Monday, June 13, 2011
The Pantry to Divest 114 Sites
Source: Convenience Store News
CARY, N.C. -- The Pantry Inc. retained NRC Realty & Capital Advisors LLC to assist in its strategic divestiture of 114 locations in nine southeastern states. The stores are located in a variety of markets: three in Alabama, 28 in Florida, seven in Georgia, three in Kentucky, five in Mississippi, 41 in North Carolina, 12 in South Carolina, four in Tennessee and 11 in Virginia.
The properties are a combination of owned and leased locations, according to NRC. All are operating convenience stores with gas except for a single standalone store. Land ranges in size from relatively small parcels to 3-acre sites and up; store sizes include a few kiosk-only units up to 4,800-square-feet stores.
"We're very pleased to be once again partnering with NRC in this portfolio sale," said Jim Bosworth, vice president, real estate, The Pantry Inc. "These are sites that don't fit our current strategy, but they can be excellent locations for the right buyers."
NRC will sell the stores using its "buy one, some or all" sealed bid sale process, with the exception of 22 stores that will be offered in packages ranging from two to eight stores each in five markets. Interested parties may register for updates by calling (800) 747-3342, ext. 1112, or by visiting www.nrc.com/1112, where a complete list of properties is available. The bid deadline is Aug. 2.
"We are excited that The Pantry has again selected us to facilitate this sale," said Dennis L. Ruben, managing director of NRC. "It's one of our largest sales in recent years, and it offers some great opportunities for qualified buyers. Anyone interested in these markets should take a serious look at the portfolio. Some of the sites should also be of interest to buyers outside the retail petroleum and c-store sectors."