OAK BROOK, Ill. -- Forty-seven service stations and convenience stores are on the auction block in eight states as a national lending institution looks to cash in on the foreclosed properties.
Separately, 18 c-stores, two travel centers, a former office complex and one redevelopment site have been put on the market.
The 47 foreclosed sites, which were previously owned by numerous chains and mom-and-pop operators, are located in eight states: Arkansas (2), Colorado (9 under the Supermart brand), Georgia (2), Illinois (2), Kentucky (13, including 7 former Duke & Long sites), Missouri (13), [image-nocss] Ohio (5 in the Cincinnati and Dayton metro areas) and Texas (1 near Houston).
Of the properties, 18 have businesses that are currently operating. NRC Realty Advisors LLC, Chicago, is soliciting foreclosure bids for the properties. Bidders must sign an agreement stating the amount that they will bid for the site at the foreclosure sale. The lenderwhom NRC did not mention by namewill initiate (or already has initiated) the foreclosure of a property after it has accepted a bid agreement for that property.
NRC anticipates much interest on these sites and looks forward to lining up foreclosure bidders for our client, said Hope Mineo, managing director of NRC.
Due diligence packages containing site-specific information for each property and bidding terms of sale are available on the NRC website at www.nrc.com/509.
NRC specializes in the sale of petroleum industry property and commercial real estate throughout the United States, Mexico and Canada and has sold more than 10,000 properties since its inception in 1989.
Meanwhile, the other properties, located throughout southern Missouri and northeastern Arkansas, include a number of high-volume stores, as well as a small number of properties that are leased to dealers, according to Situs Inc., a Houston-based real estate consulting firm contracted to handle the disposition of the properties.
The majority of the properties operate under the Conoco brand and many feature cobranding and liquor sales. Situs is actively marketing these sites to industry contacts, regional and national c-store operators and brokers active in the industry. The stores are for sale on a one, some, or all basis.
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 hundreds of c-stores, it said. Situs also provides disposition services for owner-operated stores, travel plazas and various other types of commercial real estate.
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