Tuesday, June 14, 2011
The Pantry to sell 114 sites through NRC Realty & Capital Advisors
Source: NPN Magazine
NRC Realty & Capital Advisors, LLC (NRC) announced June 13 that it will be assisting The Pantry, Inc. in a strategic divestiture of 114 locations in nine states throughout the Southeast. (6/14/2011)
NRC Realty & Capital Advisors, LLC (NRC) announced June 13 that it will be assisting The Pantry, Inc. in a strategic divestiture of 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).
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 3-acre sites and larger, and stores range from few kiosk-only units up to 4,800 square foot stores.
Jim Bosworth, vice president, real estate, The Pantry, Inc., said in a statement, "These are sites that don't fit our current strategy, but they can be excellent locations for the right buyers."
NRC Managing Director Dennis L. Ruben said, "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 "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. 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.
Headquartered in Cary, North Carolina, The Pantry, Inc., as of May 9, 2011, operated 1,659 stores in 13 states under select banners, including Kangaroo Express, its primary operating banner. The Pantry's stores offer a broad selection of merchandise, as well as gasoline and other ancillary services.
NRC Realty & Capital Advisors, LLC 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.