Wednesday, April 18, 2012
NRC Announces the Acquisition of City Stop Assets by S&S Fuels, LLC
Chicago, IL, April 18, 2012 - NRC Realty & Capital Advisors, LLC ("NRC") announced today that S&S Fuels, LLC ("S&S") of Littleton, Colorado, has acquired all of the assets of City Stop Inc. and its affiliates ("City Stop") in the metropolitan Las Vegas, Nevada market. NRC served as the exclusive financial advisor to City Stop during the private placement sale.
The City Stop chain, founded in 1997, is the vision of co-founders Bruce Familian and Jon Athey, whose mission was to be the most convenient chain of stores in the Las Vegas valley. The chain opened its first store in 1998 and has since developed a total of 11 prime convenience stores which have been strategically placed to cover the entire valley market. All of the locations are situated on high visibility corner lots along high-traffic corridors and cross streets, with close proximity to major highways and thoroughfares. With an average building size of 3,500 square feet situated on an average lot size of approximately 1.25 acres, the chain boasts a larger operational footprint than the national average for convenience store size.
City Stop offers a "one-stop-shopping" concept, providing customers with multiple services such as gasoline, car washes, groceries, gaming and US Postal Service units. Key to this concept is co-branding with national quick service restaurant brands such as Jack-in-the-Box and Domino's Pizza.
The sale of all 11 sites plus all other company assets included the underlying real estate for nine of the stores and leasehold interests for the remaining two. Gas at all stations will be rebranded Sinclair. S&S has also arranged to rebrand the c-stores to 7-Eleven. Bruce and Jon will serve in a consulting capacity to S&S after the sale closes.
Bruce Familian, who serves as City Stop's president, is a successful entrepreneur with over 30 years of experience developing real estate in Nevada and California. "As I exit the c-store business to devote more of my energies into other development opportunities, I'm pleased to place my company in such capable hands," he said. "I appreciate the efforts of NRC in making this deal happen."
Preet S. Puri, Managing Member and principal owner of S&S, says he believes the acquisition will be a great addition to his business. "City Stop is a first-class operation in all respects ? prime real estate, fantastic stores, solid financials, and a skilled and devoted management team and employees from the store level on up, all of whom we hope to retain," Preet said, "We're delighted to be entering the Las Vegas market with such a strategically placed and strong portfolio."
Denny Ruben, Executive Managing Director at NRC, echoed that sentiment. "These are some of the finest stores I've ever seen. We're extremely pleased to have worked with City Stop in arranging and facilitating this sale."