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Friday, August 22, 2014

Jacksonville Raceway Part Of Portfolio For Sale

Source: Jacksonville Financial News & Daily Record
By Karen Brune Mathis, Managing Editor

NRC Realty & Capital Advisors LLC announced Thursday it has been retained by RaceWay to coordinate the sale of 17 convenience stores with gasoline, including the store at 8405 Beach Blvd.

The portfolio 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.

A news release from NRC in Chicago said the lots are no longer a fit for RaceWay’s business model. They range in size from about 22,600 square feet to 3.9 acres, while store sizes range from 700 square feet to 4,600 square feet.

The release said 16 of the sites being offered are fee-owned properties, and the remaining site is 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, in the release.

“And, given the large parcel sizes, this creates a unique opportunity for a real estate play as well.”

NRC’s website shows the 3,040-square-foot Beach Boulevard store opened in 1989 and sits on 1.12 acres.

A complete list of the properties and information regarding submitting offers is available online at www.nrc.com/1413.