CARY, N.C. -- Fresh off of the announcement of its new president and CEO, The Pantry Inc. has put 37 stores located in nine states throughout the Southeast up for sale as part of ongoing "strategic divestitures" and the company's five-year plan.
Earlier this week, The Pantry said that grocery-industry veteran Dennis Hatchell would be its new president and chief executive officer , effective March 5, 2012, succeeding interim chief Edwin Holman and previous top executive Terry Marks (see Related Content below for previous CSP Daily News coverage).
The five-year strategic plan is designed "to provide a foundational view of the company and all the major initiatives planned or currently under way" for the new leader, interim CEO Edwin Holman said on an earnings call with analysts.
Among those initiatives is the ongoing store disposition program, which so far has meant closing and/or selling more than 120 underperforming sites, many of them remaining assets to The Pantry as dealer locations (see Related Content below).
As reported in a Morgan Keegan/CSP Daily News Flash yesterday, the sites are in a variety of markets in Alabama (2), Florida (4), Georgia (4), Kentucky (1), Mississippi (1), North Carolina (13), South Carolina (6), Tennessee (1) and Virginia (5).
The properties include four owned and 33 leased locations. All are operating convenience stores with gasoline.
The stores range in size up to 4,800 square feet and property lot sizes range from relatively small parcels up to three-acre sites.
"The leased sites have terms up to 16 years and average nine years, and are offered with long-term fuel supply agreements from The Pantry. The fee stores are being sold with or without supply," said Denny Ruben, executive managing director of NRC Realty & Capital Advisors LLC, which is assisting with the sale.
The majority of these stores were in an earlier offering, he added.
For the sale, NRC is using its "buy one, some or all" sealed-bid process with a bid deadline of March 20, 2012.
Interested parties may register online for sale updates and view a complete list of properties at www.nrc.com/1202, or call (800) 747-3342, extension 1202.
Chicago-based NRC provides 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 experience in the c-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.
Based in Cary, N.C., The Pantry is the leading independently operated convenience store chain in the southeastern United States and one of the largest independently operated convenience store chains in the country. As of Feb. 3, 2012, the company operated 1,618 stores in 13 states under select banners, including Kangaroo Express, its primary operating banner.
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