Wednesday, October 29, 2014
GPM Divesting 16 Sites in Five States
Source: Convenience Store News
RICHMOND, Va. — GPM Investments LLC is selling 16 sites in five states: 12 convenience stores with gasoline, one c-store with a Subway franchise, two former c-stores and one vacant land parcel.
Of the sale portfolio, there are eight sites in Virginia, three in Delaware, two each in Connecticut and Maryland, and one in New Jersey. NRC Realty & Capital Advisors LLC will coordinate the sale.
The lots are no longer a fit for GPM’s business model for company-operated stores, according to a news release. They range in size from approximately 8,200 square feet to 2.4 acres. Store sizes range from 500 square feet to 5,600 square feet.
The 13 operating sites are leasehold properties being sold with fuel supply but without c-store branding. The two former c-stores and vacant land parcel are all fee sites. Seller financing is available for creditworthy and qualified bidders.
“NRC has had a longstanding relationship with GPM and is excited about the opportunity to assist them in the divestiture of certain non-strategic assets,” stated NRC Executive Managing Director Dennis Ruben.
The properties will be sold using NRC’s “buy one, some or all” sealed bid process. Property-specific packages are expected to be available in early- to mid-November, with a bid deadline of Dec. 11. A complete list of the properties and information regarding submitting offers is available here.
GPM operates approximately 470 company stores and supplies approximately 115 dealer locations in Virginia, Connecticut, Delaware, Maryland, Pennsylvania, North Carolina, South Carolina, Rhode Island, New Jersey and Tennessee. Its banners include Fas Mart, Shore Stop, Scotchman, Young’s, Li’l Cricket, Everyday Shop, Breadbox and Cigarette City.