Thursday, July 23, 2015
RaceWay Puts 30 C-stores Up for Sale
The locations are spread across eight states.
Source: Convenience Store News
ATLANTA — RaceWay has placed 30 convenience stores on the sales block.
The stores, which include gasoline, are spread across eight states. The portfolio includes nine locations in Tennessee, five each in Alabama and Florida, four in South Carolina, three in Georgia, two in Texas, and one each in Arkansas and Mississippi.
According to NRC Realty & Capital Advisors LLC, RaceWay hung the for-sale sign on these c-stores because they no longer fit the retailer’s business model. RaceWay has tapped Chicago-based NRC to handle the sale.
The lots range in size from approximately 15,200 square feet to 3.9 acres. Seventeen stores range in size from 2,000 to 4,990 square feet, seven stores are 1,000 square feet or larger, while the balance are small stores with one kiosk.
All of the properties are fee-owned. In addition, all sites are being sold without convenience store or fuel branding. Sites are also being sold without fuel supply.
“This sale provides an excellent opportunity for operators currently in these markets, as well as those looking to enter them,” said Dennis Ruben, executive managing director of NRC. “Given the sites are being sold without fuel supply, they may be of particular interest to jobbers. And, given the large parcel sizes, this creates a unique opportunity for a real-estate play as well.”
Property specific packages are expected to be available in mid-August, with a bid deadline of Sept. 15.
A division of Atlanta-based RaceTrac Petroleum Inc., RaceWay has more than 300 convenience stores across 12 states in the Southeast.