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Thursday, September 10, 2015

RaceTrac Extends Deadline on Sale of 29 C-Stores
Former RaceWay sites available in eight southern states

Source: CSP Daily News

ATLANTA -- RaceTrac Petroleum Inc. has extended the bid deadline on the sale of 29 of its RaceWay convenience stores by two weeks.

Originally announced in July, RaceWay is selling the 29 convenience stores with gasoline, including nine locations in Tennessee, five each in Alabama and Florida, four in South Carolina, three in Georgia, and one each in Arkansas, Mississippi and Texas. A second Texas store that was part of the original announcement has been removed from the sale.

The bid deadline, originally set to expire Tuesday, Sept. 15, will now conclude Tuesday, Sept. 29 at 3 p.m. Central.

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.

As previously reported in CSP Daily News, all the sites are being sold without convenience store or fuel branding. Sites are also being sold without fuel supply.

The properties will be sold with a deed restriction that prohibits the sale of petroleum products including gasoline on the property under any brand other than Shell, Chevron, Texaco, BP, Exxon, Amoco or Mobil.

RaceWay has retained NRC Realty & Capital Advisors LLC, Chicago, to handle the sale.

The properties will be sold using NRC’s “buy one, some or all” sealed-bid sale process. Property-specific packages (PSP) are expected to be available in mid-August, with a bid deadline of Sept. 15, 2015.

RaceWay dealers operate more than 300 convenience stores with gasoline in 12 states. The brand is owned by Atlanta-based RaceTrac Petroleum Inc., which has more than 370 RaceTrac locations in five states.