Tuesday, May 4, 2010
The Pantry Divests 80 Locations
Source: Convenience Store DecisionsBy CSD Staff
Stores in nine states to be sold using NRC?s "buy one, some or all" sealed bid sale.
The Pantry Inc., based in Cary, N.C., is selling 80 locations throughout the Southeast.
The properties for sale include a mix of convenience stores with gas, stand-alone convenience stores, closed sites and prime real estate. Most of the stations are currently branded Kangaroo, Shell, Chevron, Citgo, Mobil, BP and Texaco. Stores are located in a variety of markets in Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, Tennessee and Virginia.
"This sale offers some great opportunities for qualified buyers," said Dennis Ruben, managing director of NRC Realty & Capital Advisors LLC (NRC), which is assisting with the sale. "We encourage anyone currently operating in these markets-or interested in operating in them-to take a serious look at the portfolio. There's also some prime real estate that should be of interest to buyers outside the retail petroleum and c-store sectors."
The stores will be sold using NRC's well-known "buy one, some or all" sealed bid sale process. The bid deadline has not yet been established. Interested parties can register online for sale updates at www.nrc.com/1005, or by calling the NRC Customer Service Center at (800) 747-3342, extension 1005. A complete list of properties will be available within 24 hours at that same Web address.
"We're thrilled to be partnering with NRC in this portfolio sale," said Jim Bosworth, vice president or Mergers & Acquisitions for The Pantry Inc., which operates 1,655 stores in 11 Southeastern states under select banners, including its proprietary Kangaroo Express brand. "While these sites don't fit with our company's current strategic plans, they can be excellent locations for the right buyer, be they national distributors, independent operators, or those in other retail businesses."