7-Eleven Puts 139 C-store Properties on the Market
DALLAS -- 7-Eleven Inc. tapped NRC Realty & Capital Advisors to help sell 139 convenience stores and/or gas stations. Of the properties, 83 are in Texas, 31 in Florida, 11 in Ohio, eight in Pennsylvania, five in Utah and one in Wisconsin.
Forty-three of the Texas properties are located in the convenience store retailer's backyard of Dallas/Fort Worth. In addition, 10 are in the San Antonio market, 10 are near Austin and the remainder are located throughout east Texas.
Of the locations in the Sunshine State, 12 are located in South Florida, 12 are located in the Orlando area, five are located in the Fort Myers area and two are located in Sarasota, according to Chicago-based NRC.
"There are some terrific properties in this package that simply don't fit 7-Eleven's business model," explained Robbie Radant, 7-Eleven's vice president of mergers and acquisitions. "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."
The property lot sizes range from approximately 10,000 to 75,000 square feet, and the store sizes vary from kiosks to 6,700 square feet. Of the locations on the market, 118 are fee-owned properties and 21 are leaseholds.
All sites are being sold without 7-Eleven branding. Most sites are being offered for sale with fuel supply, which will be provided by SEI Fuels Inc., NRC added.
"These properties are located in major metropolitan areas in Texas and other prime markets," said Dennis Ruben, executive managing director of NRC. "This sale will provide great opportunities 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. It is anticipated that the sale launch on April 24, when additional details about all properties will be available on the NRC website, and a brochure will be available for download. Property Specific Packages (PSP) are expected to be available in mid-to-late May, with a bid deadline of June 27.
Dallas-based 7-Eleven Inc. operates, franchises or licenses approximately 10,000 convenience stores in North America.