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Wednesday, March 9, 2016

7-Eleven Divesting 13 East Coast C-Stores

Source: Convenience Store Decisions
By CSD Staff

The Massachusetts and New Hampshire-based convenience stores will be sold using NRC’s “buy one, some or all” sealed-bid sale process.

7-Eleven Inc. plans to sell 13 gasoline stations and/or convenience stores in the Eastern U.S., which includes 12 locations in Massachusetts and one in New Hampshire.

7-Eleven has retained NRC Realty & Capital Advisors to coordinate the sale.

“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.”

Lot sizes range from 6,000 square feet to six acres, while store sizes range from approximately 1,375 square feet to over 7,600 square feet. Nine of the sites being offered are fee-owned properties, and the remaining four are leaseholds. All sites are being sold without 7-Eleven branding. All sites that sell fuel are offered for sale with fuel supply, which would be provided by SEI Fuels Inc., a 7-Eleven subsidiary.

“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 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/1606. Interested parties can register online for sale updates or by calling the NRC Customer Service Center at (800) 747-3342, extension 1606.

Property Specific Packages (PSP) are expected to be available in late-March, with a bid deadline of April 28, 2016.