Wednesday, April 18, 2012
‘What Happens in Vegas’
Source: CSP Daily NewsBy Angel Abcede, Greg Lindenberg
Entrepreneur exits c-store business with sale of 11 City Stop stores to S&S Fuels
LAS VEGAS -- "As I exit the c-store business to devote more of my energies into other development opportunities, I'm pleased to place my company in such capable hands," City Stop president Bruce Familian--an entrepreneur with more than 30 years of experience developing real estate in Nevada and California--said upon the announcement of the sale of City Stop's 11 convenience stores to S&S Fuels LLC of Littleton, Colo.
Preet S. Puri, managing member and principal owner of S&S Fuels, said he believes the acquisition will be a great addition to his business. "City Stop is a first-class operation in all respects--prime real estate, fantastic stores, solid financials and a skilled and devoted management team and employees from the store level on up, all of whom we hope to retain. We're delighted to be entering the Las Vegas market with such a strategically placed and strong portfolio," Puri said.
"S&S will be able to take [the stores] to the next level; something we weren't able to do," Familian told CSP Daily News. "That's what they bring to the table."
He and Athey will stay on in a couple of capacities. Familian said he will be the point person for S&S in Las Vegas, helping the company grow in that market. Then he and Athey will continue supplying the gaming portion of the chain's business. Familian said he and Athey developed a gaming-supply company to which they intend to devote more of their energies going forward.
The City Stop deal was "exceptional" because of Familian and his background as a real-estate developer, Dennis Ruben, executive managing director of NRC Realty & Capital Advisors LLC, told CSP Daily News. "These were high-end, dynamic properties in prime locations in [growing] residential areas," Ruben said. "There was strong interest, and if [S&S] didn't do the deal, there were others in the ring."
NRC served as the exclusive financial advisor to City Stop during the private placement sale.
Pointing to Familian's instincts as a developer, Ruben said Familian understood the value of land. Familian said he knew "where you needed to be to grow in the Las Vegas market."
Familian said he would lock up five-to-10-acre lots and develop the property, using the c-store as the center.
Moving forward, Familian said that despite the economy in