CB Richard Ellis’s Global Corporate Services (CBRE) unit is set to exclusively manage a sale/leaseback program for RaceTrac Petroleum Inc., which owns and operates 530 gasoline and convenience stores in 12 states, Retail Traffic reported.
In 2008, RaceTrac gas stations brought in more than $7.5 billion in annual revenues and the company now plans to capitalize on its real estate through sale/leaseback deals. The proceeds would go to fund its retail development plans as it seeks to acquire additional stations. This transaction marks the first time the firm has offered an investment opportunity to the market.
CBRE’s James Mitchell and Sean McConnell will be lead points of contact for the investment opportunity.
The first group of stores being offered consists of 16-stores in Arkansas, Florida, Georgia, Mississippi, Tennessee and Texas. The firms are hoping the portfolio fetches $42 million or more.
“The RaceTrac sale-leaseback investment couples newly-constructed retail product and single tenant net leases secured by a high credit regional fuel marketing brand,” McConnell said in a statement. “Given the current turbulent climate, we are very bullish on the opportunity to steward such a stable retail investment opportunity to market.”