SACRAMENTO, Calif. -- Nine convenience store sites in California from five different owners will be sold off in a single auction next month. New West Stations Inc. is divesting five operating, fee-owned convenience stores with gas stations located in the Sacramento market; four additional operating businesses in Southern California are being divested by other companies.
Of New West's locations, two have Wendy's license agreements. All the stations are currently branded Shell or Chevron and four have convenience stores. The four units owned by the other companies have long-term ground leases. [image-nocss] Two are being offered with ampm franchise and ARCO-branded gas stations with car washes, the third has Chevron-branded gasoline with a c-store and a Subway franchise and the fourth is a Shell-branded gas station with a c-store.
"These New West properties have large footprints in high-traffic areas and all are being sold with re-branding opportunities" said Evan Gladstone, executive managing director of NRC Realty Advisors LLC (NRC), which has announced this new offer in its sealed-bid auction process. Previously, all units offered in each sale had been owned or operated by a single business.
The auction will culminate on Aug. 26, 2008. All nine locations will be sold through a sealed-bid sale in a "buy one, some, or all" format; bids are due Aug. 26, 2008.
"NRC is pleased to continue our partnership with New West and to coordinate the sale of the Southern California sites with other sellers," Gladstone added. NRC is already separately offering an additional 32 convenience stores for New West, mostly in and around San Diego, in a July 22 bidding. (Click here for previous CSP Daily News coverage.)
NRC has available both an all-inclusive sales brochure for all nine of the properties in this new offering, as well as individual property-specific packages (PSPs). The free brochure provides overviews of the property listings, including location and sales volume. The $35 PSPs ($25 CD-ROM versions available upon request) contain site-specific bid packages and detailed due diligence information. For more information, please contact the NRC Customer Service Center at (800) 747-3342, extension 812, or visit www.nrc.com/812.
Founded in 1986, New West is a family-run business headquartered in Sacramento, Calif. It started as a wholesale distributor selling to end users such as trucking companies, farmers and gas stations. From 1991 to1994, New West concentrated sales on government contracts. In 1994, New West diversified its asset portfolio with the purchase of the company's first retail station and c-store. By 2000, the company owned and operated 36 branded and three unbranded stations with c-stores, car washes and fast-food franchises. New West currently has wholesale operations in five states.
Chicago-based NRC Realty Advisors specializes in the sale of commercial real estate. With a concentration in the c-story industry, NRC provides real-estate and financial-advisory services. Since 1989, NRC has sold more than 10,000 properties. In 2007 NRC had sales of over $200 million with properties sold in 20 states. Clients include ampm, BP, Shell, Sunoco and other distributors and independent retailers.
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