Bulk Petroleum sites sold off

Convenience Stores Leasing & Management LLC (CSLM) has purchased a group of 63 Mequon, Wis.-based Bulk Petroleum Corp. gas station sites for $11 million, according to court documents.

One of the four investors in CSLM includes Bachan Signh, a first cousin once removed of Bulk Petroleum principal and owner Darshan Dhaliwal, according to the documents.

The 63 sites purchased include 24 stores in Kentucky, 15 stores in Iowa, 15 stores in Indiana, seven stores in Michigan and one store each in Illinois and Missouri.

Bulk Petroleum is expected to continue to supply gasoline to a majority of the sold sites.

About 45 qualified bidders were present at the auction of the stores including TAM Investments LLC, B Kwik Food Mart Inc., Shalimar Investments and Mayco Acquisitions.

Bulk Petroleum, which filed for Chapter 11 bankruptcy protection in February 2009, proposed a reorganization that includes selling more than 100 gas stations with proceeds paying a portion of the debts. The company operated and supplies fuel to approximately 350 to 400 locations in Wisconsin, Iowa, Illinois, Indiana, Kansas, Kentucky, Michigan, Missouri and Tennessee.

A total of 53 other locations, comprised of operating stations, closed stations and land sites, remain available for purchase.

Glen Kunofsky, senior vice president at Marcus & Millichap, said, "The balance of the Bulk Petroleum portfolio provides a potential buyer or buyers with an opportunity to establish a strategic presence in important U.S. markets. We are confident the remaining properties will be sold quickly."