In 2008, RaceTrac generated in excess [image-nocss] of $7.5 billion in annual revenues through the operation of more than 530 retail gas/c-stores in 12 southeastern states. RaceTrac has been steadily growing since its inception 75 years ago and is currently ranked as the 56th largest privately held U.S. company by Forbes based on annual revenues
Atlanta-based RaceTrac said that it intends to reinvest the sale-leaseback proceeds in its retail development pipeline and to take advantage of current buying opportunities. Ownership of a RaceTrac store is an opportunity that has never been made available to the public in the company's operating history, it said.
James Mitchell and Sean McConnell of CBRE's Global Corporate Services unit will be lead points of contact for the portfolio offering. Commenting on the new relationship, Mitchell said, "CBRE's national platform matched well with RaceTrac's desire for global reach and strong capital market relationships; we are excited to be taking a package of such well-located assets to market."
McConnell added, "The RaceTrac sale-leaseback investment couples newly constructed retail product and single tenant net leases secured by a high credit regional fuel marketing brand. Given the current turbulent climate, we are very bullish on the opportunity to steward such a stable retail investment opportunity to market."
The assets will be available in bulk or on an individual basis.
Prospective investors are invited to contact CBRE at 407-404-5000 or www.cbre.com/racetracportfolio
CB Richard Ellis Group, Los Angeles, is the world's largest commercial real-estate services firm in terms of 2008 revenue. It offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.
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