Wednesday, May 4, 2016
Sunshine Selling Midwest C-Store Package
Deal involves leasehold interests in 21 convenience stores
Source: CSP Daily News
PALM BEACH, Fla. – Sunshine Fuel LLC is selling a bulk package of leasehold interests in 21 convenience stores with gasoline in Kansas (16), Missouri (3) and Oklahoma (2), along with sublease/fuel supply interests in the stores, as well as two fuel supply agreements providing gas to the stores and two fuel-supply-only stores.
Most of the sites, 16, are in Kansas, while three are in Missouri and two are in Oklahoma. The fuel-supply-only stores are in Kansas and Oklahoma.
The properties are leased from third-party landlords under long-term agreements, and Sunshine Fuel subleases the sites to individual dealers. Most of the stores have up-to-date imaging and full-size convenience-store operations. The sites are located in suburban and city locations.
As reported in a McLane/CSP Daily News Flash, of Palm Beach, Fla.-based Sunshine Fuel has retained NRC Realty & Capital Advisors LLC, Chicago, to coordinate the sale. NRC will sell the sites as a bulk package and include jobber fuel supply agreements with Shell and ConocoPhillips.
“These stores are selling 18 million gallons annually,” said Ian Walker, NRC’s senior vice president. “This should be a good fit for smaller distributors or jobbers, and we expect good interest from the market given the number of gallons in play.”
NRC will sell the properties using its sealed-bid sale process. A list of the properties and information regarding submitting offers is available online at www.nrc.com/1610. NRC said it expects property-specific packages (PSP) to be available in early May, with a bid deadline of June 14.