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Thursday, July 23, 2015

RaceWay to Sell 30 Store Locations

Source: Convenience Store Decisions
By CSD Staff

As its business model changes, Raceway is finding that some of its current locations no longer fit with the plan.

RaceWay has once again retained NRC Realty & Capital Advisors, LLC to coordinate the sale of 30 convenience stores with gasoline. The 30 stores to be sold include 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.

The lots, which are no longer a fit for RaceWay’s business model, range in size from approximately 15,200 square feet to 3.9 acres. 17 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. 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.”

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/1507. Interested parties can register online for sale updates or by calling the NRC Customer Service Center at 800-747-3342, extension 1507.

Property Specific Packages (PSP) are expected to be available in mid-August, with a bid deadline of September 15, 2015.