JEFFERSON CITY, Mo. — Beeline Properties LLC has acquired five Ayerco convenience stores in Illinois and Iowa from Illinois Ayers Oil Co., Beeline said.
Three of the convenience stores are located in Springfield, Galesburg and Macomb, Ill., and one is in Burlington, Iowa. A fifth location in Springfield is closed. Beeline plans to reopen the site following the installation of new underground storage tanks and a national food franchise, Narendra Manney, president of Chicago-based MNP Invest and Advisory Corp., told CSP Daily News.
The company also plans to remodel and reimage all of the store exteriors, add more inventory, install new pumps and add food franchises, he said. The sites will be branded as Phillips 66 and operated as Beeline Snack stores.
Illinois Ayers Oil, Quincy, Ill., did not respond to a CSP Daily News request for comment.
MNP Invest and Advisory Corp advised Beeline Properties in arranging funds for this transaction. Results Realty Partners LLC, St. Louis, advised Ayerco Inc. on the deal.
Beeline President Haribol Bhandari and his partners own and operate 27 independently branded convenience stores in western Texas and 14 convenience stores in Missouri. The Jefferson City, Mo.-based company is planning to acquire 30 more stores by the end of 2021, Manney said.