US: 7-Eleven to shed 72 stores from portfolio
7-Eleven is to sell off 72 of its US stores
7-Eleven Inc will sell off 72 of its US convenience stores and gas stations it has confirmed.
NRC Realty and Capital Advisors has been appointed to to manage the sale of the stores, 22 of which are in Texas, 17 in South Carolina, 11 in Pennsylvania, nine in Ohio, four in Michigan, three in Indiana, three in West Virginiam two in Florida and one in Utah.
7-Eleven vice president of mergers and acquisitions said the sale of the "terrific properties in this package" was because they "simply don't fit 7-Eleven's business model".
"All of these stores were part of the more than 1,000 sites we've acquired in the past three years and should provide great opportunities for the right buyers" he added.
Lot sizes range from approximately 8,000 square feet to 5.6 acres, while store sizes range from kiosks to 4,640 square feet. Fifty of the sites being offered are fee-owned properties, and the remaining 22 are leaseholds. All sites are being sold without 7-Eleven branding.
7-Eleven is one of the largest chains in the convenience retailing industry. Globally, there are some 52,200 7-Eleven stores in 16 countries. During 2012, 7-Eleven stores worldwide generated total sales of more than US$84.8bn.
CHICAGO, IL (February __, 2014) - NRC Realty & Capital Advisors, LLC announced today that it has been retained again by 7-Eleven, Inc. to coordinate the sale of 72 gasoline stations and/or convenience stores. Twenty-two of these locations are located in Texas, 17 in South Carolina, 11 in Pennsylvania, nine in Ohio, four in Michigan, three in Indiana, three in West Virginia, two in Florida and one in Utah.
Of the 22 Texas sites, 12 are in the San Antonio market, five are located in the Dallas-Fort Worth metropolitan area, two are in the Houston area, one is near Austin, and the remainder are located in the surrounding areas.
In announcing the sale, Robbie Radant, 7-Eleven vice president of mergers and acquisitions, said, "There are some terrific properties in this package that simply don't fit 7-Eleven's business model. All of these stores were part of the more than 1,000 sites we've acquired in the past three years and should provide great opportunities for the right buyers."
Lot sizes range from approximately 8,000 square feet to 5.6 acres, while store sizes range from kiosks to 4,640 square feet. Fifty of the sites being offered are fee-owned properties, and the remaining 22 are leaseholds. All sites are being sold without 7-Eleven branding. Most sites are offered for sale with fuel supply, which will be provided by SEI Fuels, Inc. [Do we want to say that Fuels is a subsidiary of SEI?]
Dennis Ruben, executive managing director of NRC, said, "These properties are located in major metropolitan areas in many of these states and other prime markets. This sale provides another great opportunity for others already operating in these markets as well as for those looking to enter them."
The properties will be sold using NRC's well-known "buy one, some or all" sealed-bid sale process. A complete list of the properties and information regarding submitting offers is available online at www.nrc.com/1402. Interested parties can register online for sale updates or by calling the NRC Customer Service Center at 800-747-3342, extension 1402.
Property Specific Packages (PSP) are expected to be available in mid- to late-February, with a bid deadline of April 1, 2014.
Original source: 7-Eleven Inc
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