Wednesday, July 29, 2015
7-Eleven Pruning Sites in 10 States
Selling 25 locations that don't fit chain's current business model
Source: CSP Daily News
DALLAS -- Pruning its extensive network, 7-Eleven Inc. is selling 25 gas stations and convenience stores, including six locations in Virginia, three each in Colorado, Illinois, Texas and West Virginia, two each in Florida and Missouri, and one each in Nevada, New York and South Carolina.
“This package contains many high-quality assets that simply do not fit 7-Eleven’s current business model,” said Robbie Radant, 7-Eleven vice president of mergers and acquisitions. “All of these stores should provide good opportunities for the right buyers.”
All of the locations are operational; 16 of the sites are convenience stores with gasoline, while nine of the sites do not offer fuel.
Lot sizes range from 8,000 square feet to 1.7 acres, while store sizes range from approximately 1,375 square feet to 4,390 square feet. 20 of the sites being offered are fee-owned properties, and the remaining five are leaseholds.
As reported in a 21st Century Smoke/CSP Daily News Flash, the company is selling all of the sites without 7-Eleven branding, and it is offering all of the sites that sell fuel with 10 year fuel supply agreements with 7-Eleven subsidiary SEI Fuels Inc.
Dallas-based 7-Eleven has retained NRC Realty & Capital Advisors LLC, Chicago, to coordinate the sale.
“These properties are located in major metropolitan areas in many of these states and other prime markets,” said Dennis Ruben, executive managing director of NRC. He added, “This sale provides another great opportunity for others already operating in these markets as well as for those looking to enter them.”
The properties will be sold using NRC’s “buy one, some or all” sealed-bid sale process. It expects property-specific packages (PSP) to be available in early August, with a bid deadline of Sept. 10, 2015.
The retailer operates, franchises or licenses more than 10,300 7-Eleven convenience stores in North America. Globally, there are some 52,800 7-Eleven c-stores in 16 countries. During 2013, 7-Eleven stores worldwide generated total sales of more than $84.5 billion.