Tuesday, July 21, 2009
Circle K To Divest 75 Stores
Properties in markets from New Mexico to Tennessee are expected to be included.
Source: Convenience Store DecisionsBy CSD Staff
Alimentation Couche-Tard Inc. will divest about 75 of its Circle K stores in the coming months.
NRC Realty Advisors LLC (NRC) is handling the proposed divestiture. 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.
"We are excited to have the opportunity to work with Circle K on this project," said Denny Ruben, managing director of NRC in a statement. "Given the recent success and interest in similar locations, these sites should generate a great deal of interest among potential buyers."
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," said Butch Seber, vice president, real estate / development for Alimentation Couche-Tard Inc. "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 and expertise."
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