Six Former Quik-Way Stores Sold in North Texas
SAN DIEGO -- Six former Quik-Way convenience stores and gas stations in north Texas were sold in a transaction worth more than $3.5 million. Trigild Inc., which specializes in management and receivership of commercial real estate assets and operating businesses, closed the sale today.
San Diego-based Trigild was appointed receiver of the former Quik-Way stores in late 2011 and facilitated the sale with Dallas-based Annandale Real Estate, which auctioned the properties on June 28, 2012, Trigild stated.
Two groups purchased the properties, with one group buying two sites and the other buying four. Four of the sites located in Sherman, Denison and Howe were Chevron- branded, and the others were Shell-branded; all have full c-store operations, according to the announcement.
The properties range in size from 1,800 square feet to 4,500 square feet on 1/2- to 3/4-acre parcels. The buyers are local operators and will continue to run the properties, said Trigild.
Trigild took over as manager and receiver to protect the locations' assets and prepare them for a quick sale when the portfolio was placed in receivership, according to the announcement. As part of the process, Trigild liquidated inventory and equipment valued in excess of $250,000.
"When petroleum properties like these enter receivership, it is critical to assure the assets are handled properly so that prospective buyers can move forward quickly and efficiently once the purchase is closed," stated Gary Aharonian, vice president of petroleum properties for Trigild. Aharonian noted that the process was completed in just six months.