Wednesday, May 28, 2014
7-Eleven Hangs For-Sale Sign on 75 Stores
Source: Convenience Store News
DALLAS -- 7-Eleven Inc. is putting 75 sites on the market. The locations are a mix of convenience stores and gas stations.
The retail outlets include 31 in Florida; 14 in Virginia; six in Massachusetts; six in Illinois; three in Texas; two in New York; two in Delaware; two in New Jersey; two in Utah; and one each in Arizona, Connecticut, Indiana, Maryland, Michigan, Pennsylvania and Vermont.
The Dallas-based retailer retained NRC Realty & Capital Advisors LLC to coordinate the sale.
"There are many nice sites in this package that simply do not fit 7-Eleven's current business model," said Robbie Radant, 7-Eleven's vice president of mergers and acquisitions. "All of these stores have solid merchandise sales and should provide good opportunities for the right buyers."
Lot sizes range from approximately 5,300 square feet to 1.3 acres, while store sizes range from 1,870 square feet to 4,740 square feet. Thirty-seven of the sites are fee-owned properties, and the remaining 38 are leaseholds, according to Chicago-based NRC.
All the sites are being sold without 7-Eleven branding. In addition, most of the sites that sell fuel are being 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 sale process. Property Specific Packages are expected to be available in late June, with a bid deadline of July 29.