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John Warlicker approached Phase One Realty in early summer, 2003 to help him find gas stations under construction, either in his home state of Michigan, or the northeast coast, which would open in 3 months or less. Mr. Warlicker and his investors hoped to take advantage of certain tax laws providing incentives and substantial tax breaks for new convenience stores. Mr. Warlicker had been unsuccessfully searching for such an investment for more than a year. No stores had been on the market meeting the capital required, regional restrictions and particulary the time frame for opening.

Robert Fippinger contacted brokers in both regions and also contacted the real estate representatives of convenience stores directly to learn of possible new openings.

He was finally able to locate a Seven-Eleven store in Providence, Rhode Island which closely fit fit Mr. Warlicker's criteria except that the closing would be outside the time frame required. Mr. Fippinger was able to structure a deal which worked for both parties. He assisted in all phases of the due diligence, including reviewing the phase one environmental reports, analyzing the lease and working to arrange interim financing which would enable the property to close prior to completion, thus preserving the favorable tax incentives.

Mr Fippinger is currently looking for other locations for the Warlickers.

Purchase Price: $3.8 MM

Total Time (first conversation to close): 5 months.

Agent: Robert Fippinger