Deweese Completes Sale-Leaseback Transaction
Mississippi retailer to continue operation of 24 stores
MERIDIAN, Miss. -- Deweese Enterprises Inc. has completed a $30-million sale-leaseback transaction for 24 of its Super Stop! convenience store locations throughout Mississippi. The purchaser, a real-estate investment trust, leased the 24 stores to Deweese Enterprises Inc. under long-term lease agreements.
This sale-leaseback comes seven months after Deweese put 21 convenience stores and gasoline stations in Mississippi and Alabama up for sale. The disposition and sale-leaseback of the sites are part of Deweese's strategy to rationalize its retail-site [image-nocss] portfolio.
Although it was our original intention to divest a small number of locations, after looking at the options [presented by financial advisors NRC Realty Advisors LLC], including a potential sale of the entire company, we decided on a sale-leaseback strategy, said Doug Deweese, CEO of Deweese Enterprises Inc., Meridian, Miss. This was a great transaction for our company.
According to an NRC spokesperson, some of the Super Stop! Stores put up for sale in January are still on the market.
Chicago-based NRC is a seller of convenience stores and service stations, and provides real-estate and financial-advisory services to industry companies.