Wednesday, March 9, 2016
7-Eleven Puts 13 New England Stations Up for Sale
Locations no longer fit the retailer's business model
Source: Convenience Store News
DALLAS — 7-Eleven Inc. placed for-sale signs on 13 New England locations that no longer fit into the retailer's business model.
The gasoline stations and/or convenience stores hitting the market include 12 units in Massachusetts and one in New Hampshire. The retailer has retained NRC Realty & Capital Advisors LLC to handle the sale.
"This package contains many high-quality assets that simply do not fit 7-Eleven's current business model. All of these stores should provide good opportunities for the right buyers," said Robbie Radant, 7-Eleven's vice president of mergers and acquisitions.
According to NRC, the lot sizes range from 6,000 square feet to six acres, while store sizes range from approximately 1,375 square feet to more than 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. In addition, 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 "buy one, some or all" sealed-bid sale process. Property specific packages are expected to be available in late March, with a bid deadline of April 28, according to the Chicago-based real estate and financial advisory firm.
Dallas-based 7-Eleven operates, franchises or licenses more than 10,300 7-Eleven stores in North America.