Wednesday, May 28, 2014
7-Eleven's 16-State Sale Focuses on Southeast
Source: CSP Daily News
DALLAS -- Pruning locations it said do not fit its retailing profile, 7-Eleven Inc. is selling 75 gas stations and convenience stores, including 31 locations in Florida, 14 in Virginia, six in Massachusetts and Illinois, three in Texas, two in New York, Delaware, New Jersey and Utah and one each in Arizona, Connecticut, Indiana, Maryland, Michigan, Pennsylvania and Vermont.
"There are many nice sites in this package that simply do not fit 7-Eleven's current business model," said Robbie Radant, 7-Eleven 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 c-store sizes range from 1,870 square feet to 4,740 square feet. 7-Eleven is offering 37 of the sites as fee-owned properties, and the remaining 38 are leaseholds. It is selling all sites without 7-Eleven branding.
Of the 75 locations, 22 are convenience stores with gasoline, while 53 do not offer fuel. The company is selling most of the fuel sites with fuel supply, which SEI Fuels Inc., a 7-Eleven subsidiary, will provide.
As reported in a 21st Century Smoke/CSP Daily News Flash, 7-Eleven has retained NRC Realty & Capital Advisors LLC, Chicago, to coordinate the sale.
"These properties are located in major metropolitan areas in many of these states and other prime markets. This sale provides another great opportunity for others already operating in these markets as well as for those looking to enter them," said Dennis Ruben, executive managing director of NRC.
NRC will sell the properties using its "buy one, some or all" sealed-bid sale process. A complete list of the properties and information regarding submitting offers is available online at www.nrc.com/1408. It will make property-specific packages (PSP) available in late June, with a bid deadline of July 29, 2014.
NRC provides a full array of real estate and financial advisory services to the convenience store and petroleum industries and specializes in the accelerated sale of commercial and residential real estate. NRC's breadth of experience in the convenience-store arena includes portfolio evaluation and analysis; refinancing, recapitalization and sale-leaseback financing options; and merger and a