Wednesday, May 28, 2014
7-Eleven Selling 75 C-Stores
Source: Convenience Store DecisionsConvenience store properties available in Florida, Virginia and 14 other states.
7-Eleven has retained NRC Realty & Capital Advisors LLC to coordinate the sale of 75 gasoline stations and/or convenience stores.
This includes 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.
In announcing the sale, Robbie Radant, 7-Eleven vice president of mergers and acquisitions, said, “There are many nice sites in this package that simply do not fit 7-Eleven’s current business model. 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. 37 of the sites being offered are fee-owned properties, and the remaining 38 are leaseholds. All sites are being sold without 7-Eleven branding. Most sites that sell fuel are 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. A complete list of the properties and information regarding submitting offers is available online at www.nrc.com/1408. Interested parties can register online for sale updates or by calling the NRC Customer Service Center at 800-747-3342, extension 1408.
Property Specific Packages (PSP) are expected to be available in late June, with a bid deadline of July 29, 2014.