New West Petroleum Owner Details Sale
SACREMENTO -- Gil Moore, president and owner of New West Petroleum LLC, told CSNews Online he is placing 30 of his convenience stores up for bid next month for a simple reason: "With rising credit card fees and high fuel prices you can't make enough money."
As a three-year member of the National NACS Government Relations board committee, Moore said the current state of the industry in relation to credit card fees is "a huge injustice."
While he will continue to operate five c-store locations, he said he made the decision earlier this year to place a greater focus on his real estate business. At that point, he began the process of looking for facilitators, which led him to NRC Realty Advisors LLC and its subsidiary; NRC Realty Advisors of California Inc., which will coordinate and oversee the bidding process set to open on July 22.
"We interviewed a lot of people, but we really like what they did for BP," said Moore, adding, "the bid process allows us to maximize our profitability."
Despite a failing economy, Moore is confident that NRC Realty Advisors will be able to sell all the stores in the projected 90-day time frame. "The market is tough but there is a lot of money running around," he told CSNews Online. "I don’t think we will have any problems."
The 30 stations are located in the San Diego and Northern California markets. A Property Specific Package for each property will be made available by the NRC for a nominal fee. The sites are being sold without a fuel brand or fuel supply agreement, and buyers are responsible for obtaining fuel supply, explained Moore.
When asked if the pending sales are bittersweet, Moore, who began his business in 1994, told CSNews Online, "You have to go where the money is. Right now the money is not here but I think the industry will even out in the next two-to-three years," he continued. "You can always come back and build new gas stations."
As a three-year member of the National NACS Government Relations board committee, Moore said the current state of the industry in relation to credit card fees is "a huge injustice."
While he will continue to operate five c-store locations, he said he made the decision earlier this year to place a greater focus on his real estate business. At that point, he began the process of looking for facilitators, which led him to NRC Realty Advisors LLC and its subsidiary; NRC Realty Advisors of California Inc., which will coordinate and oversee the bidding process set to open on July 22.
"We interviewed a lot of people, but we really like what they did for BP," said Moore, adding, "the bid process allows us to maximize our profitability."
Despite a failing economy, Moore is confident that NRC Realty Advisors will be able to sell all the stores in the projected 90-day time frame. "The market is tough but there is a lot of money running around," he told CSNews Online. "I don’t think we will have any problems."
The 30 stations are located in the San Diego and Northern California markets. A Property Specific Package for each property will be made available by the NRC for a nominal fee. The sites are being sold without a fuel brand or fuel supply agreement, and buyers are responsible for obtaining fuel supply, explained Moore.
When asked if the pending sales are bittersweet, Moore, who began his business in 1994, told CSNews Online, "You have to go where the money is. Right now the money is not here but I think the industry will even out in the next two-to-three years," he continued. "You can always come back and build new gas stations."