Wednesday, April 16, 2014
CST Brands Selling 100 Stores
Source: Convenience Store DecisionsBy CSD Staff
San Antonio-based CST Brands Inc. has retained NRC Realty & Capital Advisors LLC to coordinate the sale of 100 gasoline stations and/or convenience stores, 16 former gas stations and one land parcel.
This includes 61 locations in Texas, 22 in Colorado, 14 in Arizona, seven in California, four in both Arkansas and Louisiana, three in New Mexico, one in Utah and one in Wyoming.
Of the 61 Texas sites, 30 are in the Dallas-Fort Worth area, 11 are in the Lubbock area, seven are in the Houston area, five are in the El Paso area, and the remaining eight are in surrounding areas.
In Arizona, nine are located in the Phoenix area, four are in Tucson and one is in Prescott Valley. In Colorado, nine are located in and around Denver, five are in Colorado Springs and the surrounding area, four are in Fort Collins with the remainder located in surrounding areas.
Sites sold as convenience stores with gas, whether operating or closed, will be offered for sale with fuel supply, which will be provided by CST, or without fuel supply. Of the 16 former gas stations, four will be sold without tanks and deed restricted for the sale of petroleum.
In an announcement in early March, CST noted that in looking to optimize its network, it had identified approximately 100-plus stores that were candidates for sale, the majority of which could potentially be added to the company's growing wholesale distribution business in the U.S. The locations each average over 3,000 gallons of fuel sold per store, per day, which makes them attractive locations for sale and good dealer candidates for CST's wholesale business.
"We are streamlining our operations in order to focus on our core business strategy to build larger format stores that can offer a wider array of enhanced product offerings," said Steve Motz, senior vice president and chief development officer at CST Brands, parent company of Corner Store. "The sale of these smaller stores are a tremendous opportunity for the right buyer as they will be a critical part of our growing U.S. wholesale business."
"We're very pleased to be working with CST in this endeavor to optimize its network," said Dennis Ruben, executive managing director of NRC. "Based upon recent experience we've had with sales in these and adjacent states, we're confident that there will be a tremendous amount of interest given the quality of these sites."
The properties will be sold using NRC's well-known "buy one, some or all&