Sale in Detroit Market
Published in CSP Daily News
38 c-store, station properties in Michigan, Ohio to be liquidated by sealed bid
DETROIT -- A group of convenience-store companies in the Detroit area will have its 38 stores auctioned off by a real estate-auction brokerage next month following a ruling by a Michigan Circuit Court judge in an asset-management lawsuit.
Fusion Oil and other related companies must sell their 32 stores in the Detroit area and six others in Ohio following a lawsuit filed by Comerica Bank.
Although details are few, one source close to the case, who requested anonymity, told CSP Daily News Hassan Harajli and a relative owned the [image-nocss] sites and began moving them around among a handful of shell companies in an effort to hide them from the court.
Fusion Oil operated two Sunoco stations in the Detroit area. Other companies also owned by Harajli and his relatives owned and operated the other stores, according to the source.
The sale will be conducted by Tranzon Hagen, along with its affiliates, Tranzon Bippus and Tranzon Asset Advisors, regional companies ofTranzon LLC, Carrollton, Ga.
According to Kelly Hagen, a spokesperson for Tranzon Hagen, her company was recommended for the sale by the receivership estate established by the court. There was an action brought against the debtor by a lender, and the court appointed a receiver to manage the assets, Hagen told CSP Daily News. The receiver in turn contacted us and suggested to the court that we proceed with selling off these assets.
Most of the locations are Sunoco-branded stations. Several of the properties are currently operating with month-to-month tenants, while other properties are currently closed and ready for re-opening.
Michigan stores are in Livonia, Detroit (5), Redford Township, Center Line, Dearborn, Hazel Park, Warren (4), Luna Pier, Waterford, Wayne, Westland (3), Milan, New Boston, Redford, Romulus, Eastpointe (2), Monroe (3), Madison Heights, Flat Rock, Adrian and Woodstock.
Ohio locations are in Maumee, Rossford, Norton, Oregon, Dayton and Cuyahoga Falls.
This is a great way for an investor to get into the convenience store business in a big way fast, Hagen added.
Interested persons are invited to bid on one or all of the properties. All bids must be received by Tranzon Hagen no later than Aug. 14, 2007. Bidders must submit 20% earnest money with their bid. Each property has a detailed listing on the firm's website, www.tranzon.com, with a Property Information Package.