• Cumberland Farms to sell 18 convenience stores & 2 undeveloped sites

    From 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 company has a market-leading position throughout the Northeast as well as a significant presence in the Mid-Atlantic region and Florida.

    read more

  • NRC Announces the Acquisition of City Stop Assets by S&S Fuels, LLC

    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.

    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.

    read more

  • NRC announces auction of cross-dock industrial portfolio

    NRC Realty & Capital Advisors, LLC, announced today that it has been retained by YRC Worldwide to coordinate the sale of 61 surplus cross-dock industrial sites located throughout the country. Geographically, the sites are primarily in the Southeast and Midwest with the remaining sites in New England, Texas and Los Angeles, California. While the sites are improved with cross-dock terminals, they are also adaptable to a variety of industrial, and in some cases retail, uses. YRC Worldwide has one of the largest less-than-truckload (LTL) networks in North America YRC Worldwide has designated these sites as surplus and has closed the facilities over the past several years.

    read more

  • The Pantry Divesting 37 Stores

    From Convenience Store Decisions

    The Pantry Inc. is selling 37 stores located in nine states throughout the Southeast as part of a strategic divestment. The facilities are located in a variety of markets in Alabama (2), Florida (4), Georgia (4), Kentucky (1), Mississippi (1), North Carolina (13), South Carolina (6), Tennessee (1) and Virginia (5).

    The properties include four company-owned and 33 leased locations. All are operating convenience stores with gas. The stores range in size up to 4,800 square feet and property lot sizes range from relatively small parcels up to three-acre sites.

    read more

  • NRC Realty To Sell 26 Properties In West Virginia, Pennsylvania & Ohio

    NRC Realty & Capital Advisors, LLC (NRC) announced today that it will be coordinating the sale of 22 operating and closed c-stores plus four excess retail pad sites currently owned, leased, and/or operated by Prima Marketing, LLC, of Denver, Colorado. The properties are located in West Virginia and nearby areas of Pennsylvania and Ohio and include a mix of operating gas stations with c-stores, closed sites, and retail pad sites on key corners.

    read more
NRC.com   »  About Us   »  News   »  C-Store News   »  End of a Long Road

C-Store News

Wednesday, September 2, 2009

End of a Long Road

Sale of APPCO to Florida Sunshine Investments approved by bankruptcy court
Source: CSP Daily News

BLOUNTVILLE, Tenn. — The sale of the Appalachian Oil Co. Inc. (Appco) convenience store chain in eastern Tennessee to Florida Sunshine Investments I Inc. was approved by bankruptcy Judge Marsha Parsons yesterday. Closing of the sale was expected yesterday or today, said Denny Ruben, managing director of NRC Realty & Capital Advisors LLC (NRC), which is handling the Appco sale under direction of the bankruptcy court.

The purchase by Florida Sunshine Investments includes all 47 sites operated in bankruptcy by Blountville, Tenn.-based Appco, as well as rights to the company's private brand name, Appco.

Appco's bankruptcy attorney, Mark Dessauer, filed a motion on August 25 asking that the sale to Florida Sunshine Investments be approved. The motion called the offer of $6.25 million plus cost of inventory "the highest and best bid for the assets of [Appco]."

As reported yesterday in a CSP Daily News Flash, the stores, all of which are leasehold properties, are located in eastern Tennessee, southeastern Kentucky and southwest Virginia. They were offered through NRC's "buy one, some or all" sealed-bid sale process, under the supervision of the U.S. Bankruptcy Court for the Eastern District of Tennessee.

"I'm pleased that Florida Sunshine will retain all of Appco's stores, a portion of its dealer business, and the vast majority of employees," said P.A. (Andy) Weber III, senior vice president of NRC, who has been serving as Chief Restructuring Officer for Appco. "It is the end of a long road in Appco's history and the beginning of a new chapter in Appco's bright future. I appreciate the help of the DIP Lender, the creditors committee, and most importantly the Appco employees who continued to serve their customers during this process."

Florida Sunshine Investments made a late offer on the company after another bidder, Empire Petroleum Holdings, Rockville, Md., had lowered its initial $9.1 million bid to $5.5 million saying Appco's financial information discovered in due diligence was unacceptable. Empire agreed to a stipulation then that Appco could seek other offers and accept any that exceeded the $5.5 million bid by 5% or more. The Florida Sunshine Investments bid was about 14% higher.

Chicago-based NRC Realty & Capital Advisors provides real estate and financial advisory services and specializes in the accelerated sale of commercial and residential real estate. It offers portfolio evaluation and analysis; refinancing, recapitalization and sale-leaseback financing options; and merger and acquisition advisory services. NRC has sold more than 2,100 convenience stores and gas stations for an amount in excess of $1.5 billion for clients. Clients include companies in a variety of industries, including petroleum (BP, Shell and Sunoco), convenience stores (White Hen Pantry and Circle K), financial institutions (GE Capital, Fifth Third and Bank of America) and retail (Kmart).