased the Monmouth, Maine, convenience store, gas station and garage from Calvin and Amanda Gray, renaming the business Dumont's Pit Stop.
Dumont said he is planning an expansion to be completed by February that will include a walk-in freezer, a brick-oven pizza and sandwich deli and a line of New England Coffee. He also said he hopes the store will become an agency liquor store, pending state approval at a hearing in January. If approved, it will offer a full selection of liquor, in addition to the wine and beer they already sell, he told the paper.
And Dumont said his wife will work at the deli when it becomes operational, and his son is training to be a mechanic in the garage with Calvin Gray. He said When we get done it will be a husband, wife and family business, he said.
Gray said he and his wife had planned on putting the business up for sale back when they bought it 10 years ago, so this recent sale was simply a completion of their plan. When they bought the business, he said, it was at a time when the store was on the brink of closing. This business was in dire distress, he told the paper. But we knew that this location, and this business, had a lot of potential.
Gray said he is pleased with the improvements that Dumont is making to the business. I think that the community has always wanted these services, he said.
Gray will remain in the garage, where he and another full-time mechanic will continue to change brakes; do exhaust work, suspension work and alignments; and perform state inspections, said the report.
Meanwhile, Veltex Corp. has acquired 100% ownership of Mt. Zion Gas Inc., which owns a 88,000-sq.-ft. property located in Mt. Zion, Ill.
The property currently has a viable, operating gas station with an attached c-store, which will add a projected $3 million a year in revenue, the company said. In addition, there is a 5,000-sq.-ft. warehouse located on the property, which will be used as a Veltex Apparel distribution center for the greater Midwest region.
Veltex Corp., headquartered in City of Industry, Calif., with distribution centers in the United States, Canada and factories in Bangladesh, is a vertical manufacturing and import/export company with five subsidiaries. It designs and manufactures brand-named apparel and Caps for the promotional products industry. Also, it manufactures custom headwear for Tommy Hilfiger, specialized textiles primarily for use by manufacturers of automobile interiors, upholstery for furniture manufacturers and ready-to-wear garments.
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