Cumberland Farms Inc., which operates 589 convenience store locations, is divesting 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. Sixteen of the sites are convenience stores with gas, two are convenience stores without gas and two are land-only development sites.
The 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 with help from NRC Realty & Capital Advisors LLC (NRC), using its 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, CEO 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 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.”