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Monday, July 20, 2009

Circle K to Divest 75 Site

NRC Realty Advisors will handle the sale of the assets.
Source: Convenience Store News

CHICAGO - Circle K Stores Inc., a subsidiary of Alimentation Couche-Tard Inc., will divest approximately 75 locations over the coming months through NRC Realty Advisors LLC, which the convenience chain retained to handle the sale, NRC stated.

"This is a normal process of optimizing the portfolio of sites that do not complement our network on a strategic point of view," Butch Seber, vice president of real estate/development for Couche-Tard, said in a statement. "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."

While the final list of properties to be sold is not yet established, properties are expected to be divested in markets in Alabama, Colorado, Florida, Georgia, Louisiana, Mississippi, New Mexico, North Carolina, Oklahoma, South Carolina and Tennessee.

The majority of the sites include real estate, and others have leasehold interest. The portfolio includes operating stores, closed locations that have been taken out of the industry and vacant land, according to NRC.

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