H.G. Hill Buys Mapco Express Unit

Published in CSP Daily News

Pays $3.6 million for one-acre site adjoining Hill Center

NASHVILLE, Tenn. -- Shortly after an investment company purchased two Mapco Express gas stations in Memphis, Tenn., another company has purchased a Mapco Express location in Nashville, Tenn. The H.G. Hill Realty Co. LLC has expanded its footprint at its Belle Meade Hill Center, reported The Nashville Business Journal.

According to a Davidson County deed cited by the newspaper, the company purchased a parcel for $3.6 million late last month. The site, just under one acre, adjoins the company's Hill Center, anchored by a Publix grocery store.

According to the Metro Nashville Property Assessor Office, the site was most recently appraised for $1.9 million, including the value of the gas station, said the report.

Nashville, Tenn.-based H.G. Hill Realty serves Middle Tennessee as owner of one of the largest privately held real-estate portfolios in the Southeast, it said.

As reported in CSP Daily News earlier this week, BAR II LLC has bought a Mapco Express Inc. portfolio for a combined $1.2 million. The sales closed September 24 in special warranty deeds. Quitclaim deeds also were filed for the two properties, which are in Bartlett and the Rhodes College area.

The 2,560-square-foot Bartlett property that sits on 1.16 acres, appraised at $852,000, went for $700,000. The 1,219-square-foot The Rhodes College property, appraised at $238,100, went for $475,000.

Germantown, Tenn.-based BAR II, a limited-liability company, financed the purchase with a $1.4 million loan through First Capital Bank.

MAPCO Express is a wholly owned subsidiary of Delek US Holdings Inc. With headquarters in Brentwood, Tenn., Delek US Holdings operates a network of nearly 500 retail gasoline and convenience stores in Alabama, Arkansas, Georgia, Kentucky, Louisiana, Mississippi, Tennessee and Virginia, primarily under the MAPCO Express, MAPCO Mart, East Coast, Discount Food Mart, Fast Food & Fuel and Favorite Market brands. Approximately 93% of the stores are located in Tennessee, Alabama and Virginia.