Monday, June 13, 2011
The Pantry to Sell 114 Sites Through NRC Realty & Capital Advisors
NRC Realty & Capital Advisors, LLC (NRC) announced today that it will be assisting The Pantry, Inc. in a strategic divestiture of 114 locations located in nine states throughout the Southeast. Stores are located in a variety of markets in Alabama (3), Florida (28), Georgia (7), Kentucky (3), Mississippi (5), North Carolina (41), South Carolina (12), Tennessee (4) and Virginia (11).
The properties are a combination of owned and leased locations and all are operating convenience stores with gas, except for one stand-alone c-store. Properties range in size from relatively small parcels to 3-acre sites and larger, and stores range from few kiosk-only units up to 4,800 square foot stores.
"We're very pleased to be once again partnering with NRC in this portfolio sale," said Jim Bosworth, Vice President, Real Estate, The Pantry, Inc. "These are sites that don't fit our current strategy, but they can be excellent locations for the right buyers."
"We are excited that The Pantry has again selected us to facilitate this sale," said Dennis L. Ruben, Managing Director of NRC. "It's one of our largest sales in recent years, and it offers some great opportunities for qualified buyers. Anyone interested in these markets should take a serious look at the portfolio. Some of the sites should also 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, although 22 sites will be offered in packages ranging from two to eight stores each in five markets. The bid deadline is August 2, 2011. Interested parties may register online for sale updates at www.nrc.com/1112, or by calling the NRC Customer Service Center at 800-747-3342, extension 1112. A complete list of properties is available at that same web address.
Headquartered in Cary, North Carolina, The Pantry, Inc. is the leading independently operated convenience store chain in the southeastern United States and one of the largest independently operated convenience store chains in the country. As of May 9, 2011, the Company operated 1,659 stores in thirteen states under select banners, including Kangaroo Express®, its primary operating banner. The Pantry's stores offer a broad selection of merchandise, as well as gasoline and other ancillary services designed to appeal to the convenience needs of its customers.
NRC Realty & Capital Advisors, LLC provides a full array of 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. NRC's breadth of experience in the convenience store arena includes portfolio evaluation and analysis; refinancing, recapitalization & sale-leaseback financing options; and merger and acquisition advisory services. Since its inception in 1989, NRC has sold more than 10,000 properties. Clients include globally recognized companies in a variety of industries, including petroleum (BP, Shell and Sunoco), convenience stores (Circle K), financial institutions (GE Capital and Fifth Third) and retail (Kmart).