NASHVILLE, Tenn. -- Even as it is moving its chain to its new upscale Twice Daily concept, Tri Star Energy LLC is selling 22 convenience stores and retail gasoline outlets in Tennessee.
None of the 22 stores are the new Twice Daily brand, Steve Hostetter, CEO and COO of Tri Star, told CSP Daily News. "These are sites that don’t fit our strategic plan, and are best optimized out of the system. We are very much still moving forward with the Twice Daily concept and will continue operating our current chain of corporate stores," he said.
Hostetter discussed the Twice Daily model at CSP's recent Convenience Retailing University (CRU) event in Glendale, Ariz. The model encourages customers to come back the same day using varied meal options and same-day discounts.
As reported in a Raymond James/CSP Daily News Flash, the locations that it is now selling include a diverse mix of company-operated and consignment sites. Of the 22 operating stores in the package, six are currently company-operated and 16 are consignment sites. A total of 19 sites are fee properties, another two are leasehold properties and one is a combination fee and leasehold property.
In addition to those 22 stores, the sale portfolio includes three vacant parcels, all of which are fee properties.
Gasoline brands of the sites include Shell, Exxon and BP. The sites will be sold with or without supply.
Tri Star has engaged NRC Realty & Capital Advisors LLC, Chicago, to conduct the strategic divestiture.
The locations and business interests will be sold through NRC's sealed-bid sale process in a "buy one, some or all" format. Site-specific information, as well as general sale information and sale terms and conditions, is available at www.NRC.com/1303.
Bids will be due on April 9, 2013.
NRC 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. Services include portfolio evaluation and analysis; refinancing, recapitalization and sale-leaseback financing options; and merger and acquisition advisory services. Petroleum and c-store clients have included Sunoco, BP, The Pantry, 7-Eleven and Circle K.
Founded in 2000, Nashville, Tenn.-based Tri Star distributes petroleum products in middle Tennessee and operates approximately 80 retail gasoline outlets and convenience stores in Tennessee and Kentucky. The sites it is divesting are scattered throughout the company's operating territory, the bulk of which are located in the Greater Nashville market.