miami gas stations going broke

Posted on November 10, 2012 by mcooper

Three gas stations have been taken through a deed in lieu of foreclosure while another site is headed for auction – a sign that high gas prices don’t always ensure smooth sailing.

Valero seized three South Florida gas station sites from Sands Petroleum Ventures through deeds in lieu of foreclosure.

The Miami-based company led by Warren Sands had mortgages from VRG Properties Co., an affiliate of San Antonio, Texas-based Valero to help it build gas stations that would be affiliated with Valero. Those properties were surrendered in exchange for releasing the debt.

In the largest transaction, Sands Petroleum gave Valero the 5,100-square-foot gas station at 14970 N.E. 6thAve. in North Miami in a $3 million deed in lieu of foreclosure. It was built in 2011.

The 6,156-square-foot gas station at 11301 N.W. 27th Ave. in the Westview area of Miami-Dade County was also built in 2011. It was surrendered in exchange for releasing $2.85 million in debt.

Valero also seized the vacant half-acre site where a gas station was being developed at 1270 Palm Beach Lakes Blvd., West Palm Beach in a $2.7 million deed in lieu of foreclosure.

In October, Sands Petroleum surrendered a gas station in Pompano Beach to Valero to release a $3.4 million mortgage.

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