Appco Five

Bid deadline announced for several former Appalachian Oil fee locations

Published in CSP Daily News

By  Jennifer Bulat, Director of Editorial Production

CHICAGO -- NRC Realty Advisors LLC (NRC) has announced July 31, 2009, as the bid deadline for five fee properties that are former gas stations operated by bankrupt Appalachian Oil Co. Inc. (Appco). The five former stations in question are located in Woodway, Clinchport and Duffield, Va., and Manchester and Olive Hill, Ky.

The real estate is being sold with no deed restrictions, meaning it can be used for a convenience store or anything else. Potential buyers may bid in a "buy one, some or all" format for these five locations, said NRC.

The difference between these [image-nocss] five sites and the other 47 is that the real estate itself, including the land and the buildings, is being sold, Dennis Ruben, managing director of Chicago-based NRC, told CSP Daily News. The owner of these five properties is YA Landholdings LLC., Jersey City, N.J.

The stores had been run by Appco, but the company was merely a leaseholder. Whoever bids on these will be able to own the real estate, Ruben said. For the 47 others, they'll just be able to assume the lease.

The bid deadline for the 47 fully equipped and operating c-stores and stations in the Appco sale remains July 9, 2009.

A complete list is available online at http://www.nrc.com/906, or by calling the NRC Customer Service Center at (800) 747-3342, extension 906.

NRC 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 and residential real estate.

Blountville, Tenn.-based Appco filed for bankruptcy protection in early February after weeks of struggling to maintain gasoline supply and product stock. At the time, the company operated more than 60 c-stores.

Click herefor previous CSP Daily News coverage of Appco.

By Jennifer Bulat, Director of Editorial Production
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