Mapco Express Pair Sold to Investor

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Mapco Express Pair Sold to Investor

10/05/2009
BRENTWOOD, Tenn. -- Investment firm BAR II LLC bought a pair of Mapco Express convenience stores in the Rhodes College area from Mapco Express Inc. for a combined $1.2 million, the Memphis Daily News reported.

The sales closed Sept. 24, in special warranty deeds, and quitclaim deeds also were filed for the properties. One property is a 2,560-square-foot convenience store built in 1986 with 1.16 acres, the report stated. The Shelby County Assessor of Property's 2009 appraisal for the location is $852,000, and BAR II paid $700,000 for that property, according to the report.

The other property -- a 1,219-square-foot convenience store built in 1988 on 0.52 acres -- was appraised at $238,100 and BAR II paid $475,000, the newspaper reported.

BAR II financed the purchase with a $1.4 million loan through First Capital Bank.

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