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News - Article

Tuesday, October 13, 2015


Source: NRC Press Release

CHICAGO, IL [October 13, 2015] — NRC Realty & Capital Advisors, LLC announced today that a definitive purchase agreement of all of the assets of Texas Star Investments, Inc., and its affiliates, of Corpus Christi, Texas, was executed between Texas Star and Circle K Stores, Inc. It is anticipated that the closing will occur in early December. NRC served as the exclusive financial advisor to Texas Star Investments and its affiliates in connection with the sale.

The assets consist of 18 convenience stores and gasoline stations, two traditional Subway quick service restaurants and a fuel distribution business located primarily within the Corpus Christi metropolitan area and surrounding counties, with one store located in Jarrell, Texas, which is approximately 50 miles north of downtown Austin. Six of the stores are co-branded with Subway, which are located inside the stores. Two traditional Subways, both located within retail strip centers, are also included in the transaction. Texas Star is the franchisee for all of the Subways. Two sites include attached McDonald’s buildings, each with McDonald’s USA, LLC as tenant.

Texas Star operates the fuel distribution business through its wholesale fuel company, Difco, Inc. Difco supplies fuel to the stores as well as to approximately 25 unaffiliated wholesale customers. 17 of the 18 stores are being sold with real estate, while one store and the two Subways located within retail strip centers are being sold as leaseholds. Fourteen of the stores are branded Shell, with the remaining four selling CITGO-branded fuel.

“Having expanded our company over three generations, our family concluded that it was the appropriate time to sell. We couldn’t be more pleased that Circle K will continue the high standards we worked so hard to promote in order to give our customers the ultimate convenience store experience,” stated Garnett Brooks, President of Texas Star Investments. Brooks continued, “The folks at Circle K have been a pleasure to work with, and they have indicated that the company intends to retain all of our store employees and desires to retain as many of our corporate employees as possible. Our family believes that this transaction will be a “win-win” for all parties involved—our family, our employees, and, most importantly, our loyal customers.”