Tuesday, May 4, 2010
To register for sale updates, please call NRC Customer Service Center at 800-747-3342, ext. 1203.
The Pantry to Sell 80 Sites Through NRC Realty & Capital Advisors
Chicago, IL May 4, 2010 - NRC Realty & Capital Advisors, LLC (NRC) announced today that it will be assisting The Pantry, Inc. in a strategic divestiture of 80 locations located throughout the Southeast. The properties include a mix of convenience stores with gas, stand-alone convenience stores, closed sites and prime real estate. Most of the stations are currently branded Kangaroo, Shell, Chevron, Citgo, Mobil, BP and Texaco. Stores are located in a variety of markets in Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, Tennessee and Virginia
“This sale offers some great opportunities for qualified buyers,” said Dennis L. Ruben, Managing Director of NRC. “We encourage anyone currently operating in these markets - or interested in operating in them - to take a serious look at the portfolio. There's also some prime real estate that should be of interest to buyers outside the retail petroleum and c-store sectors.”
The stores will be sold using NRC's well-known “buy one, some or all” sealed bid sale process. The bid deadline has not yet been established. Interested parties can register online for sale updates at www.nrc.com/1005, or by calling the NRC Customer Service Center at 800-747-3342, extension 1005. A complete list of properties will be available within 24 hours at that same web address.
“We're thrilled to be partnering with NRC in this portfolio sale,” said Jim Bosworth, Vice President, Mergers & Acquisitions, The Pantry, Inc. “While these sites don't fit with our company's current strategic plans, they can be excellent locations for the right buyer, be they national distributors, independent operators, or those in other retail businesses.”
Headquartered in Cary, North Carolina, The Pantry, Inc. is one of the largest independently operated convenience store chains in the country. As of January 25, 2010, the company operated 1,655 stores in 11 Southeastern states under select banners, including its proprietary Kangaroo Express® brand.
NRC Realty & Capital Advisors, LLC provides a full array of real estate and financial advisory services and specializes in the accelerated sale of commercial and residential real estate. NRC's breadth of experience includes portfolio evaluation and analysis; refinancing, recapitalization & sale-leaseback financing options; and merger and acquisition advisory services. Since its inc