Wednesday, May 2, 2012
Cumberland Farms Puts 20 Sites Up for Sale
Source: Convenience Store News
FRAMINGHAM, Mass. -- Cumberland Farms has put 18 convenience stores plus two retail development sites on the market, tapping NRC Realty & Capital Advisors to handle the sale.
The 20 properties are located in a mix of urban and suburban markets in eight Northeastern states: six properties each in Massachusetts and New York, two in Rhode Island and Maine, and one each in Connecticut, New Hampshire, Pennsylvania and Vermont. The asset mix includes both operating and closed convenience stores, according to NRC.
The buildings average 2,150 square feet and the average lot size is approximately 28,000 square feet. Sixteen of the sites are convenience stores with gas, two are convenience stores without gas and two are land-only development sites, NRC noted. All are fee properties and the sale includes the underlying real estate. Bidders will be afforded the opportunity to bid on the operating and closed c-stores with or without fuel supply.
"While these are sites that don't fit our current strategic plans, they have served us well over the years and will be excellent locations for the right buyers," explained Joseph Petrowski, CEO of The Cumberland Gulf Group.
The properties will be sold using NRC's "buy one, some or all" sealed bid sale process. It is anticipated that the sale will be formally launched on May 15, when additional details about the properties will be available on the NRC website. Property Specific Packages (PSP) are expected to be available the first week of June, with a bid deadline of July 12.
"We are excited to have the opportunity to work with Cumberland Farms and its management team," said Dennis L. Ruben, executive managing director of NRC. "This sale provides great opportunities for qualified buyers. Anyone currently operating in or interested in these markets should take a serious look at the portfolio. Some of the sites should also be of interest to buyers outside the retail petroleum and c-store sectors."