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Mergers & Acquisitions

RaceTrac Puts 25 Sites on Auction Block

Retailer trimming excess real estate in 10 states

ATLANTA --RaceTrac Petroleum Inc. is selling 25 corporate-owned commercial properties in 10 states, mostly in the Southeast, at auction Feb. 19-22.

The properties are sites that no longer fit RaceTrac's needs, the company said.

"We’re not selling stores," Liz McIntyre, spokesperson for RaceTrac, told CSP Daily News. "The 25 sites included in this auction are commercial-zoned property that RaceTrac owns, though there are no RaceTrac or RaceWays on these sites. This is simply land that we are selling. We are not divesting any stores. We buy and sell commercial property on a regular basis to ensure that the sites that we manage are a fit for our current business model. These sites no longer fit that criteria and are now for sale. Our portfolio of stores continues to grow on average 8% to 10% per year."

The sites are in Greenville, Luverne, Moulton, Sheffield, Sumiton and Warrior, Ala.; Conway, Ark.; Lakeland, Miami Gardens and Milton, Fla.; Fayetteville and Perry, Ga.; Hopkinsville, Ky.; Port Allen, Slidell and Vidalia, La.; Brandon and Corinth, Miss.; Charleston and Columbia, S.C.; Athens, Tenn.; and Dallas and Garland, Texas.

Some of the properties formerly operated as gas stations and convenience stores. Some of them are adjacent to RaceWay sites.

“These are some properties that RaceTrac has no need for anymore,” said Dewey Jacobs, president of Target Auction Co., Dallas, which is handling the auction. "Valued $20,000 to $2 million, some of these properties have buildings, some don't. Each site is highly visible with high-traffic counts for huge ROI potential."

He said approximately 12 of the 25 sites are restricted from any kind of fuel distribution.

All of the properties will be offered online and some will be offered live and online, he said.

"If you're in the market for prime commercial property in an area suited to retail or business requiring a visible setting, one or more of these parcels could be just the ticket," said Jacobs. "This sale is loaded with opportunity."

Target Auction will add a 10% buyer's premium to the final bid to determine the total contract price paid by the purchaser. Terms of the sale require 10% down on auction day, with the balance due at closing within 30 days. Target Auction said it welcomes broker participation and offers a 3% buyer broker fee.

Based in Atlanta, RaceTrac owns and operates more than 420 RaceTrac convenience-store locations across four Southern states: Georgia, Florida, Louisiana and Texas. RaceTrac also owns more than 330 RaceWay c-stores in 12 states across the Southeast.

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