Monday, July 20, 2009
Circle K Retains NRC Realty Advisors for Site DivestituresCHICAGO, IL July 20, 2009 - NRC Realty & Capital Advisors, LLC (NRC) announced today that it has been retained by Circle K Stores Inc. (Circle K), a subsidiary of Alimentation Couche-Tard Inc., to handle the proposed divestiture of approximately 75 locations over the coming months. The final list of properties to be divested has not been established, but is expected to include properties in various markets in Alabama, Colorado, Florida, Georgia, Louisiana, Mississippi, New Mexico, North Carolina, Oklahoma, South Carolina and Tennessee.
The majority of the sites include the real estate, while others would be leasehold interest. The portfolio includes operating stores, a few closed locations that have been taken out of industry and vacant land.
"This is a normal process of optimizing the portfolio of sites that do not complement our network on a strategic point of view. 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," said Butch Seber, Vice President, Real Estate / Development for Alimentation Couche-Tard Inc.
"We are excited to have the opportunity to work with Circle K on this project," said Denny Ruben, Managing Director of NRC. "Given the recent success and interest in similar locations these sites should generate a great deal of interest among potential buyers."
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 (White Hen Pantry), financial institutions (GE Capital, Fifth Third and Wachovia) and retail (Kmart).
For more information, visit http://www.nrc.com.