Monday, April 22, 2013
7-Eleven to Sell Off 10 former Tetco Sites in San Antonio
Source: San Antonio Business JournalBy Tricia Lynn Silva, Reporter/Project Coordinator
Dallas-based 7-Eleven Inc. has hired NRC Realty & Capital Advisors LLC to sell 139 convenience stores in Texas, Florida, Ohio, Pennsylvania, Utah and Wisconsin.
7-Eleven has purchased more than 1,000 sites from various operators over the past three years, explains Robbie Radant, vice president of mergers and acquisitions for 7-Eleven. However, the locations being put up for sale are not strategic to the company's overall operations.
Last year, one of 7-Eleven's convenience store purchases included the wholesale assets of San Antonio-based Tetco Inc. The company has long-term plans to re-introduce the 7-Eleven brand to the San Antonio market.
"There are some terrific properties in this package that simply don't fit 7-Eleven's business model," says Radant, adding that the stores "should provide great opportunities for the right buyers."
The majority of the stores — 83 sites — are in Texas.
And in Texas, 10 of the sites are in San Antonio. None of these stores will be rebranded 7-Eleven.
Eight of the local stores being sold by 7-Eleven/NRC are currently branded as Chevron stations. They are located at:
• 11055 N. IH-35;
• 10034 San Pedro;
• 4602 NW Loop 410;
• 8313 Culebra Road;
• 8210 Marbach;
• 10711 Huebner Road;
• 619 Division Ave.;
Two of the stores are Exxon-branded stations:
• 2142 E. Southcross;
• 2706 Culebra Road;
Chicago-based NRC will solicit sealed bids on the available properties. Information on each property is available on the company's website. The bid deadline is June 27.
NRC Realty specializes in providing a full array of real estate and financial advisory services to the convenience store and petroleum industries.