Buck’s Inc. Selling Chicago Convenience Stores

Both company-owned company-operated sites and company-owned dealer-operated locations are available for purchase.  

Buck’s Inc. is selling 62 properties located in the greater Chicago and St. Louis metropolitan areas by sealed bid sale.

The St. Louis deadline (Feb. 22) has passed, but the Chicago bid deadline is set for March 8. NRC Realty & Capital Advisors LLC  is coordinating the sale.

Buck’s Inc. is paying to upgrade the signage at all Chicagoland area Mobile sites to the Exxon Gemini image, which will be completed prior to closing for most sites. If it is not completed prior to closing, the purchaser is expected to provide access to Buck’s, so it can complete the upgrade.

The locations are comprised of “COCO properties” (company-owned, company-operated)  and “CODO properties” (company-owned, dealer-operated).

COCO
Buck’s  is selling  37 COCO properties. Each COCO property in Chicago will be a Mobil/Exxon branded gasoline station, while St. Louis sites are branded BP. All COCO Properties are offered with the fee or leasehold interest in the real property (as applicable), improvements, and certain furnishings, fixtures and equipment owned by the seller.

Thirty-two of the COCO properties are owned in fee and five are a leasehold interest, while 33 are operating and four are closed.

CODO
Some 25 company-owned, dealer-operated gas stations with convenience stores or kiosks are also up for sale.  Each CODO property will have either a BP branded gasoline station (St. Louis metropolitan area) or a Mobil/Exxon branded gasoline station (Chicago metropolitan area). All CODO properties are offered with the fee or leasehold interest in the real property (as applicable), improvements, and certain furnishings, fixtures and equipment owned by the seller.

Twenty-one of the CODO properties are owned in fee and four are a leasehold interest.

Both the COCO and CODO properties are being offered on a gas branded basis, and successful bidders for will be required to enter into a 20 year fuel supply agreement with the seller or an affiliate effective upon the possession date. A bidder may offer a purchase price that reflects an option for a reduction on the fuel supply term to 15 years, provided the 15-year fuel supply agreement includes a right of first refusal for Seller at the end of term. The price for fuel under the fuel supply agreement will be rack plus one cent plus freight and taxes. Convenience stores will be sold without convenience store branding on all properties.

Bid Deadline
While the bid deadline of Feb. 22 for the St. Louis sites has passed, all bids for the properties located in the Chicago metropolitan area must be received by NRC by March 8, 2012. Bids must be received by 12 p.m. CT on their respective dates.

All bids must be sent to:

NRC Realty & Capital Advisors, LLC

363 W. Erie Street, Suite 300E

Chicago, Illinois 60654

ATTN: SEALED BID SALE 1105

  • Guest 4 a day

    Mobil  Branded stations competes as a premium brand gasoline provider along with  Shell and BP stations in Chicago Markets.
     But, they cannot compete and win with other major brands due to the following reasons.
      
    Mobil’s Branded gasoline market share in Chicago Area is far lower than  BP, Shell, etc..
    Mobil does not have the  footprint (locations) to compete effectively with  other major brands such as BP and Shell.
    Mobil Branded stations have poor visibility.
    Mobil brand is weaker in customer loyelty programs in Chicago Area.
    Mobil branded gas prices are  higher or equal to BP/Shell Brands.

     

  • Bl_thornton

    Mobil Oil must consider debranding their stations and sell their gasoline in secondery markets to Thorntons, Gas depot, Gas City, PowerMart, etc..
    Mobil brand competes like “also ran” company in Chicago Markets.
    Their brand value is overpriced in Chicago Markets and loosing (branded) market share to Shell.  It is easy to see why many shutdown Mobil stations resurrected back as Shell stations and now making money.. 

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