Friday, August 10, 2012
7-Eleven, Inc. Retains NRC Realty & Capital Advisors, LLC To Sell 30 Convenience Store Properties In Upstate And Western New York
CHICAGO -- NRC Realty & Capital Advisors, LLC (NRC) announced today that it has been retained by 7-Eleven, Inc. (7-Eleven) to coordinate the sale of 30 gas stations and/or convenience stores in upstate and western New York. 7-Eleven acquired these properties as part of its acquisition of the 188-store Wilson Farms chain in 2011.
In announcing the sale, Robbie Radant, 7-Eleven vice president of mergers and acquisitions, said, "In any acquisition of an entire chain, there will inevitably be some stores that don't fit with a buyer's long-term strategic plans. Such is the case with these 30 properties. While not right for our current operations, we believe they will provide great opportunities for the right buyers, as they did for Wilson Farms over the years."
The 30 locations stretch from Fredonia and Buffalo in the west, through Elmira and Watertown, to communities adjacent to Lake Champlain in the northeast. Six of the sites are convenience stores only (no fuel), and 24 are convenience stores with gasoline. All but one site is currently operating.
Lot sizes range from approximately 5,500 to nearly 81,000 square feet, while store sizes range from 1,100 to 3,500 square feet. With the exception of one fee property, these are all leasehold properties, with current leases mostly expiring in 2015. Nearly all have lease renewal options through 2020, and most have renewal options through 2030. Some locations may be offered with the fee real estate interest.
All sites are being sold without 7-Eleven branding. Fuel sites are currently branded Mobil (6), Sunoco (10), or unbranded (8). All fuel sites (except 4 commission marketer sites) are being offered for sale 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 August 15, when additional details about all properties will be available on the NRC website and a brochure will be available for download. Property Specific Packages (PSP) are expected to be available in early September, with a bid deadline of October 18, 2012. Interested parties may view a complete site list and register online for sale updates at www.NRC.com/1208, or by calling the NRC Customer Service Center at 800-747-3342, extension 1208.
Dennis Ruben, executive managing director of NRC, said, "We think that this sale provides some great opportunities for others already operating in these geographic areas as well as for those looking to enter these markets. We believe that this sale will draw interest from dealers, jobbers, chain marketers and even those from outside the industry."
Properties are located in Albion, Avon, Batavia (2), Bath, Buffalo (2), Caledonia, Dundee, Elmira (3), Filmore, Fredonia, Great Bend, Hammonsport, Horseheads, Keeseville, Lake Placid, Le Roy, Niagara Falls, Potsdam, Rochester (3), Saranac Lake, Watertown (2), West Chazy, and Wilmington.
7-Eleven, Inc. is the premier name and largest chain in the convenience retailing industry. Based in Dallas, Texas, 7-Eleven operates, franchises or licenses approximately 9,400 7-Eleven® stores in North America. Globally, there are more than 47,300 7-Eleven stores in 16 countries. During 2011, 7-Eleven stores worldwide generated total sales of more than $76.6 billion. The company is franchising its stores in the U.S., and is expanding through organic growth, acquisitions and its Business Conversion Program. Find out more online at www.7-Eleven.com.