Tranzon Asset Advisors, a national real estate auction firm reports that interest has been widespread and intense for the assets of PHS Group, Inc. PHS Group Inc. owns the Somerset Refinery and Somerset Oil Inc and will be sold at auction in late September. International interest coupled with widespread United States inquiries is proving that the auction method of marketing draws capable buyers for this unique asset.
The marketing campaign, which began only one week ago, has prompted many referrals for information on the auction. Newspaper ads are both regional and as far reaching as the global edition of the Wall Street Journal, Investor’s Business Daily and the Financial Times of London, England. A wide variety of internet and email marketing is also scheduled to occur.
The auction consists of seven lots which will be offered individually and as an entirety. Lot 1 is the 5,500 bpd petroleum refinery facility, located on 105 acres of land in Somerset, Kentucky. Several structures including a warehouse, maintenance building, terminal facilities for loading and unloading product and ancillary structures are included in this offering. Lot 2 is a 9,000 +/- sf office building located at 600 Monticello Street in Somerset, KY. Lot 3 is an offering consisting of an office building, a 4000 +/- sf warehouse and a storage building. Lot 4 is an unusual opportunity to own a pipeline easement that crosses 6 counties, including rights across Lake Cumberland. This pipeline has multiple uses and could provide needed services to communities that have a lack of resources.
In addition to the above-mentioned assets are Lots 5-8. Lot 5 consists of approximately 100 vehicles including over-the-road trucks, tankers, panel trucks and passenger vehicles. This is being offered as a bulk sale only. Lot 6 is an entirety offering of all Pennzoil Products. Lot 7 includes 12 gas stations across eastern/central Kentucky. Finally, lot 8 is an offering of Lots 1-7 as an entirety or a combination bid.
Potential buyers must provide proof of financial capacity to close on their bid(s) and a deposit of ten percent of the purchase price in order to buy the assets. Tranzon is prepared to assist buyers with their inquiries, but they must act quickly. Sealed bids are due on September 19, 2008 to the offices of Tranzon Asset Advisors. Bidders may obtain due diligence from Tranzon through its website – www.tranzon.com – or by calling 866-243-8243 or 270-769-0284.
Tranzon Asset Advisors, headquartered in Elizabethtown, KY, is an internationally recognized real estate auction company and a member company of Tranzon, L.L.C., which is based in Virginia Beach, VA. Founded in 2001, Tranzon L.L.C. has 12 independently owned and operated member companies that collectively have more than 30 offices ranging from coast-to-coast. The professionals working at Tranzon member companies specialize in providing real estate auction and accelerated marketing services to corporations, financial institutions, trustees, individuals and estates throughout the U.S. Tranzon member companies regularly conduct over 1,000 auctions and 2,500 property valuations per year, effecting in excess of three billion dollars in real estate assets.
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