Wednesday, February 5, 2014
7-Eleven Hangs For-Sale Signs on 72 Locations
Source: Convenience Store News
DALLAS -- 7-Eleven Inc. is putting 72 convenience stores and/or gas stations on the sales block. The stores spread across nine states, with the majority in the retailer's home state of Texas.
According to NRC Realty & Capital Advisors LLC, the portfolio includes 22 locations in Texas, 17 in South Carolina, 12 in Pennsylvania, nine in Ohio, four in Michigan, three in Indiana, three in West Virginia, one in Florida and one in Utah.
Of the 22 Texas sites, 11 are in the San Antonio area, five are in or near Dallas-Fort Worth, two are in the Houston area, one is in Austin, and the remaining three are in surrounding areas.
Dallas-based 7-Eleven has tapped Chicago-based NRC to coordinate the sale.
"There are some terrific properties in this package that simply don't fit 7-Eleven's business model," said Robbie Radant, the retailer's vice president of mergers and acquisitions. "All of these stores were part of the more than 1,000 sites we've acquired in the past three years and should provide great opportunities for the right buyers."
Lot sizes range from approximately 8,000 square feet to 5.6 acres, while store sizes range from kiosks to 4,640 square feet. Fifty of the sites being offered are fee-owned properties, and the remaining 22 are leaseholds.
All the sites are being sold without 7-Eleven branding. Most of the locations are offered for sale with fuel supply, which would be provided by SEI Fuels Inc., a 7-Eleven subsidiary.
"These properties are located in major metropolitan areas in many of these states, and other prime markets," said Dennis Ruben, executive managing director of NRC. "This sale provides another great opportunity for others already operating in these markets, as well as for those looking to enter them."
The properties will be sold using NRC's well-known "buy one, some or all" sealed-bid process. Property specific packages are expected to be available in mid- to late February, with a bid deadline of April 1.
7-Eleven Inc. operates, franchises or licenses approximately 10,300 7-Eleven convenience stores in North America.