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Wednesday, July 6, 2011

The Pantry to sell 41 N.C. stores

Source: Charlotte Business Journal
By Amanda Jones Hoyle

Convenience-store owner and operator The Pantry will to sell 114 of its stores in nine states in the Southeast, including 41 stores in North Carolina.

The company operates 28 Kangaroo Express stores in Charlotte.

The Pantry has hired commercial real estate firm NRC Realty & Capital Advisors of Chicago to market the properties, which includes a combination of both owned and leased locations.

The properties range in size from kiosk-only units to 4,800-square-foot stores on 3 acres or more.

NRC also is marketing for sale 12 stores in South Carolina, 11 stores in Virginia, seven stores in Georgia, 28 stores in Florida, five stores in Mississippi, four stores in Tennessee and three stores each in Alabama and in Kentucky.

The Pantry (NASDAQ:PTRY) is based in Cary and operates more than 1,600 stores in 13 states.

“We’re very pleased to be once again partnering with NRC in this portfolio sale,” says Jim Bosworth, vice president of real estate for The Pantry. “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. The bid deadline is Aug. 2.