Wednesday, June 15, 2011
Pantry Chain to Sell 114 Convenience Store Sites
Sale Includes Nearly 70 Stores in North Carolina and Florida
Source: CoStar GroupBy Randyl Drummer
The Pantry, Inc. will sell 114 convenience store locations in nine Southeast states, including 41 stores in North Carolina and 28 sites in Florida.
The Cary, NC-based store chain will also sell 12 locations in South Carolina, 11 in Virginia, and multiple sites in Georgia (7) Mississippi (5), Tennessee (4), Alabama (3) and Kentucky (3), according to NRC Realty & Capital Advisors, LLC, the NAI Global affiliate that is helping market the properties.
The properties are a combination of owned and leased locations. All are operating convenience stores with gas, except for one stand-alone convenience store, ranging in size from a few kiosk-only units up to 4,800-square-foot stores.
"These are sites that don't fit our current strategy, but they can be excellent locations for the right buyers," said Jim Bosworth, vice president, real estate, for The Pantry, Inc. Dennis L. Ruben, managing director of NRC, said the sale is one of the largest handled by the firm in recent years, adding that some of the sites "should also be of interest to buyers outside the retail petroleum and c-store sectors."
Although 22 sites will be offered in packages ranging from two to eight stores each in five markets -- including five in Naples, FL, two in Ocala, FL, eight in Rocky Mount, NC; three in Siler City, NC, and four in Charlottesville, NC, most of the stores will be sold using a "buy one, some or all" sealed bid sale process.