MEMPHIS, Tenn. -- Circle K Stores Inc. has bought four Circle K locations in Memphis, Tenn., from a New York company for nearly $3.6 million. Three of the Circle K sites were purchased from Second Convenience Store Properties Corp., while one facility was bought from Convenience Store Properties Corp.
In addition to the sales, agreements were signed terminating Second Convenience Store Properties' and Convenience Store Properties' leases to Circle K Stores, according to The Memphis Daily News. Those leases all began in 1988, it added.
Of the locations that were sold to Second Convenience Store Properties, the first sold for nearly $870,000 and is a 3,000-square-foot convenience store built in 1989, the report said. It was appraised by the Shelby County assessor in 2006 at $371,100. The second location, which sold for about $950,000, is a 2,600-square-foot c-store built in 1987, was appraised at about $319,300. The third site, which sold for $788,000, is a 3,000-square-foot store built in 1987 appraised at $360,700.
The location purchased by Convenience Store Properties Corp., which sold for nearly $955,000, is a 3,000-square-foot store built in 1987, was appraised at $376,900, said the newspaper.
Laval, Quebec-based Alimentation Couche-Tard Inc., the parent company of Circle K Stores, is the third-largest c-store operator and the second-largest independent (not integrated with a petroleum company) c-store operator in North America. Couche-Tard's network is currently comprised of more than 5,200 c-stores, approximately 3,250 of which include motor fuel dispensing, located in eight large geographic markets, including three in Canada and five, which cover 23 states, in the United States.
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