Conway Exiting Colorado
Selling its three units in Centennial State
Published in CSP Daily News
ALBUQUERQUE, N.M. -- Conway Oil Co. is selling its three convenience store/gasoline station businesses in Colorado.
The Albuquerque, N.M.-based retailer and supplier has operated these stations in Aurora, Colorado Springs and Fort Collins, Colo., since 2000. It also has 18 stations in New Mexico (with one more location opening soon, according to the company's website) and one station in Texas.
Conway Oil has retained NRC Realty Advisors LLC (NRC) to coordinate the sale. The businesses will be sold with the existing ground leases [image-nocss] and operating agreements. Remaining lease terms are in excess of 14 years with options to renew.
Currently, two locations are branded Texaco (Aurora and Fort Collins) and one is branded Shell (Colorado Springs). Purchasers shall have the option of retaining the current fuel supply branding or to source their own.
All of the businesses are located off major highways on sites jointly operated with McDonald's restaurants. Stores rage in size from 2,500 to 3,200 sq. ft. and are located on sites that rage from 1-1/2 to 2-1/4 acres.
These are exceptional stations that are located in high traffic areas, said Hope Mineo, managing director of NRC. Each store is performing high volumes of gas and merchandise sales.
The locations will be sold through a sealed bid sale in a buy one, some or all format with bids due on Tuesday, Sept. 27, 2005. A complete site list is available online at www.nrc.com/517, or by calling the NRC Customer Service Center at 800-747-3342, extension 517. NRC has prepared a color sales brochure and individual property-specific packages (PSP) for each property, which contain store level information and bidding terms of sale. Packets are $35 for a hard copy and $25 for a CD-ROM.
Chicago-based NRC specializes in the accelerated sale of petroleum industry property and commercial real estate throughout the United States, Mexico and Canada. Clients include major oil companies such as Sunoco, BP and Shell.; c-store chains and franchise and commercial lenders including GE Capital Franchise Finance, Bank One and Wachovia; other retailers including K Mart; and independent retailers and distributors.