Mergers & Acquisitions

6 Shuttered Convenience Stores in Iowa Reopen Under New Ownership

Former Kwik Shop, Sinclair sites closed in 2023 are back in business under The Goods Spot and The Gas Spot names
goods spot convenience store
Photograph courtesy of InCommercial Property Group

Several convenience stores in Davenport, Iowa, that closed last year because of a bankruptcy and leasing issues reopened in February under new ownership.

InCommercial Property Group has reopened two convenience stores without fuel in Davenport, Iowa, under the name The Goods Spot. It has also reopened four additional c-stores that offer fuel, with Sinclair Oil operating the fuel pumps, under the name The Gas Spot. There are 10 total locations in the Davenport area owned by ICC Motor Fuel I LLC that will be undergoing rebranding and remodeling, with the remaining slated to open later this year.

“Davenport is a livable city that has the amenities that people want, the economy that people can support, and a cost of living that people can afford,” said Tiffany Fraley, COO for InCommercial, Chicago. “We were attracted to the opportunity of owning gas station and convenience-store properties located within a short radius of each other. Davenport was named one of the top 100 places to live in the U.S. per a 2023 poll conducted by, so when this cluster of stores were available for purchase, we seized the opportunity.”

To reopen properly, these sites needed repairs to coolers and HVAC systems, extensive cleaning and new point-of-sale (POS) equipment and software. Each store has hired all new staff with about six employees per location, and the stores have fresh merchandise and new product offerings. For the gas station locations, InCommercial has worked with the Iowa Department of Natural Resources (DNR) to ensure compliance and environmental safety for the gas tanks.

“We look forward to getting more involved with chamber of commerce and economic development departments to foster local improvement. We welcome feedback from local people. Tell us how we can improve and what products we should offer because we are a part of this community and want to be around for a long time,” said Fraley.

InCommercial Property Group acquired the locations, originally opened in 1972, for a fund executed in 2022. The stores closed in September 2023 to make way for new management and location upgrades following the declaration of bankruptcy of owner Mountain Express Oil Co., Acworth, Georgia. The sites, former Kroger-owned Kwik Shop locations, were operated but at no time owned by Brew Oil LLC, Storm Lake, Iowa. Brew Oil ceased operations in eastern Iowa—including 15 leased convenience-store locations in Cedar Rapids, Hiawatha, Eldridge and Davenport, five in Linn County and 10 in Scott County—in late September.

Shortly after Brew Oil began managing these stores, Mountain Express filed for federal bankruptcy protection in Texas.

InCommercial, which was not affiliated with either Brew Oil or Mountain Express, purchased the locations. On Aug. 25, 2023, the bankruptcy court ordered the termination of Mountain Express Oil’s master lease with the out-of-state owners, which included its lease with Brew Oil.

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