Thursday, February 16, 2012
The Pantry Selling 37 Sites in Nine Southeast Markets
Source: Convenience Store News
CARY, N.C. -- The Pantry Inc. has placed a for-sale sign on 37 convenience stores, and has once again turned to NRC Realty & Capital Advisors LLC to assist. The move is part of the c-store operator's strategic divestitures.
The current sale consists of stores in nine states throughout the Southeast: Alabama (2 locations), Florida (4), Georgia (4), Kentucky (1), Mississippi (1), North Carolina (13), South Carolina (6), Tennessee (1) and Virginia (5).
The Pantry, parent of Kangaroo Express, owns four of the properties; the remaining 33 are leased locations. All are operating convenience stores with gas. The stores range in size up to 4,800 square feet, while property lot sizes range from relatively small parcels up to three-acre sites, according to NRC.
"The leased sites have terms up to 16 years and average nine years, and are offered with long-term fuel supply agreements from The Pantry," said Denny Ruben, executive managing director of NRC. "The fee stores are being sold with or without supply."
The majority of these stores were in an earlier offering, NRC added. In June 2011, The Pantry tapped NRC to handle the sale of 114 locations in nine southeastern states, as CSNews Online previously reported.
"We're very pleased to be once again partnering with NRC in this portfolio sale," Jim Bosworth, The Pantry's vice president of real estate, said at the time. "These are sites that don't fit our current strategy, but they can be excellent locations for the right buyers."
The stores will be sold using NRC's well-known "buy one, some or all" sealed bid sale process, with a bid deadline of March 20. A complete list of properties is available at www.nrc.com/1202.