Tuesday, June 14, 2011
Pantry's Nine-State Sale
Retailer puts 114 locations on the block that don't fit current strategy
Source: CSP Daily News
CARY, N.C. -- In a strategic divestiture of stores that don't meet current requirements, The Pantry Inc. is selling 114 locations located in nine states throughout the Southeast. The 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).
Jim Bosworth, vice president of real estate for The Pantry, said, "These are sites that don't fit our current strategy, but they can be excellent locations for the right buyers."
As reported in a Morgan Keegan/CSP Daily News Flash yesterday, the properties are a combination of owned and leased locations and all are operating convenience stores with gasoline, except for one standalone c-store. The properties range in size from relatively small parcels to three-acre sites and larger, and the stores range from a few kiosk-only units up to 4,800-square-foot locations.
NRC Realty & Capital Advisors LLC (NRC), Chicago, is assisting The Pantry in the sale.
"This is the second time in just over a year that NRC has partnered with The Pantry in a strategic divestiture, and it's one of the largest sales NRC has conducted in quite some time," said Dennis L. Ruben, managing director of NRC. "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."
Said Bosworth, "We're very pleased to be once again partnering with NRC in this portfolio sale."
The stores will be sold using NRC's "buy one, some or all" sealed-bid sale process, although 22 sites will be offered in packages ranging from two to eight stores each in five markets. The bid deadline is August 2, 2011. Visit www.nrc.com/1112 for more details, including a complete list of properties.
NRC provides an array of real-estate and financial advisory services to the c-store and petroleum industries, and specializes in the accelerated sale of commercial and residential real estate. Its experience in the c-store arena includes portfolio evaluation and analysis; refinancing, recapitalization and sale-leaseback financing options; and merger and acquisition advisory services. Since its inception in 1989, NRC has sold more than 10,000 properties. Clients include companies in a variety of industries, including petroleum (BP, Shell and Sunoco), c-stores (Circle K), financial inst