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    Cumberland Farms to Sell 61 C-stores

    Company seeks to sell real estate at independently owned locations.

    FRAMINGHAM, Mass. -- Cumberland Farms Inc. will sell 61 convenience store properties through a structured sale process to be managed by Matrix Capital Markets Group Inc.

    Cumberland Farms owns the real estate at these sites, and leases them to third party tenants through triple net lease agreements, under which the tenants operate independent convenience stores and other retail businesses, according to a release by Matrix.

    Bids can be submitted for individual stores or for multiple stores, and offers are due Oct. 29, 2010, but Cumberland will consider accepting offers prior to the deadline.

    While the stores are a steady source of income for Cumberland, owning the real estate at the 61 independently operated locations no longer fits with Cumberland's strategic growth plans, according to the release. Cumberland will use the capital from the sale to redeploy in other areas of their business.

    The stores are located along the East Coast, and includes three stores in Connecticut; five in Delaware; 10 in Florida; 12 in Massachusetts, three 3 in New Hampshire; eight in New Jersey; 14 in New York, two in Pennsylvania; and four in Rhode Island.

    Of the stores, 34 currently sell motor fuels, which are primarily unbranded. Cumberland currently supplies fuels to most of these locations, excluding stores in Florida. Going forward, buyers of the Cumberland-supplied sites are not required to purchase fuels from the company, and can choose their own fuel supplier after closing, according to Matrix.

    In addition, 19 of the properties have additional retail space leased to other tenants such as restaurant franchisees, beauty care salons, and other businesses, under triple net lease agreements. The average building size is approximately 3,100 square feet, with the average convenience store size being approximately 2,200 square feet.

    Matrix also noted the remaining lease durations for current tenants are short term, while others leases are expired or may be terminated if the property is sold. The average remaining tenant lease duration for the stores is approximately 2.7 years including option periods. There are currently seven stores that can be operated by the buyer by the end of 2010, while an additional 17 stores can be operated by the purchaser in 2011.

    Stores included in the sale provide income averaging approximately $3.21 million per year, and existing tenants are motivated to renew leases, according to the release. Cumberland has not pursued lease extensions with existing operators, as the assets are not long term strategic assets for the company, according to Matrix.

    Matrix assembled an online data room containing site information, sales procedures and other relevant information. To gain access to the online area, a confidentiality agreement must be completed and returned by Matrix via fax at (804) 780-0191, or completed online at http://www.matrixenergyandretail.com/sale_details.php?sale=52.

    The sites to be sold include (Store No., Name, Address)

    • V0257 One Stop Shop 14 Day Street Brooklyn CT 06234
    • V0438 Dairy Market 241 Silver Lane E. Hartford CT 06118
    • V1622 Country Farms 682 West St Southington CT 06489
    • V0875 Country Farms 1706 Kirkwood Hwy Elsmere DE 79805
    • V1202 Country Farms 2478 Glasgow Highway Glasgow DE 19702
    • V1199 Country Farms 2136 W Newport Pike Stanton DE 19720
    • V0084 Wilmington Food 1120 S. Broom Street Wilmington DE 19805
    • V0211 Country Farms 3505 Miller Road Wilmington DE 19802
    • V1803 Sunoco Food Mart 2971 Hwy 441 Apopka FL 32768
    • V0872 Chevron Food Mart 750 E. Semoran Blvd. Casselberry FL 32707
    • V0848 Foodmax 223 Oxford Road Fern Park FL 32730
    • V0976 Wickham Food & Beverage 981 Wickham Road Melbourne FL 32935
    • V0827 Pinky Food 5600 Hoffner Avenue Orlando FL 32812
    • V0864 Gas Town 2401 Curryford Road Orlando FL 32806
    • V0803 Kwick Stop 3802 US 17-92 Sanford FL 32773
    • V0950 Fast Track Food Mart 1255 S. Patrick Drive Satelite Beach FL 32937• V1160 Pasadena BP 1355 S. Pasadena Ave S. Pasadena FL 33707
    • V0819 Kwick Stop 718 13th Street St. Cloud FL 32769
    • V1017 Country Farms 301 Boston Road Billerica MA 01821
    • V0247 Shop Smart C-store 659 Grattan Street Chicopee MA 01020
    • V0895 Country Farms 144 E. Main Street Fall River MA 02724
    • V0731 C-Store 689 N. Main Street Leominster MA 01453
    • V0817 Country Farms 52 Aiken Avenue Lowell MA 01850
    • V0135 Country Farms 54 Washington St N. Attleboro MA 02760
    • V0836 Country Farms 365 Barlows Landing Rd Pocasset/Bourne MA 02559
    • V2036 Atlantic Food & Fuel 510 New State Hwy Raynham MA 02767
    • V0994 Mario's Gas 994 County Street Somerset MA 02725
    • V0495 Sunny's Convenience 100 Lawton Street Taunton MA 02780
    • V0131 Honeyland Farms 249/251 Main Street Townsend MA 01469
    • V0581 TJ Farms 31 South Street Westboro MA 01581
    • V1181 C-Store 336-338 Washington St Claremont NH 03743
    • V0079 C-Store 355 Lafayette Road Hampton NH 03842
    • V2064 Manchester Mart 738 Hooksett Road Manchester NH 03104
    • V0883 Speedy Mart 19 Old York Road Bridgewater NJ 08807
    • V0871 130 Food Mart Route 130 Delran NJ 08077
    • V0229 Country Farms 2588 Tilton Road Egg Harbor NJ 08232
    • V0310 Country Farms 2403 Marne Highway Hainesport NJ 08060
    • V0328 C-Store 565 Route 30 Mays Landing NJ 08330
    • V0396 Country Farms 11 Tomlinson Road Medford NJ 08053
    • V0557 Country Farms 87 Division Street Millington NJ 07946
    • V0406 C-Store 498 Chestnut Street Union NJ 07083
    • V1193 Country Farms 198 S. Main Street Gloversville NY 12078
    • V1759 Country Farms 1500 Route 9 Half Moon NY 12065
    • V0755 C-Store 71 Green Street Hudson NY 12534
    • V1145 C-Store 163 Fairview Ave Hudson/Greenport NY 12534
    • V1119 Daily Mart 464 N. Perry Street Johnstown NY 12095
    • V1120 Daily Mart Route 5 Nelliston NY 13410
    • V0835 C-Store 986 Little Britain Street New Windsor NY 12550
    • V0834 C-Store 204 Quassack Avenue New Windsor NY 12553
    • V0860 Country Farms 2541 Guilderland Avenue Rotterdam NY 12180
    • V1105 Easy Home Mart 4008 Route 9W Saugerties NY 12477
    • V0851 Country Farms 1120 Erie Boulevard Schenectady NY 12306
    • V1055 C-Store 380 Fifth Avenue Troy NY 12180
    • V1002 Wonderland Farms 884 Second Avenue Troy NY 12182
    • V1185 Daily Mart 805 19th Street Watervliet NY 12189
    • V1126 Country Farms 799 Main Street Royersford PA 19468
    • V1196 Country Farms 287 York Street Warminster
    • V0302 Capital Farms 632 Dexter St Central Falls RI 02863
    • V0305 Pontiac Market 519 Pontiac Ave Cranston RI 02910
    • V1618 JD Stores 215 Willett Avenue E Providence RI 02915
    • V0130 Newport Mart 52 E. Main Street Middletown RI 02840

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