Former BP Connect Stores in Bankruptcy Sale
Published in CSP Daily News
Five sites in greater Chicago area on "great corners"
CHICAGO -- Eugene Crane, as Chapter 11 Trustee, is selling five operating convenience stores with gasoline. The stores are being sold pursuant to a 363 bankruptcy sale and sold free and clear of all liens. The sites are located in Elk Grove Village, Joliet, Orland Park, Oswego and Romeoville, Ill., at strategic retail corners.
The Elk Grove property was built in 2001 and features a 2,900-square-foot convenience store on a 33,290-sq.-ft. site. The Joliet property, built in 2005, features a 4,200-sq.-ft. store on a 1.47-acre site. The Orland Park property, built in 2002, has a 4,200-sq.-ft. store on a 1.29-acre site. The Oswego property, built in 1988, has a 3,360-sq.-ft. store on a 1.15-acre site. The Romeoville property, built in 2004, features a 4,200-sq.-ft. store on a 1.44-acre site.
All of the sites are being sold with real estate with the exception of the Orland Park property, which is under a long-term lease. The Elk Grove, Joliet and Romeoville sites have car washes. Sites may be sold without fuel supply, but must carry the BP gas brand.
"This is a great opportunity for operators and investors. While the stores all need investment, they are at great corners and are modern, large facilities," said Crane.
"We expect spirited bidding from a variety of parties," said Evan Gladstone, executive managing director of NRC Realty & Capital Advisors LLC (NRC), which has been retained to coordinate the sale "A little 'TLC' and these stations can be pumping high gas gallons and have great inside sales."
The properties will be sold "buy one, some or all," in a sealed-bid sale process, coordinated by NRC. Property-specific packages (due-diligence packages) will be available for download online in early September from the NRC website. The bid deadline is Tuesday, Oct. 1, 2013. Information on the sites can be found at www.nrc.com/1308. All sales are subject to the approval of the U.S. Bankruptcy Court.
Chicago-based NRC provides real estate and financial advisory services to the convenience store and petroleum industries, and specializes in the accelerated sale of commercial real estate. Its breadth of experience in the c-store arena includes portfolio evaluation and analysis; refinancing, recapitalization and sale-leaseback financing options; and merger and acquisition advisory services. NRC also has coordinated numerous bankruptcy sales including Clark Retail and Bennigan's. Since its inception in 1989, NRC has sold more than 15,000 properties. Clients include companies in a variety of industries, including 7-Eleven, Sunoco, BP, The Pantry and Circle K.