Sentry Wraps Up Selloff

Pre-emptive offers preclude auction plans

SUFFOLK, Va. -- A pleasing offer for 23 stores here and several acceptable offers for one or two stores there negated the need for a live auction to sell most of Angus I. Hines Inc.'s 52 properties; 45 Sentry Food Mart stores were sold off through pre-emptive offers before the scheduled June 27 auction date, according to Cedric Fortemps, senior associate of Richmond, Va.-based Matrix Capital Markets Group, which managed the sale.

We canceled [the auction] because we accepted pre-emptive offers on the vast majority of the stores, Fortemps told CSP [image-nocss] Daily News. There are seven assets that weren't sold yet. Three of those are vacant land, one is a closed store, two are operating leases, and two are fee-simple stores that were negotiating deals for right now.

Some 23 stores were sold to Sanford, N.C.-based The Pantry Inc., as previously reported in CSP Daily News; five stores were sold to B&L Investments; and the remaining 17 stores were sold to 12 other companies or individuals.

The Pantry submitted a letter of intent for 23 stores and some of these other individuals put in purchase agreements for one store or a couple stores, said Fortemps. So we had negotiated the terms of those agreements prior to [June 27] on the majority of those stores.

Angus Hines Jr., president and co-owner of Angus I. Hines Inc., Suffolk, Va., said he is happy with the results of the sale, which will allow him and co-owner Bob Story to retire. We were extremely pleased with the results, he said. The high level of buyer participation and the number of offers we received were far above our projections.