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Wednesday, February 1, 2012

Prima Peddling 26 Properties

Source: CSP Daily News
Selling nonstrategic open, closed sites in West Virginia, Pennsylvania, Ohio

DENVER - Because they no longer fit into the company's strategy, Prima Marketing LLC is selling 22 operating and closed convenience stores plus four excess retail pad sites that it currently owns, leases or operates. The properties are located in West Virginia and nearby areas of Pennsylvania and Ohio.

"This portfolio consists of excess real estate and operating stores that are not a part of our long-term strategic plan," said Jeffrey Kramer, CEO of Denver-based Prima Marketing. "We believe they will provide great opportunities for the right buyers, as they have for us over the years."

Ohio properties are in Albany, Belpre and Euclid. Pennsylvania properties are in Erie, Grove City, Indiana, Jeannette, Natrona Heights and New Station. West Virginia sites are in Charleston, Fraziers Bottom, Hernshaw, Huntington, Hurricane, Parkersburg, Pennsboro, Princeton, Ripley, Salt Rock, Scott Depot, St. Albans and Washington. There are multiple stores in some of those cities and towns.

As reported in a Morgan Keegan/CSP Daily News Flash yesterday, the operating and closed properties are being sold either with or without fuel supply or for adaptive reuse. The c-stores themselves are being sold without brand; however, 7-Eleven franchise opportunities may be available. Of the 26 parcels, 15 are fee properties while 11 are leased sites. Included are 16 operating stores, five closed stores, one subleased property and four land-only pad sites.

Chicago-based NRC Realty & Capital Advisors LLC will be coordinating the sale, conducted using NRC's "buy one, some or all" sealed-bid sale process.

"West Virginia and surrounding areas are strong c-store markets, even in the current economy," said Denny Ruben, executive managing director of NRC. "This sale provides some unique opportunities for others already operating in the area as well as those looking to enter these markets. We believe they will draw interest from dealers, jobbers, chain marketers and even those from outside the industry."

The bid deadline is March 22, 2012. A complete list of the properties and information regarding submitting offers is available online at www.nrc.com/1115. A sales brochure containing information for all of the sites in the sale will be available and a property-specific package (PSP) will be available for each site by the end of February.

NRC Real