Wednesday, May 2, 2012
Cumberland Farms to sell 18 convenience stores and two undeveloped sites
Source: NPN Magazine
Cumberland Farms, Inc. plans to sell 18 convenience stores, some of which are operating, some of which are closed, plus two retail development sites. All of the properties are in the Northeast, according to a statement by NRC Realty & Capital Advisors, which said it was retained to handle the sale.
The 20 properties are located in a variety of urban and suburban markets in eight Northeastern states ? six properties each in Massachusetts and New York, two in Rhode Island and Maine, and one each in Connecticut, New Hampshire, Pennsylvania and Vermont. Sixteen of the sites are convenience stores with gas, two are convenience stores without gas and two are land-only development sites. Buildings average 2,150 square feet and the average lot size is approximately 28,000 square feet. All are fee properties and the sale includes the underlying real estate. Bidders will be afforded the opportunity to bid on operating and closed c-stores with or without fuel supply.
The properties will be sold using NRC's "buy one, some or all" sealed bid sale process. It is anticipated that the sale will be formally launched on May 15, when additional details about all properties will be available on the NRC website. Property Specific Packages (PSP) are expected to be available the first week of June, with a bid deadline of July 12, 2012. Interested parties may view a complete site list and register online for sale updates at www.NRC.com/1203, or by calling the NRC Customer Service Center at 800-747-3342, extension 1203.
"While these are sites that don't fit our current strategic plans," said Joseph Petrowski, chief executive officer of The Cumberland Gulf Group, "they have served us well over the years and will be excellent locations for the right buyers."
Cumberland Farms, Inc. operates 589 convenience store locations under the Cumberland Farms banner.
The company has a market-leading position throughout the Northeast as well as a significant presence in the Mid-Atlantic region and Florida. Cumberland Farms is parent company to Gulf Oil LP, one of the largest wholesalers of refined petroleum products in the Northeast and Mid-Atlantic. The Cumberland Gulf Group is a strategic amalgamation of Cumberland Farms, Inc. and Gulf Oil Limited Partnership. It is a privately held, family-owned and managed company that includes real estate and mid-stream gasoline operations. The Cumberland Gulf Group serves approximately 3,300 stations within its geographic area. These stations sell over 2.8 billion gallons of motor fuels annually. In 2011, The Cumberland Gulf Group generated roughly $13.0 billion of sales.
NRC Realty & Capital Advisors, Chicago, Ill., provides real estate and financial advisory services to the convenience store and petroleum industries, and specializes in the accelerated sale of commercial and residential real estate.