Bid Deadline for Pantry Sites Announced

A bid deadline of July 20, 2010 has been set for the 74 sites throughout the Southeast being divested by The Pantry Inc.

NRC Realty & Capital Advisors LLC (NRC) noted that details on each available property are now available online. Properties being sold include a mix of convenience stores with gas, stand-alone convenience stores, former gas stations and prime real estate. Most of the stations are currently branded Kangaroo, Shell, Chevron, Citgo, Mobil, BP and Texaco.

The stores are being sold using NRC’s well-known “buy one, some or all” sealed bid sale process. Interested parties can register online for sale updates, as well as review a complete list of properties with photos and extensive site-specific details, at www.nrc.com/1005, or by calling the NRC Customer Service Center at 800-747-3342, extension 1005.

Stores are located in a variety of markets, with seven in Alabama, 26 in Florida, three in Georgia, four in Kentucky, two in Mississippi, 14 in North Carolina, 10 in South Carolina, six in Tennessee and two in Virginia.  Of the total, 51 are being sold as operating sites, 13 are former gas stations and 10 are undeveloped retail sites.  Most of the operating sites are c-stores with gas, but a few are c-store only.  In the total package, 18 sites are being sold as fee properties, 42 are offered as leasehold interest only, and the remaining 14 can be purchased either as fee or leased properties.

“As expected, we’re already seeing a great deal of interest in this sale,” said Dennis Ruben, managing director of NRC, “and the full details about each site are now live on the Web site.  Although the bid deadline is nearly seven weeks away, we encourage anyone interested in any of these properties to visit the Web site and begin their bidding process right away, so there will be plenty of time to put together a serious offer.”

“Another reason to act quickly,” Ruben noted, “is that some properties are available under NRC’s Bid Now Online process, where the seller may accept offers prior to the official bid deadline.” That option is currently available at www.nrc.com/1005-for the former gas stations and undeveloped retail sites only.

Headquartered in Cary, N.C., The Pantry Inc. is an independently operated convenience store chain in the Southeastern U.S. and one of the largest independently operated convenience store chains in the country. As of May 3, 2010, the Company operated 1,647 stores in eleven states under select banners, including Kangaroo Express, its primary operating banner.

 

 

 

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