Thursday, August 21, 2014
RaceWay Puts 17 Stores Up for Sale
Source: Convenience Store News
ATLANTA -- RaceWay has hung for-sale signs on 17 convenience stores/gas stations in the Southeast. The retailer is looking to shed these assets because they no longer fit its business model.
Of the 17 sites, there are four in Georgia, three each in Alabama and Florida, two each in Kentucky and Tennessee, and one each in Mississippi, North Carolina and South Carolina.
The lots range in size from approximately 22,600 square feet to 3.9 acres, while store sizes range from 700 square feet to 4,600 square feet. Sixteen of the sites are fee-owned properties, and the remaining site is leasehold. All of the sites are being sold without convenience store or fuel branding and without fuel supply.
“This sale provides a great opportunity for operators already in these markets, as well as those looking to enter them. They may be of particular interest to jobbers since the sites are being sold without fuel supply,” said Dennis Ruben, executive managing director of Chicago-based NRC Realty & Capital Advisors LLC, which is handling the sale. “And, given the large parcel sizes, this creates a unique opportunity for a real-estate play as well.”
The properties will be sold using NRC’s well-known “buy one, some or all” sealed bid process. Property specific packages are expected to be available in mid-September, with a bid deadline of Oct. 21.
RaceWay has 300-plus locations across 12 states. It is a division of Atlanta-based RaceTrac Petroleum Inc.