Friday, August 10, 2012
7-Eleven puts 30 former Wilson Farms stores up for sale
Source: NPN Magazine
7-Eleven, Inc. is putting up for sale 30 gas stations and/or convenience stores in upstate and western New York, said NRC Realty & Capital Advisors (NRC), which said it had been retained by 7-Eleven to handle the sale. The properties were part of 7-Eleven's acquisition of the 188-store Wilson Farms chain in 2011.
Robbie Radant, 7-Eleven vice president of mergers and acquisitions, said, "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. 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."
The 30 locations stretch 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, and 24 are convenience stores with gasoline. All but one site is currently operating.
Lot sizes range from approximately 5,500 to nearly 81,000 square feet, while store sizes range from 1,100 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. Fuel sites are currently branded Mobil (6), Sunoco (10), or unbranded (8). All fuel sites (except 4 commission marketer sites) are being offered for sale with or without fuel supply.
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 August 15, when additional details about all properties will be available on the NRC website and a brochure will be available for download. Property Specific Packages are expected to be available in early September, with a bid deadline of October 18, 2012. Interested parties may view a complete site list and register online for sale updates at www.NRC.com/1208, or by calling the NRC Customer Service Center at 800-747-3342, extension 1208.
Properties are located in Albion, Avon, Batavia (2), Bath, Buffalo (2), Caledonia, Dundee, Elmira (3), Filmore, Fredonia, Great Be