Tuesday, September 20, 2022
7-Eleven Selling 73 C-Stores, Gas Stations
Sites concentrated in Northeast, with more in Texas, Mid-Atlantic, Midwest, West Coast
Source: CSP Daily NewsBy Greg Lindenberg, Editor
IRVING, Texas — 7-Eleven Inc. has put 73 gas stations and convenience stores up for sale. The locations include 33 in New Jersey, Massachusetts and New York; seven in Texas; several in the mid-Atlantic and Midwest; and a few on the West Coast.
Average lot sizes are about three-quarters of an acre, with some of the larger sites suitable for redevelopment, and other sites are less than one-half acre. Store sizes range from under canopy kiosks to 6,900 square feet. Thirty-five of the sites are fee-owned properties, and the remaining are leaseholds. The company is selling all of the sites without convenience-store branding.
The retailer has retained NRC Realty & Capital Advisors LLC, Chicago, to coordinate the sale. The properties will be sold using NRC’s "buy one, some or all" sealed-bid sale process. The bid deadline is Nov. 1.
"Smaller and regional operators have been looking for ways to increase their store holdings over the past several years," said Ian Walker, senior vice president of NRC. The sale "will create opportunities for retailers of all sizes, including individual operators."
Chicago-based NRC provides real estate and financial advisory services to the convenience store and petroleum industries. Services include portfolio evaluation and analysis; refinancing, recapitalization and sale-leaseback financing options; and mergers-and-acquisition (M&A) advisory services.
7-Eleven is No. 1 on CSP’s 2022 Top 202 ranking of the largest U.S. c-store chains by number of company-owned retail outlets.
7-Eleven operates, franchises or licenses more than 77,700 convenience stores in 19 countries and regions, including about 13,000 in the United States, including about 9,500 under the 7-Eleven banner, around 3,800 under the Speedway banner and about 500 under the Stripes flag, as well as the Laredo Taco Company and Raise the Roost Chicken and Biscuits brands.
To see a list of convenience stores and gas stations for sale, click here.