DALLAS--Sunoco LP will sell or consider other strategic alternatives for more than 100 real-estate assets, including company-owned locations, undeveloped greenfield sites and other excess real estate, the company announced.
The convenience stores with gasoline and other properties are located in Florida, Louisiana, Massachusetts, Michigan, New Hampshire, New Jersey, New Mexico, New York, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Texas and Virginia.
Sunoco has retained NRC Realty & Capital Advisors LLC, Chicago, to assist with the process.
The properties will be sold through a sealed-bid sale in a "buy one, some or all" format with bids due on March 7, 2017, for the operating sites and on April 4, 2017, for the surplus properties.
Sunoco will review all bids before divesting any assets, it said.
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 real estate.
Dallas-based Sunoco LP is a master limited partnership (MLP) that operates approximately 1,345 retail fuel sites and convenience stores (including APlus, Stripes, Aloha Island Mart and Tigermarket brands) and distributes motor fuel to convenience stores, independent dealers, commercial customers and distributors located in more than 30 states at approximately 6,900 sites. Its parent, Energy Transfer Equity LP, owns Sunoco’s general partner and incentive distribution rights.
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