Wednesday, May 2, 2012
Cumberland Farms Pruning Network
Source: CSP Daily NewsRetailer selling 20 nonstrategic sites in eight states
FRAMINGHAM, Mass. -- A group of convenience stores in several Northeast states are among the retail sites that Cumberland Farms Inc. is divesting because the locations no longer meet the company's needs.
"While these are sites that don't fit our current strategic plans," said Joseph Petrowski, chief executive officer of The Cumberland Gulf Group, "they have served us well over the years and will be excellent locations for the right buyers."
As reported yesterday in a Raymond James/CSP Daily News Flash, the 20 properties--18 operating and closed c-stores and two retail development sites--are located in a variety of urban and suburban markets in eight 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.
Sixteen of the sites are convenience stores with gasoline, two are convenience stores without gasoline and two are land-only development sites. The buildings average 2,150 square feet and the average lot size is approximately 28,000 square feet.
All are fee properties and the sale includes the underlying real estate.
The company has retained NRC Realty & Capital Advisors LLC, Chicago, to handle the sale. Bidders will be afforded the opportunity to bid on operating and closed c-stores with or without fuel supply.
"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."
The properties will be sold using NRC's "buy one, some or all" sealed-bid sale process. It anticipates that it will formally launch the sale on May 15, when additional details about all properties will be available on the NRC website. Property-specific packages (PSP) will be available the first week of June, with a bid deadline of July 12, 2012. Interested parties may view a complete site list and register online for sale updates at www.NRC.com/1203.
NRC provides an array of real-estate and financial advisory services to the c-store and petroleum industries, and specializes i