PRINCETON, N.J. -- Sovereign Investment Co., a private equity investor providing sale/leaseback capital, said that it has completed the acquisition of a $9.5 million Circle K convenience store portfolio involving four c-store/gas stations in Illinois.
The minor divestment on the part of Circle K comes a week after Laval, Quebec-based Alimentation Couche-Tard Inc., through its subsidiary Circle K Stores Inc., purchased 90 c-stores in Georgia and Alabama from Spectrum Holding Inc.
Couche-Tard has been in buying mode recently, and [image-nocss] this deal with Sovereign possibly represents the inevitable tweaking of its overall holdings as it grows.
Officials at Couche-Tard did not respond to CSP Daily News inquiries by presstime.
Peter Mavoides, president and CEO of Sovereign Investment Co., said, In this transaction, Sovereign was able to meet the seller's tight closing timeframe by leveraging our extensive expertise in the automotive service industry.
Mavoides added that the acquisition of the Circle K c-store portfolio illustrates Sovereign Investment's track record of providing capital to gas station/c-store and quick lube brands, as well as quick-service restaurants (QSR) and other types of business. Over the past year, Sovereign Investment has acquired nearly $86 million of real estate in this sector, he said, including Phillips 66, Circle K, Express Oil and Jiffy Lube portfolios.
Princeton, N.J.-based Sovereign Investment said that it is actively pursuing restaurant, retail, office and industrial investment opportunities. Since 2004, it has invested more than $350 million in long-term, net-leased properties nationwide, the company said.Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.