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Friday, January 7, 2011

NRC announces bid deadline for stores in Florida Panhandle

Source: NPN Magazine

NRC Realty & Capital Advisors, LLC (NRC) has announced that Feb. 15 has been set as the bid deadline for the previously-announced sale of up to 55 fee properties in the Florida Panhandle. (1/7/2011)

NRC Realty & Capital Advisors, LLC (NRC) has announced that Feb. 15 has been set as the bid deadline for the previously-announced sale of up to 55 fee properties in the Florida Panhandle. Most are operating gas stations with convenience stores, including one closed site. Most of the operating stations are major-branded for gasoline, but all have unbranded convenience stores and some have on-site carwashes. Gasoline brands include BP, Shell, Exxon, Chevron and Mobil. Sites may be purchased either with or without fuel supply agreements.

The properties are being sold through a sealed bid sale utilizing NRC's "buy one, some or all" format. Financing from an affiliate of the seller is available for qualified buyers who must be prequalified prior to making bids.

Interested parties may register online at www.nrc.com/1010 or by calling 800.747.3342, ext. 1010. A sales brochure and complete property-specific information is posted on the NRC website and is available to registered parties.

"This sale, along with other divestiture transactions anticipated from major oil companies and other industry players, should provide significant opportunities for expansion by existing operators," said Denny Ruben, NRC managing partner. "This follows the trend already established in 2010."

On Dec. 2, The Pantry, Inc. completed its acquisition of all assets of Presto Convenience Stores, LLC, consisting of 47 convenience stores in Kansas and Missouri. NRC served as financial advisor to Presto in connection with the transaction.

"There are some very good companies and portfolios of properties coming onto the market," Ruben said, "and even with some of the current economic headwinds, there are ample buyers looking for attractive acquisition opportunities. And some of them are looking to either expand their current footprint or perhaps venture well beyond it, as The Pantry did with the Presto acquisition."

NRC Realty & Capital Advisors 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.