Wednesday, April 16, 2014
CST To Sell 100 Gas Stations
Source: GlobeSt.comBy Kate Hinderer
SAN ANTONIO - Locally-based CST Brands Inc. is putting 100 gas stations and/or convenience stores, 16 former gas stations and one land parcel up for sale. The sales are part of the company's plan to optimize its network.
"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," says Steve Motz, senior vice president and chief development officer at CST Brands, in a statement. "The sale of these smaller stores are a tremendous opportunity for the right buyer as they will be a critical part of our growing US wholesale business."
The properties are predominately located in Texas, although there are 22 in Colorado, 14 in Arizona, seven in California, four in Arkansas, four in Louisiana, three in New Mexico, one in Utah and one in Wyoming. Of the 61 sites in Texas, 30 of them are located in Dallas-Fort Worth, while 11 are in Lubbock, seven in Houston, five in El Paso. The final eight are spread throughout the state.
NRC Realty & Capital Advisors has been tapped to coordinate the sale. The sites will be sold in a buy one, some or all sealed-bid process.
In 2012, CST revenues totaled more than $13 billion, making it one of the largest independent retailers of motor fuel and convenience merchandise in North America. The company owns more than 1,040 stores in the US, mostly under the name Corner Store.
NRC and CST were unable to comment on the pending sales before deadline.