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Thursday, April 25, 2013

7-Eleven Property in China Spring for Sale

Source: WacoTrib.com
By Mike Copeland

A convenience store at 13331 China Spring Road that sells unbranded gasoline is one of 83 properties in Texas that 7-Eleven is selling in an online auction.

Chicago-based NRC Realty & Capital Advisors is coordinating the sale of 139 gasoline stations or convenience stores in six states, most located in Texas, said Margaret Chabris, director of corporate communications for Dallas-based 7-Eleven.

The properties do not carry the 7-Eleven brand, Chabris said, but are among more than 1,000 sites the company acquired in the past three years.

"There are some terrific properties in this package that simply don't fit 7-Eleven's business model," said Robbie Radant, vice president of mergers and acquisitions, in a statement 7-Eleven released. "They should provide great opportunities for the right buyers."

The location on China Spring Road is one of 23 convenience stores in Texas that 7-Eleven acquired from Strasburger Enterprises.

Of the 83 Texas sites 7-Eleven is parting with, 43 are located in the Dallas-Fort Worth Metroplex, 10 are in San Antonio, 10 are in the Austin area, and the remainder are scattered throughout East Texas and in other pockets of the state, including Waco, Belton and Groesbeck.

Lot sizes range from about 10,000 to 75,000 square feet, while store sizes range from kiosks to 6,700-square-foot complexes.

All sites are being sold without 7-Eleven branding, and most sites are being offered for sale with a fuel supply to be provided by Texas-based SEI Fuels.

Many of the stores being sold now carry the Chevron, Exxon, Shell, Texaco or Valero brands or are considered independent operations.

"When we negotiate a deal with a seller, we often have to take some stores that are not the type we typically operate," Chabris said. "A lot of them are too small and it doesn't make sense to scrape them away and rebuild. These are the stores included in this auction."

She said she could not comment on how much 7-Eleven hopes to raise from this sale.

Other locations are being sold in Florida, Ohio, Pennsylvania, Utah and Wisconsin.

The properties will be sold using NRC's "buy one, some or all" sealed-bid sale process. The sale launched this week, and information about the stores is available at www.NRC.com/1305 or by calling the NRC customer service center at 800-747-3342, ext. 1305.

The deadline to bid is June 27, and property-specific packages will become available in