Sinclair Exits Retail Market

 

Sinclair Oil Corp. is looking to sell it gas station business, and leave the retail business by 2010 after close to 80 years in service, the Oklahoman reported.

 

Last month, the company also announced it was offloading its Tulsa, Okla. Refinery.

 

“We have already sold approximately 60 locations to and through our jobber network,” said Bud Blackmore, Sinclair’s senior vice president of marketing and supply.

 

The Energy Exchange, a real estate firm that specializes in selling convenience stores and gas stations, is handling the gas station sales. Stores are for sale in Oklahoma, Colorado, Iowa, Minnesota, Montana and Nebraska.

 

The stations are being offered in three ways: a 10-year Sinclair branding and fuel supply agreement, without supply, or for alternative use with a petroleum deed restriction, according to The Energy Exchange.

 

“This sale is a great opportunity for an owner-operator to walk into an established business with a strong brand to support them,” said Phil Boyd, the company’s managing director. “These stations are on great corners and the right operators with vision can take them to next level. We expect this sale to generate a high level of interest from prospective operators due to fact that many of the locations have large convenience stores with car washes.”

 

Boyd said he expects the stores to sell for between $300,000 and $2.5 million, depending on the buyer and location. 

 

 

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