RICHMOND, Va. -- A chain of petroleum marketing, distribution and convenience stores, which consists of 68 company-operated stores, three dealer-operated stores and four development sites owned by Southern Convenience Stores Inc., Chester Marketer Inc., Marketer Investment Co. Inc., Petroleum World Inc., Cleveland Marketer Inc., Rutherford Marketer Inc. and York County Petroleum Inc., has been put up for sale.
The stores are located at prime traffic locations in North Carolina (39 locations) and South Carolina (36 locations) at points northwest and southwest [image-nocss] of Charlotte, N.C., along Interstate 85 through Spartanburg and Greenville, S.C., and along I-26 through Columbia, S.C.
Seventy-one stores also offer motor fuels, primarily Texaco, CITGO, Shell and Phillips branded fuels; 68 stores offer traditional convenience merchandise items. Of the company-operated stores, 41 are being sold with the real estate and 27 are subject to leases. Two of the dealer locations are being sold with the real estate and one is subject to a lease. All four development sites are being sold with the real estate.
In 2005, 68 company-operated stores sold a total of approximately 40 million gallons of motor fuels and averaged approximately $600,000 of merchandise sales per store. The median store size and lot size is 2,000 square feet and one acre, respectively. Five of the stores include car wash facilities and three stores have branded quick-serve restaurants.
Additionally, a number of the stores have recently been re-imaged, with approximately $2 million in renovations and capital improvements completed in the last two years. The stores present an excellent business opportunity for an individual or strategic buyer looking to maximize convenience retail opportunities in the Southeast.
The stores are being marketed through a structured sale process to be managed by Matrix Capital Markets Group Inc., Richmond, Va.
The sale of these stores is governed by formal sale procedures, which are available upon request. Offers can be submitted on individual stores, groups of stores or for all of the stores. All preemptive sealed-bid offers must be submitted on or before 5:00 p.m. ET on Sept. 8, 2006. The stores that are not sold through the preemptive sealed-bid process will be entered into a live auction on Sept. 20, 2006. The deadline to submit qualified bids in order to participate in the live auction is 5:00 p.m. ET on Sept. 15, 2006.
To receive offering materials and for more information on the stores and the sale process, please visit Matrix's Energy & Multi-Site Retail site, www.matrixcapitalonline.com, and click on the Sale of Southern Convenience Stores link.Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.