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FOR IMMEDIATE RELEASE |
MARCH 31, 2006 |
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CHICAGO, IL March 31, 2006 – NRC Realty Advisors, LLC (NRC) announced today that it has been retained by BP West Coast Products LLC ("BP") to arrange and execute the sale of 77 ARCO stations on the West Coast.
The portfolio features 20 sites in Southern California, 33 sites in the San Francisco Bay Area and Sacramento/Central Valley, California, 10 sites in and around Portland, Oregon, 10 sites in and around Seattle, Washington and 4 sites in Arizona. All sites are currently operating stations with convenience stores. They are being sold with 20-year am/pm franchises and fuel supply agreements from BP.
"The ARCO and am/pm brands are market leaders up and down the West Coast," said Hope Mineo, Managing Director of NRC. "These are high-quality sites at premier locations within strong markets. BP, ARCO and am/pm provide great brands, along with exceptional support and resources. As such, we expect this sale to generate a high level of interest from prospective dealers and franchisees."
As part of its normal, ongoing business operations, BP (operating under the ARCO brand) constantly reviews its network of sites to ensure it maintains an efficient and comprehensive offering to its customers. An integral part of this review includes an assessment of whether the company should continue to own any specific site. The ARCO branded network consists of both company-owned and dealer/franchisee-owned locations, which has proven to be very successful for both BP and its dealers/franchisees. BP's approach is to continue to grow and strengthen its brands by growing and strengthening its franchise network. As a result, this provides an excellent opportunity for dealer/franchisees to own and operate an established and successful ARCO and am/pm site on their own.
These sites will be sold through a sealed bid sale in a "buy one, some or all" format with bids due on May 26, 2006. A complete list of sites and information on submitting bids is available online at www.nrc.com/608, or by calling the NRC Customer Service Center at 800.747.3342, ext. 608.
Prospective bidders must attend a How-To-Bid Seminar® to bid on any sites. NRC will conduct four How-To-Bid Seminars ® , beginning Friday, April 28 in Modesto, California, for the southern California sites, and continuing on Monday, May 1 st in Garden Grove, California, for the Bay Area and Central Valley sites; Wednesday, May 3rd in Portland, Oregon; and Thursday, May 4 th in Seattle, Washington. Those interested in the Arizona sites should call NRC and request bidding information. All calls for more information should be directed to the NRC Customer Service Center at 800.747.3342, ext. 608.
NRC has prepared a color sales brochure and individual property specific packages (PSP) for each property, which contain store level information and bidding terms of sale. PSPs are available at $35 for a hard copy and $25 for a CD-ROM. To order individual bid packages please contact the NRC Customer Service Center at 800.747.3342, ext. 608, or order online at www.nrc.com/608.
NRC Realty Advisors, LLC, specializes in the accelerated sale of petroleum industry property and commercial real estate throughout the U.S., Mexico and Canada, and has sold over 10,000 properties since its inception in 1989. Since 2003, NRC has coordinated the sale of more than 1,600 sites aggregating over $560 million in sales. Clients include major oil companies such as BP Products North America, Inc., Shell Oil Company, and Sunoco, Inc., well-known convenience store chains, leading franchise and commercial lenders, including GE Capital Franchise Finance Corporation, Bank One Corporation and Wachovia Corp, retailers including Kmart, and independent retailers and distributors throughout North America.
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