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Tuesday, July 21, 2009

Circle K to sell off approximately 75 locations

Source: National Petroleum News

Circle K Stores Inc., a subsidiary of Alimentation Couche-Tard Inc., plans divestiture of approximately 75 locations over the coming months, according to NRC Realty & Capital Advisors, LLC (NRC), which said it is handling the matter for the retailer.

The final list of properties to be divested has not been established, but is expected to include properties in various markets in Alabama, Colorado, Florida, Georgia, Louisiana, Mississippi, New Mexico, North Carolina, Oklahoma, South Carolina and Tennessee.

The majority of the sites include the real estate, while others would be leasehold interest. The portfolio includes operating stores, a few closed locations that have been taken out of industry and vacant land.

"This is a normal process of optimizing the portfolio of sites that do not complement our network on a strategic point of view. This process takes place over time and is a result of the numerous acquisitions that have occurred over the last several years. The main difference this time around is that we have decided to retain external assistance & expertise," said Butch Seber, vice president, real estate/development for Alimentation Couche-Tard Inc.

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

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