Convenience-store retailer Fresh Stop has acquired four c-store properties in Texas and Florida from an undisclosed seller.
The newly acquired sites are at 312 TX- 321 East, Trinidad, Texas; 1950 MLK Jr Blvd., Corsicana, Texas; 1961 MLK Jr. Blvd., Corsicana, Texas; and 6950 Okeechobee Blvd., West Palm Beach, Florida.
All four locations are operating under the Fresh Stop name while rebranding and site upgrades are underway.
“These acquisitions advance Fresh Stop’s strategy to bring fast, friendly, and reliable service to more communities,” said Matt Pickelsimer, who joined Fresh Stop in June as president. “As we complete rebranding and enhancements at each location, guests can expect the quality, convenience and customer care that define the Fresh Stop experience.”
Prior to joining Fresh Stop, Pickelsimer served as senior vice president at Mammoth Holdings, where he led a 155-unit car wash portfolio. He previously held roles including regional director at Goodlettsville, Tennessee-based Dollar General, director of sales and operations at El Dorado, Arkansas-based Murphy USA and a market manager at Irving, Texas-based 7-Eleven, among other positions.
Fresh Stop plans to introduce updated branding, improved layouts and refreshed product assortments at each of the newly acquired sites over the coming months, the company said. The company will also evaluate opportunities to add amenities and operational upgrades that streamline the in-store experience, it added.
Last week, Fresh Stop also opened two new convenience stores in Arkansas and Florida. The stores are at 7209 E. Grand Ave., Lonsdale, Arkansas, and 690 W. Airport Blvd., Sanford, Florida. Each location celebrated its opening by donating $500 to support its neighborhood.
Fresh start for Fresh Stop
Fresh Stop—with eight open locations and more than 20 stores slated to open in Arkansas, Florida, Oklahoma and Texas—is a Charlotte, North Carolina-based convenience-store chain and an affiliate of Madison Capital Group. Fresh Stop opened its first location in Arkansas on March 29.
In June, Madison Capital, also based in Charlotte, launched Madison Convenience Fund I LLC, a private real estate investment fund targeting a capital raise of $125 million for convenience and gas station facilities across the United States.
Ryan Hanks, founder of Fresh Stop, is CEO of Madison Capital Group. The fund’s strategy is to acquire, improve and operate modern convenience stores in high-growth markets with favorable demographics and minimal competition.
“Madison Convenience Fund I represents our continued commitment to providing investors with opportunities to preserve capital and generate tax-advantaged, risk-adjusted returns by investing in essential retail assets in some of the country’s most promising markets,” Hanks said in announcing the launch of the fund.
The fund looks to acquire underperforming or newly constructed single-tenant c-store and gas station properties leased by national tenants with corporate guarantees, Madison Capital said. It will prioritize acquisitions eligible for accelerated bonus depreciation, allowing investors to benefit from immediate tax advantages, the company said.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.