RaceWay Tightening Up Network
ATLANTA – In an effort to trim sites that “are no longer a fit,” RaceWay is selling 30 convenience stores with gasoline, including nine locations in Tennessee, five each in Alabama and Florida, four in South Carolina, three in Georgia, two in Texas and one each in Arkansas and Mississippi.
The lots, which are no longer a fit for RaceWay’s business model, range in size from approximately 15,200 square feet to 3.9 acres; 17 stores range in size from 2,000 to 4,990 square feet, seven stores are 1,000 square feet or larger, while the balance are small stores with one kiosk. All of the properties are fee-owned.
Twenty-three of the sites are currently operating and seven are currently closed.
As reported in 21st Century Smoke/CSP Daily News Flash, all sites are being sold without convenience store or fuel branding. Sites are also being sold without fuel supply.
The properties will be sold with a deed restriction that prohibits the sale of petroleum products including gasoline on the property under any brand other than Shell, Chevron, Texaco, BP, Exxon, Amoco or Mobil.
The company sold 17 sites in Georgia, Alabama, Florida, Kentucky, Tennessee, Mississippi, North Carolina and South Carolina in mid-2014 for similar reasons.
RaceWay has retained NRC Realty & Capital Advisors LLC, Chicago, to handle the sale.
“This sale provides an excellent opportunity for operators currently in these markets as well as those looking to enter them,” said Dennis Ruben, executive managing director of NRC. “Given the sites are being sold without fuel supply, they may be of particular interest to jobbers. 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. Property-specific packages (PSP) are expected to be available in mid-August, with a bid deadline of Sept. 15, 2015.
RaceWay dealers operate more than 300 convenience stores with gasoline in 12 states. The brand is owned by Atlanta-based RaceTrac Petroleum Inc., which has more than 370 RaceTrac locations in five states.
