TUCSON, Ariz. -- Circle K Stores Inc. has paid more than $7.8 million for six convenience stores in Tucson, Ariz., already operating under the Circle K brand.
The purchases were existing stores that were part of a sale-leaseback package that we decided to purchase, Diane Ketterhagen, a spokesperson for Circle K, told The Arizona Star.
The stores were purchased from Second Convenience Stores Properties Corp. and Convenience Stores Properties Corp., both incorporated in Delaware.
Now that Circle K has terminated [image-nocss] lease agreements and again owns the properties, the company will be looking for new landlords, said the report.
One of the stores is now for sale again as part of an 80-store portfolio being offered by Marcus & Millichap, the Tucson firm's Mike McClain told the newspaper. The property was bought for about $1.4 million last month, and now it is being advertised for $2.3 million.
In mid-December, under similar arrangements, Circle K bought four Circle K locations in Memphis, Tenn., from Second Convenience Stores Properties and Convenience Stores Properties for nearly $3.6 million.
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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