Monday, August 13, 2012
7-Eleven to Sell 30 Upstate New York Stores
Source: Business FirstBy James Fink
National convenience store operator 7-Eleven Inc. has put 30 of its Upstate New York locations on the real estate market.
All 30 were stores that Dallas-based 7-Eleven acquired last year when it purchased 188 former Wilson Farms stores. The locations include the 1,200-square-foot 7-Eleven in the renovated Lofts at 136 on North Division Street in downtown Buffalo.
Chicago-based NRC Realty & Capital Advisors has been retained to sell the stores via a sealed bid process. The bids are due back by Oct. 18.
The locations include six that are stand-alone convenience stores and 24 that also sell gasoline. Most are leased, with the bulk of the leases running through 2015. Some have five-year renewable lease options.
The stores run between 1,100 and 3,500 square feet.
The sale was not unexpected. Officials from 7-Eleven said in 2011, when they bought the chain, that there might be some adjustments in the number of stores that it kept.
"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."
Only three of the locations are in Erie or Niagara Counties. Besides the downtown Buffalo site, a store at 1540 Broadway in Buffalo and 1500 Main Street in Niagara Falls are included in the sealed-bid package.
Others are in such municipalities as Albion, Bath, Elmira, Potsdam, Rochester and Saranac Lake.
Dennis Ruben, NRC executive managing director, said there has already been some interest in the sites.
"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 the market," Ruben said.