Wednesday, March 6, 2024
Parkland Selling 157 Convenience Stores & Fuel Stations Assets
Source: Convenience & Car Wash Canada
PARKLAND HAS RETAINED TWO REAL ESTATE FIRMS TO BEGIN THE MARKETING PROCESS TO SELL 157 CONVENIENCE STORE AND FUEL STATION ASSETS LOCATED IN SIX PROVINCES ACROSS CANADA.
“The decision to divest these locations is part of our ongoing network planning and optimization process,” says Francis Lapointe, vice president of Canadian retail operations. “As we continue to grow, we have identified sites that no longer fit our long-term strategic objectives in their current format. While high quality, these locations would be better suited under someone else’s ownership, however, we will include long-term fuel supply agreements with each of them along with the opportunity to have an onsite ON the RUN convenience store.”
The available sites consist of fuel brands such as Chevron, Ultramar, Pioneer and FasGas, and buyers in certain scenarios have the opportunity to operate under the popular c-store banner, ON the RUN.
The bulk of the stations are in Quebec and Ontario – across major metropolitan areas and smaller cities and towns, with the balance of stores in Alberta, British Columbia, Manitoba and Saskatchewan.
The retail and fuel locations will be packaged with long-term Parkland fuel supply agreements.
“In the end, these sites will still be part of our network and will represent our strong brands within our communities,” says Lapointe. “We’re excited to bring in experienced, entrepreneurial operators who are eager to partner with brands and programs that customers trust.”
Parkland has partnered with NRC Realty & Capital Advisors, LLC; a company specializing in the marketing of convenience store properties and Colliers Canada to facilitate the transactions.