Friday, August 22, 2014
Raceway Selling 17 C-stores
Source: Convenience Store DecisionsBy CSD Staff
NRC Realty & Capital Advisors assisting in sale of Raceway locations in Florida, Alabama, Georgia and five other states.
RaceWay has retained NRC Realty & Capital Advisors LLC to coordinate the sale of 17 convenience stores with gasoline. This includes four locations 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, which are no longer a fit for RaceWay’s business model, range in sizes 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 being offered are fee-owned properties, and the remaining site is a leasehold. All sites are being sold without convenience store or fuel branding. Sites are also being sold 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 NRC. “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 sale process. A complete list of the properties and information regarding submitting offers is available online at www.nrc.com/1413. Interested parties can register online for sale updates or by calling the NRC Customer Service Center at 800-747-3342, extension 1413.
Property Specific Packages (PSP) are expected to be available in mid-September, with a bid deadline of Oct. 21, 2014.