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ATLANTA -- RaceTrac Petroleum Inc., which owns and operates 530 convenience stores and gas stations in 12 states, tapped CB Richard Ellis' (CBRE) Global Corporate Services unit to exclusively manage a sale/leaseback program, Retail Traffic reported.
Atlanta-based RaceTrac generated in excess of $7.5 billion in annual revenues through its gas stations in 2008. Now, it wants to capitalize on the real estate through sale/leaseback deals and then use the proceeds to fund its retail development pipeline and look for opportunities to acquire other stations, according to the report.
CBRE's James Mitchell and Sean McConnell will be lead points of contact for the portfolio offering, which marks the first time RaceTrac offered an investment opportunity to the market. The first batch of stores being offered is a 16-store portfolio in Arkansas, Florida, Georgia, Mississippi, Tennessee and Texas.
The firms are hoping the portfolio fetches $42 million or more, the report stated.
"The RaceTrac sale-leaseback investment couples newly constructed retail product and single-tenant net leases secured by a high credit regional fuel marketing brand," McConnell said in a statement. "Given the current turbulent climate, we are very bullish on the opportunity to steward such a stable retail investment opportunity to market."
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