Wednesday, April 27, 2016
Global Nonstrategic C-Store Sale a Go
86 sites going on auction block as planned pruning proceeds
Source: CSP Daily News
WALTHAM, Mass. -- As part of a planned sale of nonstrategic retail locations announced in February, master-limited partnership (MLP) Global Partners LP is putting 86 convenience stores with gasoline in the Northeast and mid-Atlantic on the auction block.
As reported in a McLane/CSP Daily News Flash, 28 of the 86 sites are located in Connecticut, 22 are in Massachusetts, 12 are in New York, eight each are in Maine and New Hampshire, five are in Rhode Island and three are in Maryland.
Of the 86 sites, operating under several fuel brands, 51 are fee-owned properties and 35 are leaseholds.
The average lot size is 28,000 square feet. The average building size is 1,700 square feet, ranging from kiosks to locations of more than 4,610 square feet.
In late February, Global Partners president and CEO Eric Slifka said the MLP expected to sell 125 nonstrategic convenience stores within the next year.
“As we focus on further optimizing the cash flow from our retail portfolio of 844 owned or lease sites, we have identified approximately 125 nonstrategic sites for sale,” he said during the company’s fourth-quarter and full-year 2015 earnings call. “We anticipate maintaining wholesale supply to some of these sites. We also have identified an additional 25 locations that warrant a change in mode of operation to maximize value.”
Evan Gladstone, executive managing director for NRC Realty & Capital Advisors LLC, said, “These are all unique properties, many in markets where building new stations may not be possible.” Waltham, Mass.-based Global Partners has retained NRC to sell the properties.
“The portfolio consists of sites that may be of interest to first-time c-store owners as well as experienced multisite operators and jobbers,” Gladstone said.
Chicago-based NRC will sell the properties using its “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. NRC said it expects property-specific packages (PSP) to be available in early May, with a bid deadline of June 21.
Global Partners LP is a midstream logistics and marketing company that owns, controls or has access to one of the largest terminal networks of petroleum products and renewable fuels in the Northeast. It also is one of the largest distributors of gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers in New England and New York. The company is engaged in the transportation of crude oil and other products by rail from the mid-continental United States and Canada to the East and West coasts for distribution to refiners and others. With approximately 1,600 locations, primarily in the Northeast, Global Partners is one of the largest independent owners, suppliers and operators of gas stations and convenience stores.