Tri Star Divestiture Details
Company is selling 84 operating c-stores/gas stations
NASHVILLE, Tenn. -- Tri Star Energy LLC, owner of the Daily's chain, has provided details about its intention to divest itself of a number of convenience stores and retail gasoline outlets in Tennessee. It will sell 84 operating locations.
The sites being divested are scattered throughout the company's operating territory, the bulk of which are located in the Greater Nashville market. Additional markets include Tullahoma, Knoxville and Chattanooga, among others. Gasoline brands of the sites include Shell, Exxon and BP.
The company plans to invest elsewhere in its business. It is a matter of "rationalizing some older stores and turning that money around to use it for future opportunities," CEO Steve Hostetter told CSP Daily News in mid-December. Proceeds from the divestiture are to be used for expansion and acquisition opportunities currently available to the company, he added.
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Of the 84 operating store sites, 26 are currently company-operated and 58 are consignee sites. A total of 30 sites are fee properties, another 15 are leasehold properties, one is a combination fee and leasehold property, 17 are being offered fee or lease and the remaining 21 are part of a distributor supply package.
In addition to those 84 stores, the sale portfolio includes nine real-estate sites, seven of which are closed stores or vacant parcels and two that are currently operating, but will be closed upon transfer of deed.
Proceeds from this divestiture are to be used for expansion and acquisition opportunities, said NRC Realty & Capital Advisors LLC, Chicago, which is handling the sale. The list includes a diverse mix of company-operated and consignment sites (with and without real-estate interests) and supply-only sites with equipment, as well as several parcels of undeveloped land.
The locations and business interests will be sold through a sealed-bid sale in a "buy one, some or all" format. A brochure with a finalized list of sites and full information will be available from NRC within a few days. Site-specific information, as well as general sale information and sale terms and conditions are now available at www.nrc.com/915. Bids will be due on Feb. 18, 2010.
NRC provides real-estate and financial advisory services and specializes in the accelerated sale of commercial and residential real estate. Its 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. Clients have included BP, Shell and Sunoco; White Hen Pantry and Circle K; and more.
Founded in 2000 and headquartered in Nashville, Tenn., Tri Star Energy distributes petroleum products in middle Tennessee and operates retail gasoline outlets and c-stores in Tennessee and Kentucky.