Friday, August 10, 2012
7-Eleven Hangs For-Sale Sign on 30 N.Y. Sites
Source: Convenience Store News
DALLAS -- 7-Eleven Inc. is putting 30 convenience stores/gas stations in New York State on the market. The locations were part of the Dallas-based retailer's acquisition of the 188-store Wilson Farms chain in 2011.
"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. Such is the case with these 30 properties," explained Robbie Radant, 7-Eleven's vice president of mergers and acquisitions. "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."
7-Eleven has retained NRC Realty & Capital Advisors LLC to help market the properties. The 30 locations are spread across upstate and western New York, from Fredonia and Buffalo in the west, through Elmira and Watertown, to communities adjacent to Lake Champlain in the northeast. Six of the sites are convenience stores only (no fuel), while the other 24 are convenience stores with gasoline. All but one site is currently operating, according to NRC.
Lot sizes range from approximately 5,500 square feet to nearly 81,000 square feet, while store sizes range from 1,100 square feet to 3,500 square feet. With the exception of one fee property, these are all leasehold properties, with current leases mostly expiring in 2015. Nearly all have lease renewal options through 2020, and most have renewal options through 2030. Some locations may be offered with the fee real estate interest.
All sites are being sold without 7-Eleven branding. Six of the fuel sites are currently branded Mobil, 10 are branded Sunoco and eight are unbranded. All fuel sites (except four commission marketer sites) are being offered for sale with or without fuel supply, NRC noted.
"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," explained Dennis Ruben, executive managing director of NRC. "We believe this sale will draw interest from dealers, jobbers, chain marketers and even those from outside the industry."
The properties are located in Albion, Avon, Batavia (two), Bath, Buffalo (two), Caledonia, Dundee, Elmira (three), Filmore, Fredonia, Great Bend, Hammonsport, Horseheads, Keeseville, Lake Placid, Le Roy, Niagara Falls, Potsdam, Rochester (three), Saranac Lake, Watertown (two), West Cha