Thursday, September 29, 2016
NRC Completes Sale of Two Portfolios
Source: Convenience Store DecisionsBy CSD Staff
NRC has completed the sale of a number of convenience stores with gasoline on bahalf of Sunshine Fuel.
NRC Realty & Capital Advisors LLC has closed two portfolios through the company’s sealed-bid sale process.
NRC completed the sale of a package of leasehold interests in 21 convenience stores with gasoline in Kansas, Missouri and Oklahoma, along with the sublease/fuel supply interests in said stores for Sunshine Fuel LLC of Palm Beach, Fla. as well as two fuel supply agreements providing gas to two fuel supply-only stores. The properties were leased from third party landlords under long-term agreements, and Sunshine Fuel subleased the sites to individual dealers. The purchaser of the package was Dallas based Empire Petroleum Partner LLC.
“These stores are selling 18 million gallons annually,” said Evan Gladstone, NRC’s executive managing director. “This should be a good fit for Empire as it expands its network into the Central U.S.” he said. The properties were sold using NRC’s well-known sealed-bid sale process.
The second portfolio to close is the sale of four convenience stores with gas and one Papa John’s quick service restaurant in Maryland and Pennsylvania from Thomaston Land Co. of Washington, Pennsylvania to a multi-site operator based in Pennsylvania.