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Wednesday, May 5, 2010

The Pantry to Sell 80 Locations

Source: NPN Magazine
The Pantry, Inc. will sell 80 locations throughout the Southeast

The Pantry, Inc. will sell 80 locations throughout the Southeast, announced NRC Realty & Capital Advisors (NRC), which said it will be assisting the company in the sale.

The properties 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.

Dennis L. Ruben, managing director of NRC, said, “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 “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.

Jim Bosworth, vice president, mergers and acquisitions, The Pantry, Inc., said, “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.”

Headquartered in Cary, North Carolina, The Pantry, Inc. is an independently operated convenience store chain. As of January 25, 2010, the company operated 1,655 stores in 11 Southeastern states under select banners, including its proprietary Kangaroo Express brand.