Wednesday, March 9, 2016
7-Eleven Trimming Its Tedeschis
Selling 13 convenience stores operating under acquired brand
Source: CSP Daily News
IRVING, Texas – 7-Eleven Inc. is putting 13 Tedeschi Food Shops up for sale, 12 in Massachusetts and one in New Hampshire.
7-Eleven closed on the acquisition of 182 Tedeschi convenience stores in August 2015. A rebranding of the Tedeschi locations to 7-Eleven would "be very gradual," a 7-Eleven spokesperson said at the time.
“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.”
The Massachusetts locations are in Beverly, Billerica, Bridgewater, Holbrook, Hyde Park, Kingston, Littleton, Lynn, Nabnasset, Norton, Sandwich and Westford.
The company is offering the Moultonborough, N.H., site—the only one that sells fuel—for sale with a 10-year fuel supply agreement. SEI Fuels Inc., a 7-Eleven subsidiary, would provide the fuel.
Lot sizes range from 6,000 square feet to 6 acres, while store sizes range from approximately 1,375 square feet to more than 7,600 square feet. Nine of the sites are fee-owned properties, and the remaining four are leaseholds.
As reported in a McLane/CSP Daily News Flash, the retailer has retained NRC Realty & Capital Advisors LLC, Chicago, to coordinate the sale.
“This sale provides another great opportunity for those already operating in these markets as well as for others looking to enter them,” said Evan Gladstone, executive managing director of NRC.
The properties will be sold using NRC’s “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/1606. Property-specific packages are expected to be available in late-March, with a bid deadline of April 28, 2016.
Irving, Texas-based 7-Eleven 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.