Wednesday, January 6, 2010
NRC Announces Tri Star Energy Divestiture
NRC announced today the sale specifics for the strategic divestiture of a number of convenience stores and retail gasoline outlets in Tennessee for Tri Star Energy, LLC (“Tri Star”) of Nashville, Tenn. Proceeds from the divestiture are to be used for expansion and acquisition opportunities. The list includes a diverse mix of company-operated and consignment sites (with and without real estate interests) and supply-only sites with equipment, as well as several parcels of undeveloped land.
The locations and business interests will be sold through a sealed bid sale in a “buy one, some or all” format. A brochure with a finalized list of sites and full information will be available from NRC within a few days. Site-specific information, as well as general sale information and sale terms and conditions are now available at www.nrc.com/915. Bids will be due on February 18, 2010.
Founded in 2000 and headquartered in Nashville, Tri Star Energy distributes petroleum products in middle Tennessee and operates retail gasoline outlets and convenience stores in Tennessee and Kentucky. The sites being divested are scattered throughout the company's operating territory, the bulk of which are located in the Greater Nashville market. Additional markets include Tullahoma, Knoxville and Chattanooga, among others. Gasoline brands of the sites include Shell, Exxon and BP.
Of the 84 operating store sites in the package, 26 are currently company-operated and 58 are consignee sites. A total of 30 sites are fee properties, another 15 are leasehold properties, one is a combination fee and leasehold property, 17 are being offered fee or lease and the remaining 21 are part of a distributor supply package.
In addition to those 84 stores, the sale portfolio includes 9 real estate sites, 7 of which are closed stores or vacant parcels and two that are currently operating, but will be closed upon transfer of deed.
NRC Realty & Capital Advisors, LLC provides a full array of real estate and financial advisory services and specializes in the accelerated sale of commercial and residential real estate. NRC's breadth of experience includes portfolio evaluation and analysis; refinancing, recapitalization & sale-leaseback financing options; and merger and acquisition advisory services. Since its inception in 1989, NRC has sold more than 10,000 properties. That has included, since 2003 alone, more than 2,100 convenience stores and service stations for an amount in excess