“The operating sites have good sales volumes, and a number of the facilities are less than 10 years old,” says NRC’s executive managing director.
Some 16 c-store/gas station properties in Alabama, Florida and Georgia, all owned and operated by RPM Financial LLC and affiliated company, USA Travel and set to be sold in a sealed bid auction.
This is a Chapter 11 bankruptcy proceeding, and the stores are being sold in a 363 bankruptcy process free and clear of all liens. All are fee properties and are being sold without supply or branding agreements.
NRC Realty & Capital Advisors LLC (NRC) has been retained by the U.S. Bankruptcy Court for the Middle District of Alabama to auction off the stores.
All but three of the stores are located in Alabama. Five of the operating stores are in the Montgomery market, and eight closed stores are located in and around the Montgomery market. Two closed stores are located in resort markets in Gulf Breeze and Pensacola, Fla., and one operating store is located in Cuthbert, Ga.
Most of these properties have c-stores, while a few are kiosk-type store, and some sites are on large lots. “The operating sites have good sales volumes, and a number of the facilities are less than 10 years old,” said Evan Gladstone, NRC’s executive managing director.
The sale is being conducted using NRC’s well-known “buy one, some or all” sealed bid sale process. The bid deadline is Sept. 15, 2011. All sales are subject to court approval. A complete list of the properties and information regarding submitting offers is available online at www.nrc.com/1114.
Interested parties can register there for sale updates or by calling the NRC Customer Service Center at (800) 747-3342, extension 1114. A sales brochure containing information for all of the sites in the sale will be available shortly and a site specific Property Specific Package will be available for each property by mid-August.