Friday, October 19, 2018
Fikes Wholesale Selling 22 C-Stores in 5 States
CEFCO parent divesting sites that do not fit its operating model
Source: CSP Daily NewsBy Greg Lindenberg, Editor
TEMPLE, Texas -- CEFCO Convenience Stores parent company Fikes Wholesale Inc. is selling 22 convenience stores in five states.
Eleven of the c-stores are in Texas, five are in Louisiana, three are in Mississippi, two are in Arkansas and one is in Oklahoma. Most of the Texas and Louisiana locations are on the Interstate 20 corridor from Longview, Texas, to Shreveport, La.
Sixteen c-stores are open and operating and six are closed. The sites offer major gasoline brands, and they are for sale with or without supply.
Most of the c-stores range in size from 2,000 to 4,100 square feet and are on sizeable lots.
“Although these sites do not fit our operating model going forward, the sites will likely perform well for new operators," said Raymond Smith, president of Fikes Wholesale.
Evan Gladstone, executive managing director of Chicago-based NRC Realty & Capital Advisors LLC, which is handling the sale, said “These are attractive properties. With the intense consolidation in the convenience-store industry, we expect spirited bidding from individual operators and local jobbers.”
The properties are being sold through NRC’s sealed-bid sale process, with bids due on Dec. 4. Further information is on the NRC website. Due diligence packages that contain real estate and financial information on the sites should be available in the next several weeks.
Fikes Wholesale, Temple, Texas, is a multibranded petroleum products marketer that has been in business for more than 65 years and distributes Shell, ExxonMobil, Chevron, Texaco, CITGO, Valero, Phillips 66 and unbranded fuels to retail locations in the southeastern United States. Fikes is the parent company of CEFCO, a chain of more than 200 c-stores operating in seven states. CEFCO is No. 35 on CSP's 2018 Top 202 ranking of c-store chains by number of company-operated retail outlets.