A 15,202-square-foot truck stop and travel center at Interstate 49 and Arkansas Highway 264 in Lowell recently changed hands for $23.3 million. The purchase price equals $1,532 per square foot.
LV Petroleum LLC, a Las Vegas-based developer and operator of travel centers, convenience stores and restaurants throughout the United States, bought the Workman’s Travel Center on 9.72 acres at 898 W. Monroe Ave. This is LV Petroleum’s 95th location, according to a news release.
The seller was Alma-based TRW LLC, with Taylor Workman as member-manager. Armonk, N.Y.-based Alcova Holdings LLC provided a six-month loan of $24.5 million. The loan can be extended to March 2030.
Built in 2018, the truck stop and travel center at I-49 Exit 78 is now TA Express Lowell and offers Gulf fuels 24 hours a day. TravelCenters of America is a BP brand.
The property includes 45 truck parking spaces, laundry and showers, Fillup Cafe, Jimmy John’s, 16 fuel pumps (14 are double-sided), and eight Tesla Superchargers.
According to the release, plans also include a bakery and sweets counter. LV Petroleum was founded in 2014 by Guy Madmon and Val Amiel and operates more than 95 travel centers and 30 convenience stores. The company also operates more than 38 franchise brands, including Arby’s, Bojangles, Dunkin’, Starbucks, and TA locations.
TRW paid $3.6 million for the property in separate transactions from January 2017 to April 2017. The sellers were Mark Burkes, Sherri Burkes, Barbara Ann Fleeman, Homer Leroy Fleeman Jr., Linda Sutton and David Stone.
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Source: talkbusiness.net
