Florida Panhandle Stations Go Up for Sale

Published in CSP Daily News

56 locations include several gasoline brands

CHICAGO -- NRC Realty & Capital Advisors LLC announced on Tuesday that it has been retained to coordinate the sale of up to 56 current and former retail petroleum properties located throughout the panhandle of Florida. It did not name the seller, but told CSP Daily News that it was a "national lender." All sites are fee properties. The majority of the properties are operating gas stations with convenience stores, while there are a few closed locations.

Most of the operating stations are major-branded for gasoline, but all have unbranded convenience stores. Some [image-nocss] have onsite carwashes. Gasoline brands include BP, Shell, Exxon, Chevron and Mobil, with some unbranded sites. Sites may be purchased either with or without supply agreements.

Geographically, the sites are located in the Fort Walton Beach/Destin market area, the Pensacola and Panama City markets, in and around Crestview, and some are in smaller communities eastward toward and beyond Tallahassee.

The properties will be sold through a sealed bid sale utilizing NRC's "buy one, some or all" format. Financing is available. The bid deadline has been set for December 7, 2010. To view property specific information and to receive sale updates, register online at www.nrc.com/1010. Sales brochures are available by calling (800) 747.-3342, ext. 1010, or by download from the NRC website.

"This sale offers some great opportunities for motor fuel marketers and individual dealers alike," said Evan Gladstone, NRC's executive managing director. "We expect strategic players will be looking at excellent market concentrations and some larger store formats as well as supply and available financing. Even those not currently operating in these markets may want to look at expansion opportunities."

NRC Realty & Capital Advisors provides real-estate and financial advisory services to the c-store and petroleum industries, and specializes in the accelerated sale of commercial and residential real estate. Its experience in the c-store arena includes portfolio evaluation and analysis; refinancing, recapitalization and sale-leaseback financing options; and merger and acquisition advisory services. Since its inception in 1989, NRC has sold more than 10,000 properties. Clients include globally recognized companies in a variety of industries, including petroleum (BP, Shell and Sunoco), convenience stores (Circle K), financial institutions (GE Capital and Fifth Third) and retail (Kmart).