NRC Realty & Capital Advisors, LLC announced today that it has been retained by San Antonio-based CST Brands, Inc. to coordinate the sale of 100 gasoline stations and/or convenience stores, 16 former gas stations and one land parcel. This includes 61 locations in Texas, 22 in Colorado, 14 in Arizona, seven in California, four in both Arkansas and Louisiana, three in New Mexico, one in Utah and one in Wyoming.
Of the 61 Texas sites, 30 are in the Dallas-Fort Worth area, 11 are in the Lubbock area, seven are in the Houston area, five are in the El Paso area, and the remaining eight are in surrounding areas.
In Arizona, nine are located in the Phoenix area, four are in Tucson and one is in Prescott Valley. In Colorado, nine are located in and around Denver, five are in Colorado Springs and the surrounding area, four are in Fort Collins with the remainder located in surrounding areas.
Sites sold as convenience stores with gas, whether operating or closed, will be offered for sale with fuel supply, which will be provided by CST, or without fuel supply. Of the 16 former gas stations, 4 will be sold without tanks and deed restricted for the sale of petroleum.
In an announcement in early March, CST noted that in looking to optimize its network, it had identified approximately 100-plus stores that were candidates for sale, the majority of which could potentially be added to the company’s growing wholesale distribution business in the U.S. The locations each average over 3,000 gallons of fuel sold per store, per day, which makes them attractive locations for sale and good dealer candidates for CST’s wholesale business.
“We are streamlining our operations in order to focus on our core business strategy to build larger format stores that can offer a wider array of enhanced product offerings.” said Steve Motz, Senior Vice President and Chief Development Officer at CST Brands, parent company of Corner Store. “The sale of these smaller stores are a tremendous opportunity for the right buyer as they will be a critical part of our growing U.S. wholesale business.”
“We’re very pleased to be working with CST in this endeavor to optimize its network,“ said Dennis Ruben, executive managing director of NRC. “Based upon recent experience we’ve had with sales in these and adjacent states, we’re confident that there will be a tremendous amount of interest given the quality of these sites.”
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/1406. Interested parties can register online for sale updates or by calling the NRC Customer Service Center at 800-747-3342, extension 1406.
Property Specific Packages (due diligence packages) are expected to be available in mid-May, with a bid deadline of June 17, 2014.CST Brands, Inc. (NYSE: CST) is one of the largest independent retailers of motor fuels and convenience merchandise in North America. Based in San Antonio, Texas, CST employs nearly 12,000 Team Members at approximately 1,900 locations throughout the Southwestern United States and Eastern Canada offering a broad array of convenience merchandise, beverages, snacks and fresh food. In the U.S., CST Corner Stores proudly sell Valero fuels and signature products such as Fresh Choices baked and packaged goods, U Force energy and sport drinks, Cibolo Mountain coffee, FC Soda and Flavors2Go fountain drinks. In Canada, CST is the exclusive provider of Ultramar fuel and its Dépanneur du Coin and Corner Stores sell signature Transit Café coffee and pastries. For more information about CST, please visit www.cstbrands.com. NRC Realty & Capital Advisors, LLC provides a full array of real estate and financial advisory services to the convenience store and petroleum industries and specializes in the accelerated sale of commercial and residential real estate. NRC’s breadth of experience in the convenience-store arena includes portfolio evaluation and analysis; refinancing, recapitalization & sale-leaseback financing options; and merger and acquisition advisory services. Since its inception in 1989, NRC has sold more than 15,000 properties. Clients include globally recognized companies in a variety of industries, including petroleum (BP, Shell and Sunoco), convenience stores (The Pantry and Circle K), financial institutions (GE Capital, StanCorp Mortgage Investors and Fifth Third Bank) and industrial (YRC Worldwide). For more information, visit www.nrc.com.