Friday, August 10, 2012
7-Eleven Retains NRC Realty & Capital Advisors For Store Sales
Source: Convenience Store DecisionsBy CSD Staff
NRC Realty & Capital Advisors help 7-Eleven with the sale of 30 c-store properties in upstate and western New York.
7-Eleven Inc. retained NRC Realty & Capital Advisors to coordinate the sale of 30 gas stations and c-stores in upstate and western New York.
7-Eleven acquired these properties as part of its acquisition of Wilson Farms' chain in 2011, which consisted of 188 stores.
The 30 locations stretch from Fredonia and Buffalo in the west through Elmira and Watertown to communities next to Lake Champlain in northeast. Six of the sites are c-stores only, and 24 are c-stores with gasoline. All but one site is currently operating.
"In any acquisition of an entire chain, there will inevitably be some stores that don't fit with a buyer's long-term strategic plans," said Robbie Radant, 7-Eleven vice president of mergers and acquisitions. "Such is the case with these 30 properties. While not right for our current operations, we believe they will provide great opportunities for the right buyers, as they did for Wilson Farms over the years."
Lot sizes range from 5,500 to nearly 81,000 square feet, while store sizes range from 1,100 to 3,500 square feet. All sites are being sold without 7-Eleven branding. Fuel sites are currently branded Mobil, Sunoco or unbranded.
"We think that this sale provides some great opportunities for others already operating in these geographic areas as well as for those looking to enter these markets," said Dennis Ruben, executive managing director of NRC. "We believe that this sale will draw interest from dealers, jobbers, chain marketers and even those from outside the industry."
7-Eleven Inc. is the largest chain in the c-store retailing industry. Based in Dallas, Texas, it operates 9,400 c-stores in North America. Globally, there are more than 47,300 7-Eleven stores in 16 countries.