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Wednesday, October 29, 2014

GPM Trimming Nonstrategic Assets

Source: CSP Daily News

RICHMOND, Va. -- Saying that the sites don’t match its business model, GPM Investments LLC has put 12 convenience stores with gasoline, one convenience store with Subway franchise, two former convenience stores and one vacant land parcel up for sale. This includes eight locations in Virginia, three in Delaware, two each in Connecticut and Maryland and one in New Jersey.

The lots, which are no longer a fit for GPM’s business model for company-operated stores, range in size from approximately 8,200 square feet to 2.4 acres, while store sizes range from 500 square feet to 5,600 square feet. The 13 operating sites are leasehold properties, and the company is selling them with fuel supply, but without convenience store branding. The two former convenience stores and vacant land parcel are all fee sites.

Seller financing is available for creditworthy and qualified bidders.

As reported in a 21st Century Smoke/CSP Daily News Flash, the company has retained NRC Realty & Capital Advisors LLC to handle the sale.

“NRC has had a longstanding relationship with GPM, and is excited about the opportunity to assist them in the divestiture of certain nonstrategic assets,” said Dennis Ruben, executive managing director of Chicago-based NRC.

NRC will sell the properties using its’s “buy one, some or all” sealed-bid sale process, with a deadline of Dec. 11, 2014.

Richmond, Va.-based GPM operates approximately 470 company convenience stores and supplies approximately 115 dealer locations in Virginia, Connecticut, Delaware, Maryland, Pennsylvania, North Carolina, South Carolina, Rhode Island, New Jersey and Tennessee.