CARY, N.C. -- Online bidding has opened for the remaining 51 Pantry Inc. locations being sold through NRC Realty & Capital Advisors LLC (NRC), part of an initial divestiture of 80 locations located throughout the Southeast.
Listed prices range from $10,000 to $1.5 million, according to the website (click here for a list of locations).
Unless otherwise noted, the properties are not being sold absolute or subject to minimum bid. Two sites in Russellville, Ky., must be sold together. [image-nocss] The current lease term expiration date for a site located in Bay Minette, Ala., is November 30, 2015. There are no additional lease options.
The properties include a mix of convenience stores with gas, standalone convenience stores, closed sites and other real estate. Most of the stations are branded Kangaroo, Shell, Chevron, CITGO, Mobil, BP and Texaco. Stores are located in a variety of markets in Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, Tennessee and Virginia.
"While these sites don't fit with our company's current strategic plans, they can be excellent locations for the right buyer, be they national distributors, independent operators, or those in other retail businesses," said Jim Bosworth, vice president of mergers and acquisitions for The Pantry, Cary, N.C., said at the time.
NRC, Chicago, provides a full array of real-estate and financial advisory services and specializes in the accelerated sale of commercial and residential real estate. Its breadth of experience 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. That has included, since 2003 alone, more than 2,100 c- stores and gas stations for an amount in excess of $1.5 billion for clients.
Headquartered in Cary, N.C., The Pantry Inc. is a leading independently operated convenience store chain in the southeastern United States and one of the largest independently operated c-store chains in the country. As of Aug. 2, 2010, the company operated 1,641 stores in 11 states under select banners, including Kangaroo Express, its primary operating banner. The Pantry's stores offer a broad selection of merchandise, as well as fuel and other ancillary services.
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