Wednesday, June 2, 2010
Details Released on 74 Pantry Sites for Sale
Source: Convenience Store News
CHICAGO -- A bid deadline of July 20, 2010, was announced for 74 sites throughout the Southeast being divested by The Pantry Inc. Properties being sold include a mix of convenience stores with gas, stand-alone convenience stores, former gas stations and prime real estate. Most of the stations are currently branded Kangaroo, Shell, Chevron, CITGO, Mobil, BP and Texaco, according to NRC Realty & Capital Advisors LLC, which also noted details on each property are now available online at www.nrc.com/1005.
The convenience stores, which are being sold using a "buy one, some or all" sealed bid sale process, are located in a variety of markets, with seven in Alabama, 26 in Florida, three in Georgia, four in Kentucky, two in Mississippi, 14 in North Carolina, 10 in South Carolina, six in Tennessee and two in Virginia. Of the total, 51 are being sold as operating sites, 13 are former gas stations, and 10 are undeveloped retail sites. Most of the operating sites are convenience stores with gas, but a few are c-store only. In the total package, 18 sites are being sold as fee properties, 42 are offered as leasehold interest only, and the remaining 14 can be purchased either as fee or leased properties.
"As expected, we're already seeing a great deal of interest in this sale," said Dennis Ruben, managing director of NRC. "The full details about each site are now live on the Web site. Although the bid deadline is nearly seven weeks away, we encourage anyone interested in any of these properties to visit the Web site and begin their bidding process right away, so there will be plenty of time to put together a serious offer."
Interested parties can register online for sale updates, as well as review a complete list of properties with photos and extensive site-specific details, at www.nrc.com/1005, or by calling the NRC Customer Service Center at (800) 747-3342 ext. 1005.
"Another reason to act quickly," Ruben noted, "is that some properties are available under NRC's Bid Now Online process, where the seller may accept offers prior to the official bid deadline."
Headquartered in Cary, N.C., The Pantry Inc. is a leading independently operated convenience store chain in the southeastern United States and one of the largest independently operated convenience store chains in the country. As of May 3, 2010, the Company operated 1,647 stores in 11 states under select banners, including Kangaroo Express®, its primary operating banner.