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Friday, August 13, 2021

Dozens of Speedway sites for sale around Ohio

Source: Columbus Business First
By Dan Eaton

COLUMBUS, Ohio (WCMH)–Dozens of former Speedway gas stations are up for auction in Ohio.

The Enon-based service station and convenience store operator is parting with 166 properties around the country that had been under the Speedway, Hess or Tesoro brands.

In Ohio that tally includes 48 former locations, including a pair in Central Ohio: the former Speedway at Alum Creek and London-Groveport Road in Columbus and one in Lancaster at 520 S. Broad St.

The bulk of the Ohio properties are in the Dayton area and Northwest Ohio, though the units are spread across the state.

Earlier this year, Marathon Petroleum Corp (NYSE: MPC) sold the Ohio-based Speedway chain of stores to 7-Eleven Inc., the largest chain in the convenience retailing industry, for a reported $21 billion.

Speedway’s portfolio at the time of that deal included approximately 3,800 stores located in 36 states across the U.S.

The brand still has more than 80 stations and stores spread across Central Ohio.

The properties are being sold individually through a sealed bid auction that is being run by Chicago-based NRC Realty & Capital Advisors.

There is no minimum bid amount. Properties are sold "as-is where-is with all faults." All sales are final.

Sept. 30 is the deadline to enter a bid.

Sister publication the Phoenix Business Journal reported that 100 of the 166 sites are in Indiana, Michigan and Ohio. The remaining 66 are spread across Alaska, Arizona, Colorado, Florida, Georgia, Illinois, Kentucky, Massachusetts, Maryland, Minnesota, New Jersey, New Mexico, North Carolina, Pennsylvania, Rhode Island, Tennessee, Wisconsin and West Virginia.

The local convenience space has been active in the past year. Not only has there been the launch of Altoona, Pennsylvania-based Sheetz in the market, but other brands such as Turkey Hill are seeking to widen their appeal beyond just a stop for gas by bringing in established food partners like Sbarro or IHOP.

To see a list of convenience stores and gas stations for sale, click here.