Wednesday, April 18, 2012
S&S Fuels acquires City Stop assets
Source: NPN Magazine
S&S Fuels of Littleton, Colorado, has acquired all of the assets of City Stop Inc. and its affiliates in metropolitan Las Vegas, Nevada, announced NRC Realty & Capital Advisors, Chicago, Illinois. NRC said it served as financial advisor to City Stop.
The City Stop chain was founded in 1997 by Bruce Familian and Jon Athey. They opened their first store in 1998 and went on to develop a total of 11 convenience stores in the Las Vegas valley market. All of the locations are high-visibility corner lots along high-traffic corridors and cross streets, with close proximity to major highways and thoroughfares. With an average building size of 3,500 square feet situated on an average lot size of approximately 1.25 acres, the chain boasts a larger operational footprint than the national average for convenience store size.
City Stop offers a "one-stop-shopping" concept, providing customers with multiple services such as gasoline, car washes, groceries, gaming and U.S. Postal Service units. Key to this concept is co-branding with national quick service restaurant brands such as Jack-in-the-Box and Domino's Pizza.
The sale of all 11 sites plus all other company assets included the underlying real estate for nine of the stores and leasehold interests for the remaining two. Gas at all stations will be rebranded Sinclair. S&S has also arranged to rebrand the stores to 7-Eleven. Familian and Athey will serve in a consulting capacity to S&S after the sale closes.
Familian, who serves as City Stop's president, is a successful entrepreneur with over 30 years of experience developing real estate in Nevada and California. "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," he said. "I appreciate the efforts of NRC in making this deal happen."
Preet S. Puri, managing member and principal owner of S&S, said, "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."
NRC Realty & Capital Advisors, LLC provides real estate and financial advisory services to the convenience store and petroleum industries, and specializes in the accelerated sale of