Tuesday, November 3, 2015
Town Star Holdings Acquires Five RaceTrac Stores
Source: Convenience Store DecisionsBy CSD Staff
The newly-acquired Orlando area c-stores mark the second acquisition for the company.
Town Star Holdings LLC, an affiliate of Junonia Capital LLC of Fort Myers, Fla. has acquired five convenience stores from RaceTrac Petroleum Inc. of Atlanta.
NRC Realty & Capital Advisors LLC acted as exclusive financial advisor to the buyer in connection with arranging sale-leaseback financing with Spirit Realty Capital Inc.
“We are excited to be able to expand our portfolio of convenience stores with these excellent sites we are acquiring from RaceTrac,” stated Brian Fox, managing member of Junonia Capital. “Furthermore, NRC did an excellent job in assisting us secure attractive sale-leaseback financing in order to complete the acquisition.”
Junonia Capital formed Town Star Holdings last year to make strategic acquisitions in the convenience store industry. In November, the company acquired 16 stores in Florida from TimeSaver Food Stores Co. The five-store acquisition from RaceTrac is the second transaction for the company.
The acquired assets consist of four convenience stores in the Orlando area, including Orlando, Kissimmee, Belle Isle and Apopka, as well as one store in Jacksonville. Sites range from 1.01 acres to 1.92 acres, and the average store size is approximately 4,200 square feet.
“We were very pleased to be able to assist Town Star obtain financing for this sale,” said Dennis Ruben, executive managing director of NRC. Ruben continued, “This is the second opportunity we have had to help Town Star obtain financing, and it is gratifying to watch their portfolio grow.”