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04/22/2022

Perkins Oil Co. Seeks New Owner

The sale includes three c-stores in Wyoming under the Conoco and Sinclair banners.
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Perkins Oil

RAWLINS, Wyo. — Perkins Oil Co. has put up the "for-sale" sign.

NRC Realty & Capital Advisors LLC (NRC) has been retained to market Rawlins-based Perkins Oil, which was founded in 1976 and operates three company-owned stores in Rawlins as well as three Wyoming cardlock locations in Saratoga, Hanna and Bairoil. Two of the stores are branded Conoco and one Sinclair.

The sale also includes several wholesale dealer accounts, a closed site in Rawlins, a Rawlins bulk plat/office and rolling stock with 22 vehicles. Additional services are short- and long-term tank rentals, diesel delivery, gasoline delivery and lubricants as well as industrial, commercial and agricultural fuel delivery.

"This is an excellent opportunity to purchase a well-established business with both retail and wholesale components," said Jeff Kramer, managing director at NRC.

Rawlins is the county seat of Carbon County, Wyo., located in the South-Central part of Wyoming, along Interstate 80 on the Red Desert Plateau, bordered to the south by the Sierra Madre Mountains and the Medicine Bow Mountains.

As Convenience Store News recently reported, NRC was also retained as the exclusive real estate broker by the order of the Superior Court of the State of California for the sale of Moe's Stop service station in San Jose.

The site has a 1,309-square-foot building with a two-bay smog check on a 17,550-sqaure-foot site. The building was built in 2008 with a small inside sales area. Moe's averaged more than 400,000 gas gallons sales a month in 2021. Fuel is unbranded, according to NRC.  

"The property is very well located near Cambrian Park Plaza proposed redevelopment site which is a 'signature' San Jose project which will have 305 apartments, 48 single-family homes with 27 attached accessory dwelling units and 25 townhomes," said NRC's Evan Gladstone. "The development will also include a 229-room hotel, a senior living center and four acres of open space. The current shopping plaza has a BevMo Beverages & More, Round Table Pizza, Togo's, Bank of the West and The Dollar Store as well as a dozen of other neighborhood tenants."

Several other mergers and acquisitions have taken place in 2022, including Jones County, Miss.-based Laurel Oil LLC d/b/a Rapid Express, selling its convenience store and Shell-branded distribution assets to Clark Oil Co. Inc. of Waynesboro, Miss.

TravelCenters of America Inc. (TA) also recently wrapped up some M&A activity, completing the acquisition of two travel centers for $45 million. The Petro Raphine and TA Lexington travel centers, located along the Interstate 81 corridor in Virginia, have been TA franchise locations since 2011.

In addition, Vernon, Ala.-based Midstates Petroleum Co. picked up a location from MAPCO in Northport, Ala. According to the Patch.com, Midstates Petroleum confirmed it will rebrand the location when MAPCO finishes out its lease.

Chicago-based NRC Realty & Capital Advisors LLC provides a full array of real estate and financial advisory services to the convenience store and petroleum industries and specializes as well as the accelerated sale of commercial real estate nationwide. Since its inception in 1989, NRC has sold more than 15,000 properties. Clients include globally recognized companies Circle K Stores Inc., RaceTrac Petroleum, 7-Eleven, and BP North America as well as family owned and closely held companies.