CHICAGO -- Fourteen c-stores with gasoline in Illinois and Missouri and a closed truckstop with an operating hotel and income property are being offered by multiple owners via a sealed-bid sale.
The five sellers involved include Quick Mart Inc., Quincy, Ill., with eight stations in western Illinois and eastern Missouri; MJT Corp., Camp Point, Ill., with one station in Meredosia, Ill., near Jacksonville, Ill.; BLC Real Estate LLC, Nashville, Tenn., with one station in the region; and J&L Oil, Vernon Hills, Ill., with the truckstop, motel and income [image-nocss] property in LaSalle, Ill. Another major seller, which has chosen to remain anonymous, has four stores located in the St. Louis metropolitan area.
According to The Energy Exchange, which is supervising the sale under its Dealer 2 Dealer program, this is the first time that individual owner-operators in a concentrated geographic region have banded together and pooled their resources to offer multiple sites in a sealed-bid sale.
Bidders may bid on one, some, or all of the stores, it said. The sale deadline is June 1.
Through our D2D service, we bring the sellers together in a specific market and combine their resources to create a national sealed bid sale. In the past, only companies that could advance a national advertising budget and had a portfolio of properties could get involved in this type of sale. Through our exclusive D2D sealed-bid program, there is now a vehicle designed for the individual operator as well as small- to medium-sized oil companies looking to sell using the seal-bid method, said Phil Boyd, managing director of The Energy Exchange, Chicago.
According to one individual owner-operator involved in the sealed-bid sale, Jim Gallagher of MJT, This process that is offered by The Energy Exchange truly sets a precedent in the industry for folks like me that otherwise would not even dream of being able to get national exposure for just one location. I'm selling my store to be able to retire after 35 years in the oil business, and to be able to go out like this is very comforting. I know I will get the biggest bang for my buck.
Quick Mart owner Steven Trautvetter said, What drew me to this sealed-bid sale is that I have had interest in the properties for the past six months with lots of different owners taking peeks but nothing progressing. I know the sealed-bid sale is the simplest, cleanest and quickest way to market my stores to the next owner. I have been in the oil and gas industry for more than 15 years and I am shifting focus to my construction business which includes new build and remodeling of c-stores. My transition is from owner to builder at this point.
Questions concerning the sale can be directed to The Energy Exchange at (866) 906-7499 or www.energy-xchange.com. The firm specializes in gas stations and c-stores.
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