FORT MYERS, Fla. -- In a sale-leaseback transaction, Town Star Holdings LLC, an affiliate of Junonia Capital LLC, has made its second acquisition, purchasing five convenience stores in Florida from RaceTrac Petroleum Inc.
The assets consist of four c-stores in the Orlando area, including Orlando, Kissimmee, Belle Isle and Apopka, as well as one c-store in Jacksonville.
The sites range from 1.01 acres to 1.92 acres, and the average store size is approximately 4,200 square feet.
“We are excited to be able to expand our portfolio of convenience stores with these excellent sites we are acquiring from RaceTrac,” said Brian Fox, managing member of Junonia Capital.
As reported in a 21st Century Smoke/CSP Daily News Flash, Fort Myers, Fla.-based Junonia Capital formed Town Star Holdings last year to make strategic acquisitions in the convenience-store industry. In November, the company acquired 16 stores in Florida from TimeSaver Food Stores Co.
The five locations will be converted to the Town Star convenience-store brand.
NRC Realty & Capital Advisors LLC, Chicago, acted as exclusive financial advisor to the buyer in connection with arranging sale-leaseback financing with Spirit Realty Capital Inc.
“NRC did an excellent job in assisting us secure attractive sale-leaseback financing in order to complete the acquisition,” Fox said.
“This is the second opportunity we have had to help Town Star obtain financing, and it is gratifying to watch their portfolio grow,” said Dennis Ruben, executive managing director of NRC.
Formed in 2003, Spirit Realty Capital is a real-estate investment trust (REIT) company based in Scottsdale, Ariz. Its portfolio comprises more than 800 specialty retailers, restaurants, discount retailers, drug stores and convenience stores, including Circle K and Wawa properties.
NRC provides a full array of real estate and financial advisory services to the convenience store and petroleum industries and specializes in the accelerated sale of commercial and residential real estate. Clients include globally recognized companies in a variety of industries, including petroleum (BP, Shell and Sunoco), convenience stores (7-Eleven, CST Brands and Circle K), financial institutions and other industries.
Atlanta-based RaceTrac Petroleum has more than 370 RaceTrac locations in five states.