HILCO REAL ESTATE ANNOUNCES A PORTFOLIO OF FIVE SERVICE STATIONS IN CENTRAL IOWA AVAILABLE FOR SALE

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Jan 16, 2024, 17:03 ET

NORTHBROOK, Ill., Jan. 16, 2024 /PRNewswire/ -- Hilco Real Estate, LLC, announces February 21, 2024 as the bid deadline for the sale of a prime portfolio of service stations. Consisting of five Circle K gas stations, all featuring Phillips 66 gasoline, these strategically located properties present a unique investment opportunity in Boone, Perry and West Des Moines, Iowa. These properties are being offered together, individually or in any combination.

The first two service stations are located in Boone, Iowa, at 315 Story Street and 1704 South Story Street. The property at 315 Story Street features six gas pumps and a 1,690 SF building sitting on 0.75 acres. Positioned on the corner of Story Street and 3rd Street, the site has excellent ingresses with dual access on both streets. The 1704 South Story Street station, covering 0.91 acres, has 12 gas pumps, a 6,603 SF building as well as a single-lane car wash. In addition to the convenience store, the building features a restaurant space currently operating as a Subway. This property is adjacent to US Hwy 30, providing high visibility and VPD counts.

The second two service stations, 1115 IA Hwy. 141 and 1219 1st Avenue, are located in Perry, Iowa. Situated on 0.94 acres, 1115 IA Hwy. 141 features six gas pumps and a 1,992 SF building. Not only is this service station located at a signalized intersection along the highway, it also shares an ingress with a Hy-Vee grocery store and an Ace Hardware store. 1219 1st Avenue also has six gas pumps but has a larger building offering 3,431 SF on a somewhat smaller lot than its counterpart on 1^st street at 0.63 acres. Located at the corner of 1st and Lucinda Streets, the property has excellent accessibility with dual access from both roads.

The fifth and final service station is located at 3501 EP True Parkway in West Des Moines, Iowa and offers six gas pumps, and a 2,376 SF building, all on 1.07 acres at the signalized intersection of EP True Parkway and 35th Street. The site has dual access on both streets and shares an ingress with a strip mall that has several restaurants, an Iowa State Bank, a UPS store and a Great Clips.

Nestled in the heart of Iowa, this portfolio services strong communities with unique blends of history, culture and modern amenities. Boone is renowned for its rich railroad heritage, evident in the Boone and Scenic Valley Railroad: a popular attraction that draws over 30,000 visitors per year. Just south of Boone is Perry, which is considered a haven for outdoor enthusiasts. The Raccoon River Valley Trail (RRVT), an extensive network of trails popular for biking and hiking, allows residents and visitors to connect with the natural beauty of the region. West Des Moines sits only eight miles from downtown Des Moines and benefits from the major city's growth. With steady population rises of over 1% per year for the past three years, and a 16.3% increase in population in the last decade, the Des Moines metropolitan area continues to draw new residents with its affordable cost of living.

This portfolio is situated to take advantage of the growth and travel occurring across central Iowa. With tremendous upside potential in all five locations, these properties present a turnkey opportunity for investors looking to enter or expand their presence in the fuel and convenience retail sector.

All bids must be received on or before the deadline of February 21, 2024, at 5:00 p.m. (CST) and must be submitted on the preferred LOI document available for review and downloaded from Hilco Real Estate's website.

James Keith, managing director at Hilco Real Estate, stated, "With strong average household incomes and growing neighborhoods surrounding each of these properties, this portfolio isn't just about investing in operating service stations—it's about driving progress and prosperity forward for the whole community."

Interested buyers should review the requirements to participate in the sale process, which are available on Hilco Real Estate's website. For further information, please contact James Keith at (270) 304-1020 or [email protected] or Jiovanny Restrepo at (847) 386-2282 or [email protected].

For further information on the property, terms of sale, or to obtain access to due diligence documents, please visit HilcoRealEstate.com or call (855) 755-2300.

About Hilco Real Estate
Hilco Real Estate ("HRE"), a Hilco Global company (HilcoGlobal.com), is headquartered in Northbrook, Illinois (USA). HRE is a national provider of strategic real estate disposition services. Acting as an agent or principal, HRE uses its experience to advise and execute strategies to assist clients in deriving the maximum value from their real estate assets. By leveraging multi-faceted sales strategies and techniques, aggressive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE exceeds expectations even in the most complex transactions.

SOURCE Hilco Real Estate