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Sunday, April 27, 2014

Pasadena Valero among sale properties

Source: The Pasadena Citizen
By Y.C. Orozco

NRC Realty and Capital Advisors, LLC announced this week that it has been retained by CST Brands, Inc., a San Antonio-based company, to coordinate the sale of 100 gasoline stations and/or convenience stores, including 16 former gas stations and one land parcel and in addition to 61 locations in Texas (including a Valero at 623 Pasadena Blvd. in Pasadena), 14 in Arizona, seven in California, four in both Arkansas and Louisiana, three in New Mexico and one in both Utah and Wyoming.

Of the 61 Texas locations, 30 are in the Dallas-Fort Worth area, 11 in the Lubbock area, seven in the Houston area, five in the El Paso area and eight in surrounding areas.

The sale stems from a strategy by CST to “streamline” its operations in order to focus on building bigger format stores which would provide a wider range of product.

“The sale of these smaller stores is a tremendous opportunity for the right buyer as they will be a critical part of our growing U.S. wholesale business,” said said Steve Motz, senior vice president and chief development officer at CST Brands, which is a parent company of Corner Store.

CST is one of the largest independent retailers of motor fuels and convenience merchandise in the U.S.

The locations and sites sold as convenience stores with gas, whether operating or closed, will offered for sale with fuel supply, provided by CST, or without fuel supply. Out of the 16 former gas stations, four will be sold without tanks and deed restricted for the sale of petroleum.

In March, CST announced it had identified more than 100 stores which it considered candidates for sale, the majority of which could potentially be added to the company’s wholesale distribution business in the U.S.

Each location averages more than 3,000 gallons of fuel sold per store, per day, making them prime location for sale and good dealer candidates for CST’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 tha