NRC Realty & Capital Advisors, LLC announced today the purchase of five convenience stores in Florida by Town Star Holdings, LLC, an affiliate of Junonia Capital, LLC of Fort Myers, Florida, from RaceTrac Petroleum, Inc. of Atlanta, Georgia.
NRC acted as exclusive financial advisor to the buyer in connection with arranging sale-leaseback financing with Spirit Realty Capital, Inc.
“We are excited to be able to expand our portfolio of convenience stores with these excellent sites we are acquiring from RaceTrac,” stated Brian Fox, managing member of Junonia Capital. “Furthermore, NRC did an excellent job in assisting us secure attractive sale-leaseback financing in order to complete the acquisition.”
Junonia Capital formed Town Star Holdings last year to make strategic acquisitions in the convenience store industry. In November, the company acquired 16 stores in Florida from TimeSaver Food Stores Co. The five-store acquisition from RaceTrac is the second transaction for the company.
The acquired assets consist of four convenience stores in the Orlando area, including Orlando, Kissimmee, Belle Isle and Apopka, as well as one store in Jacksonville. Sites range from 1.01 acres to 1.92 acres, and the average store size is approximately 4,200 square feet.
“We were very pleased to be able to assist Town Star obtain financing for this sale,” said Dennis Ruben, Executive Managing Director of NRC. Ruben continued, “This is the second opportunity we have had to help Town Star obtain financing, and it is gratifying to watch their portfolio grow.”