Most of the properties are operating gas stations with convenience stores, including one closed site. Most of the operating stations are major-branded for gasoline, but all have unbranded convenience stores and some have on-site carwashes. Gasoline brands include BP, Shell, Exxon, Chevron and Mobil. Sites may be purchased either with or without fuel supply agreements.
The properties are being sold through a sealed bid sale utilizing NRC’s well-known “buy one, some or all” format. Financing from an affiliate of the seller is available for qualified buyers who must be prequalified prior to making bids.
“This is an excellent market and provides a unique opportunity for buyers, whether they’re looking for one or two sites or for a significant multi-store acquisition,” said Denny Ruben, NRC managing partner.
Interested parties may register online now at www.nrc.com/1010 or by calling (800) 747-3342, ext. 1010. A sales brochure and complete property-specific information will be posted on the NRC Web site and will be available to registered parties as of today.
“We are excited to begin 2011 offering such a strong portfolio of stores,” Ruben noted. “This sale, along with other divestiture transactions anticipated from major oil companies and other industry players, should provide significant opportunities for expansion by existing operators. This follows the trend already established in 2010.”
On Dec. 2, The Pantry Inc. completed its acquisition of all assets of Presto Convenience Stores, LLC, consisting of 47 convenience stores in Kansas and Missouri. NRC served as financial advisor to Presto in connection with the transaction.
“There are some very good companies and portfolios of properties coming onto the market,” Ruben concluded, “and even with some of the current economic headwinds, there are ample buyers looking for attractive acquisition opportunities. And some of them are looking to either expand their current footprint or perhaps venture well beyond it, as The Pantry did with the Presto acquisition.”