Wednesday, May 2, 2012
To register for sale updates, please call NRC Customer Service Center at 800-747-3342, ext. 1203.
Cumberland Farms, Inc. to sell 20 sites through NRC Realty & Capital Advisors
Chicago, IL May 2, 2012 -- NRC Realty & Capital Advisors, LLC (NRC) announced today that it has been retained by Cumberland Farms, Inc., to coordinate the strategic divestiture of 18 operating and closed convenience stores plus two retail development sites throughout the Northeast.
The 20 properties are located in a variety of urban and suburban markets in eight Northeastern states ? six properties each in Massachusetts and New York, two in Rhode Island and Maine, and one each in Connecticut, New Hampshire, Pennsylvania and Vermont. 16 of the sites are convenience stores with gas, two are convenience stores without gas and two are land-only development sites. Buildings average 2,150 square feet and the average lot size is approximately 28,000 square feet. All are fee properties and the sale includes the underlying real estate. Bidders will be afforded the opportunity to bid on operating and closed c-stores with or without fuel supply.
The properties will be sold using NRC's well-known "buy one, some or all" sealed bid sale process. It is anticipated that the sale will be formally launched on May 15, when additional details about all properties will be available on the NRC website. Property Specific Packages (PSP) are expected to be available the first week of June, with a bid deadline of July 12, 2012. Interested parties may view a complete site list and register online for sale updates at www.NRC.com/1203, or by calling the NRC Customer Service Center at 800-747-3342, extension 1203.
"While these are sites that don't fit our current strategic plans," said Joseph Petrowski, Chief Executive Officer of The Cumberland Gulf Group, "they have served us well over the years and will be excellent locations for the right buyers."
"We are excited to have the opportunity to work with Cumberland Farms and its management team," said Dennis L. Ruben, Executive Managing Director of NRC. "This sale provides great opportunities for qualified buyers. Anyone currently operating in or 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."
Cumberland Farms, Inc. is the fifteenth largest independent convenience store operator in the U.S., with 589 convenience store locations operated under the well-known Cumberland Farms banner. The company has a market-leading position throughout the Northeast as well as a significant presence in the Mid-Atlantic region and Florida. Cumberland Farms is parent company to Gulf Oil LP, one of the largest wholesalers of refined petroleum products in the Northeast and Mid-Atlantic. The Cumberland Gulf Group is a strategic amalgamation of Cumberland Farms, Inc. and Gulf Oil Limited Partnership. It is a privately held, family-owned and managed company that includes real estate and mid-stream gasoline operations. The Cumberland Gulf Group serves approximately 3,300 stations within its geographic area. These stations sell over 2.8 billion gallons of motor fuels annually. In 2011, The Cumberland Gulf Group generated roughly $13.0 billion of sales.
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 (The Pantry and Circle K), financial institutions (GE Capital and StanCorp) and industrial (YRC Worldwide).