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Mergers & Acquisitions

Petroleum Services Co. to Sell Its 8 C-Stores

Offer includes 2 development sites
Petroleum Services Co. LLC
Photograph courtesy of NRC Realty & Capital Advisors

CORALVILLE, Iowa — Petroleum Services Co. LLC is selling its eight convenience stores in eastern Iowa. The company has retained NRC Realty & Capital Advisors LLC, Chicago, to market the Hawkeye Convenience Stores sites, as well as a tobacco outlet store, a large travel plaza and two development sites.

The convenience stores, all of which include gasoline pumps, and the tobacco outlet store are located in the Cedar Rapids and Iowa City metropolitan areas. The Center Point Travel Plaza, which includes McDonald’s and Subway quick-service restaurants and an adjacent 12.88-acre development site, is located at the Center Point, Iowa, interchange on Interstate 380 (Exit 35). A 10-acre development site located at the Amana interchange on Interstate 80 (Exit 225) is also available for sale.

Petroleum Services Co. has a strong preference to sell the eight convenience stores together as a package but will consider bids on individual sites or groups of sites as well. It will also entertain separate bids on the tobacco outlet store and the development sites.

The convenience stores and the travel plaza are being sold with or without fuel supply and are currently branded Sinclair. Click here for more information about the offerings. Bids are due by Dec. 10.

In addition to the c-stores, Petroleum Services Co., Coralville, Iowa, has been a marketer of gasoline and diesel fuels, as well as various fuel additives with services that include bulk delivery.

NRC Realty & Capital Advisors LLC, Chicago, provides a full array of real estate and financial advisory services to the convenience store and petroleum industries and specializes in the accelerated sale of commercial real estate. NRC’s breadth of experience in the convenience-store arena includes merger and acquisition advisory services; portfolio evaluation and analysis; and refinancing, recapitalization and sale-leaseback financing options.

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