Wednesday, May 5, 2010
The Pantry to Sell 80 Sites Throughout Southeast
The Pantry, Inc. has engaged Chicago, IL-based NRC Realty & Capital Advisors, LLC (NRC) for a divestiture of 80 locations located throughout the Southeast.
The properties include a mix of convenience stores with gas, stand-alone convenience stores, closed sites and other 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
The stores will be sold using NRC's "buy one, some or all" sealed bid sale process. Interested parties can register online for sale updates at www.nrc.com/1005. A complete list of properties is available same web address.
"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," said Jim Bosworth, Vice President, Mergers & Acquisitions, The Pantry, Inc.
Headquartered in Cary, North Carolina, The Pantry, Inc. is one of the largest independently operated convenience store chains in the country. As of January 25, 2010, the company operated 1,655 stores in 11 Southeastern states under select banners, including its proprietary Kangaroo Express® brand.
"This sale offers some great opportunities for qualified buyers," said Dennis L. Ruben, Managing Director of NRC.
"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."