DALLAS -- Citing the fact that the stores do not fit its business model, 7-Eleven Inc. said that it is selling 139 gas stations and convenience stores in Texas, Florida, Ohio, Pennsylvania, Utah and Wisconsin.
In announcing the sale, Robbie Radant, 7-Eleven vice president of mergers and acquisitions, said, "There are some terrific properties in this package that simply don't fit 7-Eleven's business model. All of these stores were part of the more than 1,000 sites we've acquired in the past three years and should provide great opportunities for the right buyers."
The stores don't mesh with 7-Eleven's strategy for "a variety of reasons," company spokesperson Margaret Chabris told CSP Daily News. "For example, they may be too far away from the bulk of our stores in that state or not convenient for daily delivery of fresh foods."
As reported in a Raymond James/CSP Daily News Flash on Monday, 83 of the locations are in Texas, 31 in Florida, 11 in Ohio, eight in Pennsylvania, five in Utah and one in Wisconsin.
Of the 83 Texas sites, 43 are located in the Dallas-Fort Worth metropolitan area, 10 are in the San Antonio market, 10 are near Austin, and the remainder are located throughout east Texas. Of the 31 Florida sites, 12 are located in South Florida, 12 are located in the Orlando area, five are located in the Fort Myers area and two are located in Sarasota.
Lot sizes range from approximately 10,000 to 75,000 square feet, while store sizes range from kiosks to 6,700 square feet. And 118 of the sites being offered are fee-owned properties and the remaining 21 are leaseholds.
All sites are being sold without 7-Eleven branding. Most sites are being offered for sale with fuel supply, which will be provided by SEI Fuels Inc.
7-Eleven has retained NRC Realty & Capital Advisors LLC to conduct the sale. It is anticipated that the sale will be launched on April 24. The properties will be sold using NRC's "buy one, some or all" sealed-bid sale process.
Additional details about all properties will be available on the NRC website, and a brochure will be available for download. Property-specific packages (PSP) will be available in mid to late May, with a bid deadline of June 27, 2013. Interested parties may view a complete site list and register online for sale updates at www.NRC.com/1305, or by calling the NRC Customer Service Center at (800) 747-3342, extension 1305.
"These properties are located in major metropolitan areas in Texas and other prime markets. This sale will provide great opportunities for others already operating in these markets as well as for those looking to enter them," said Dennis Ruben, executive managing director of NRC.
Chicago-based NRC 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. Its experience in the c-store arena includes portfolio evaluation and analysis; refinancing, recapitalization and sale-leaseback financing options; and merger and acquisition advisory services.
Dallas-based 7-Eleven operates, franchises, or licenses approximately 10,000 7-Eleven stores in North America. Globally, there are some 50,000 7-Eleven stores in 16 countries. During 2011, 7-Eleven stores worldwide generated total sales of more than $76.6 billion.
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