Tuesday, June 14, 2011
The Pantry To Sell 114 Stores
Source: Convenience Store Decisions
"These are sites that don't fit our current strategy, but they can be excellent locations for the right buyers," says The Pantry's vice president of real estate.
The Pantry Inc. is strategically divesting 114 locations in nine states throughout the Southeast. Stores are located in a variety of markets in Alabama (3), Florida (28), Georgia (7), Kentucky (3), Mississippi (5), North Carolina (41), South Carolina (12), Tennessee (4) and Virginia (11).
NRC Realty & Capital Advisors LLC (NRC) is assisting with the sale.
The properties are a combination of owned and leased locations and all are operating convenience stores with gas, except for one stand-alone c-store. Properties range in size from relatively small parcels to three-acre sites and larger, and stores range from a few kiosk-only units up to 4,800 square foot stores.
"We're very pleased to be once again partnering with NRC in this portfolio sale," said Jim Bosworth, vice president, real estate, of The Pantry Inc., which operates 1,659 stores in 13 states under select banners. "These are sites that don't fit our current strategy, but they can be excellent locations for the right buyers."
"We are excited that The Pantry has again selected us to facilitate this sale," said Dennis 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."
The stores will be sold using NRC's well-known "buy one, some or all" sealed bid sale process, although 22 sites will be offered in packages ranging from 2-8 stores each in five markets. The bid deadline is Aug. 2, 2011. Interested parties may register online for sale updates at www.nrc.com/1112, or by calling the NRC Customer Service Center at (800) 747-3342, extension 1112. A complete list of properties is available at that same Web address.