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Thursday, June 3, 2010

July 20 is bid deadline for 74 Pantry sites

Source: NPN Magazine

July 20 is the bid deadline for 74 sites throughout the Southeast being divested by The Pantry, Inc., NRC Realty & Capital Advisors announced.

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.

The stores are being sold using NRC's "buy one, some or all" sealed bid sale process. 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, extension 1005.

Stores 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 c-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.

Dennis Ruben, managing director of NRC noted that the properties that are former gas stations and undeveloped retail sites are available under NRC's Bid Now Online process, where the seller may accept offers prior to the official bid deadline. That option, for those sites only, is available at www.nrc.com/1005.

Headquartered in Cary, North Carolina, The Pantry, Inc. is an independently operated convenience store chain in the southeastern United States. As of May 3, 2010, the company operated 1,647 stores in 11 states under banners including Kangaroo Express.

NRC Realty & Capital Advisors, LLC provides real estate and financial advisory services and specializes in the accelerated sale of commercial and residential real estate.