Tuesday, February 18, 2020
Global Partners Selling 18 Convenience Stores
‘Variety of urban and smaller-town locations’ in three states included in sale
Source: CSP Daily NewsBy Greg Lindenberg, Editor
WALTHAM, Mass. — Global Partners LP is selling 18 convenience stores with gasoline in Vermont, Rhode Island and New Hampshire.
Fifteen stores are in Vermont, with three in the Burlington area, two in St. Albans City, two in Rutland and one each in Concord, Bennington, Essex Junction, Jericho, Lyndonville, Middlebury, Morrisville and Swanton. Two stores are in New Hampshire, in Littleton and Woodsville. There is also a commercial site in Claremont, N.H. An 18th store is in Coventry, R.I., near Providence.
Fifteen of the stores are operating, three are closed and one is being sold for non-gasoline use.
The stores range from 900 square feet to 3,100 square feet, with more than half the stores larger than 2,000 square feet. Lot sizes range from 12,000 square feet to 2 acres.
The Lyndonville, Vt., site has a Dunkin'. The company is selling the stores with Global Partners fuel supply agreements.
Global Partners is No. 26 on the Top 40 update to CSP’s2019 Top 202 ranking of U.S. c-store chains by number of retail outlets. CSPwill release thecomplete 2020 list in June. “There are a variety of urban and smaller-town locations in this sale, some with minimal competition, and we expect good interest from local area business people as well as from out of state buyers,” said Evan Gladstone, executive managing director of NRC Realty & Capital Advisors LLC, which has been retained by Global Partners for this sale.
NRC will sell the properties using its “buy one, some or all” sealed-bid sale process. It has posted a list of the properties on its website. Bids are due April 16, 2020.
Chicago-based NRC provides real estate and financial advisory services to the convenience-store and petroleum industry and specializes in structured sales of commercial real estate.
Global Partners, based in Waltham, Mass., is a midstream logistics and marketing master limited partnership with a large terminal network in the Northeast. With approximately 1,500 retail locations, primarily in the Northeast, it is a major regional independent owner, supplier and operator of gas stations and c-stores. It operates c-stores under the Alltown Market, Alliance and Xtra Mart names. Global Partners is also 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.
To see a list of convenience stores and gas stations for sale, click here.