RaceWay Parting Ways With Wayward Sites
Putting 17 convenience stores with gasoline up for sale in eight states
Published in CSP Daily News
ATLANTA -- Hoping to jettison a number of gasoline convenience stores that no longer fit the company's business model, RaceWay is selling 17 sites, including four locations in Georgia, three each in Alabama and Florida, two each in Kentucky and Tennessee and one each in Mississippi, North Carolina and South Carolina.
The lots range in size from approximately 22,600 square feet to 3.9 acres, while store sizes range from 700 square feet to 4,600 square feet; 16 of the sites are fee-owned properties, and the remaining site is leasehold. All sites are being sold without convenience store or fuel branding. The company is also selling sites without fuel supply.
As reported in a 21st Century Smoke/CSP Daily News Flash, RaceWay has retained NRC Realty & Capital Advisors LLC, Chicago, to coordinate the sale.
"This sale provides a great opportunity for operators already in these markets as well as those looking to enter them. They may be of particular interest to jobbers since the sites are being sold without fuel supply," said Dennis Ruben, executive managing director of NRC. "And, given the large parcel sizes, this creates a unique opportunity for a real-estate play, as well."
The properties will be sold using NRC's "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/1413. Interested parties can register online for sale updates or by calling the NRC Customer Service Center at (800) 747-3342, extension 1413. Property-specific packages (PSP) are expected to be available in mid-September, with a bid deadline of Oct. 21, 2014.
Atlanta-based RaceTrac Petroleum Inc. operates more than 365 RaceTrac and licenses more than 300 Raceway locations in 12 states. RaceTrac licenses dealer-operated stores under the RaceWay flag. Operators pay a commission per gallon of gasoline sold; inside inventory and sales are the responsibility of the operator. All the stores sell the company's proprietary gasoline brand.