Thursday, February 16, 2012
The Pantry Divesting 37 Stores
Source: Convenience Store DecisionsBy CSD Staff
Four company-owned and 33 leased sites are available in nine Southeastern states.
The Pantry Inc. is selling 37 stores located in nine states throughout the Southeast as part of a strategic divestment. The facilities are located in a variety of markets in Alabama (2), Florida (4), Georgia (4), Kentucky (1), Mississippi (1), North Carolina (13), South Carolina (6), Tennessee (1) and Virginia (5).
The properties include four company-owned and 33 leased locations. All are operating convenience stores with gas. The stores range in size up to 4,800 square feet and property lot sizes range from relatively small parcels up to three-acre sites.
"The leased sites have terms up to 16 years and average nine years," said Denny Ruben, executive managing director of NRC Realty & Capital Advisors LLC, which is assisting with the sale, "and are offered with long-term fuel supply agreements from The Pantry. The fee stores are being sold with or without supply." The majority of these stores were in an earlier offering.
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, 2012. Interested parties may register online for sale updates at www.nrc.com/1202, or by calling the NRC Customer Service Center at (800) 747-3342, extension 1202. A complete list of properties is available at that same Web address.
Headquartered in Cary, N.C., The Pantry Inc. operates 1,618 stores in 13 states under select banners, including Kangaroo Express, its primary operating banner. The Pantry's stores offer a broad selection of merchandise, as well as gasoline and other ancillary services designed to appeal to the convenience needs of its customers.