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Tuesday, July 5, 2011

The Pantry to sell 114 stores

Source: Triangle Business Journal
By Amanda Jones Hoyle

Convenience store owner and operator The Pantry Inc.bizWatch is planning to sell 114 of its store locations in nine states throughout the Southeast, including 41 stores in North Carolina.

The Pantry (Nasdaq: PTRY) has hired commercial real estate firm NRC Realty & Capital Advisors LLC of Chicago to market the "strategic divestiture" of properties, which includes a combination of both owned and leased locations.

All of the stores being marketed for sale are operating convenience stores and all but one also offer gasoline for sale, according to a press release from NRC Realty. The properties range in size from kiosk-only units to 4,800-square-foot stores with three acres or more.

Scott Yates, a spokesman for Cary-based The Pantry, says the company doesn't have any comment beyond the information in NRC Realty's press release.

NRC Realty & Capital Advisors is marketing for sale 41 stores in North Carolina, 28 stores in Florida, 12 stores in South Carolina, 11 stores in Virginia, seven stores in Georgia, five stores in Mississippi, four stores in Tennessee and three stores each in Alabama and in Kentucky. The Pantry operates more than 1,600 stores in 13 states.

"We're very pleased to be once again partnering with NRC in this portfolio sale," stated Jim Bosworth, vice president of real estate for The Pantry, in a written statement. "These are sites that don't fit our current strategy, but they can be excellent locations for the right buyers."

NRC says the Pantry portfolio listing is one of the firm's largest sale opportunities in recent years. The stores will be sold individually, in groups or as a total portfolio through a sealed bid sale process. The bid deadline is Aug. 2.