- Situs came to this conclusion based on the combination of the industry beginning to show signs of turmoil and our belief that their business plan and underwriting model were flawed
- The bank agreed with Situs’ recommendation and asked us to service their existing portfolio while disposing of all of the convenience stores and gas stations
- We worked through the liquidation of approximately 120 stores – asset by asset, borrower by borrower – to develop an appropriate recovery and disposition strategy, e.g., individual site inspections and financial valuations
- Our marketing approach was two-fold: sites were marketed individually to the owner / operator community while offers were simultaneously solicited from regional players who were primarily interested in the entire portfolio
- The bank was provided with over 1,000 inquiries, more than 300 offers on individual stores, and multiple offers on the portfolio
- We successfully followed each asset through negotiations and closing
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