All but 25 stores are operating service stations, most of them with convenience stores, and 446 of the sites are owned rather than leased.
National Real Estate Clearinghouse says it generated 5,000 bids before selling 520 Swifty Serve properties in 225 separate deals totaling $165 million. Like Swifty Serve, Clark Retail Enterprises is in bankruptcy, having filed for Chapter 11 protection last October.
National Real Estate Clearinghouse managing director Evan Gladstone believes the field will include large companies looking to acquire 50 or more sites, smaller companies looking for up to 10, and individuals who may be interested in just one store.
National Real Estate Clearinghouse will hold a series of seminars about the sale next month in Chicago, Cleveland, Detroit, Indianapolis, Louisville and Springfield, IL.
"The company has a portfolio of very competitive assets and strong name brands," says Clark Retail Enterprises president and CEO Brandon K. Barnholt. "We believe these assets have strategic value for the right operator, as well as upside earnings potential for a company not hindered by Clark's liquidity issues."
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
