Wednesday, April 27, 2016
Global Partners Puts 86 C-stores on the Sales Block
Transaction part of 125 sites the MLP expects to shed within one year
Source: Convenience Store News
WALTHAM, Mass. — Global Partners LP retained NRC Realty & Capital Advisors LLC to sell 86 non-strategic convenience stores with gas in the Northeast and Mid-Atlantic. Of the 86 sites, 28 are located in Connecticut, 22 in Massachusetts, 12 in New York, eight each in Maine and New Hampshire, five are in Rhode Island and three are in Maryland.
As CSNews Online reported in February, Waltham-based Global Partners President and CEO Eric Slifka announced the master limited partnership (MLP) would sell 125 convenience stores within a year, hoping to receive $100 million in gross proceeds. These 86 c-stores are a large portion of this plan.
“We’re actively pulling information together,” he said on Feb. 29. “… It’s the right thing to do.” The 86 sites currently for sale average 28,000 square feet. Average building size is 1,700 square feet, ranging from kiosks to locations of more than 4,610 square feet.
Of the 86 sites, 51 are fee-owned properties and 35 are leaseholds.
“These are all unique properties, many in markets where building new stations may not be possible,” said Evan Gladstone, executive managing director of NRC. “The portfolio consists of sites that may be of interest to first-time c-store owners as well as experienced multi-site operators and jobbers.”
The properties will be sold using NRC’s well-known “buy one, some or all” sealed-bid sale process. For a complete list of the properties, their channels of trade, site specific information and instructions for submitting offers, visit www.nrc.com/1608. Property-specific packages are expected to be available in early May, with a bid deadline of June 21.
Global Partners had 844 c-stores it leased or owned as of Dec. 31. The MLP has been purchasing retail sites as well, including its recent acquisition of 22 c-stores in western Massachusetts from O’Connell Oil Associates Inc.
NRC Realty & Capital Advisors, LLC provides a full array of real estate and financial advisory services to the convenience store and petroleum industries and specializes in the accelerated sale of commercial real estate.