NRC Announces Bid Deadline for Florida Panhandle Stores
Sale of up to 55 properties set for Feb. 15
CHICAGO -- NRC Realty & Capital Advisors LLC (NRC) has announced that February 15, 2011, has been set as the bid deadline for the previously announced sale of up to 55 fee properties in the Florida Panhandle.
Most are operating gas stations with convenience stores, including one closed site. Most of the operating stations are major-branded for gasoline, but all have unbranded convenience stores and some have onsite carwashes. Gasoline brands include BP, Shell, Exxon, Chevron and Mobil. Sites may be purchased either with or without fuel supply agreements.
The [image-nocss] properties are being sold through a sealed-bid sale using NRC's "buy one, some or all" format. Financing from an affiliate of the seller is available for qualified buyers who must be prequalified prior to making bids.
"This is an excellent market and provides a unique opportunity for buyers, whether they're looking for one or two sites or for a significant multi-store acquisition," said Denny Ruben, NRC managing partner.
Interested parties may register online at www.nrc.com/1010 or by calling (800) 747-3342, ext. 1010. NRC will post a sales brochure and complete property-specific information on its website, available to registered parties.
"We are excited to begin 2011 offering such a strong portfolio of stores," Ruben said. "This sale, along with other divestiture transactions anticipated from major oil companies and other industry players, should provide significant opportunities for expansion by existing operators. This follows the trend already established in 2010."
He added, "There are some very good companies and portfolios of properties coming onto the market, and even with some of the current economic headwinds, there are ample buyers looking for attractive acquisition opportunities. And some of them are looking to either expand their current footprint or perhaps venture well beyond it, as The Pantry did with the Presto acquisition."
On December 2, The Pantry Inc. completed its acquisition of all assets of Presto Convenience Stores LLC, consisting of 47 convenience stores in Kansas and Missouri. NRC served as financial advisor to Presto in connection with the transaction. (Click here for previous CSP Daily News coverage.)
Chicago-based NRC Realty & Capital Advisors 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. NRC's breadth of experience in the convenience store arena includes portfolio evaluation and analysis; refinancing, recapitalization and sale-leaseback financing options; and merger and acquisition advisory services. Since its inception in 1989, NRC has sold more than 10,000 properties. Clients include globally recognized companies in a variety of industries, including petroleum (BP, Shell and Sunoco), convenience stores (Circle K, The Pantry), financial institutions (GE Capital and Fifth Third) and retail (Kmart).