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CHICAGO -- West Point, Ga.-based Spectrum Stores Inc. has retained NRC Realty Advisors LLC (NRC) to coordinate the disposition of nine convenience stores with gasoline. The sites will be sold through a sealed-bid sale in a "buy one, some or all" format.
"Spectrum is selling these nine retail outlets, but will continue to supply motor fuel to the new operators through Chattahoochee Oil Co. Proceeds from this sale will be invested in existing and new market areas," said Albert C. Woodroof III, Spectrum’s president.
Spectrum Stores operates 102 convenience stores in Alabama and Georgia. The company owns over two-thirds of its locations and leases the remainder on long-term leases. Spectrum Realty Inc. holds the owned real estate. Chattahoochee Oil Co. Inc. operates wholesale operations and currently has 51 dealer locations under supply agreements. Spectrum Stores Inc., Chattahoochee Oil Co. Inc. and Spectrum Realty Inc. are wholly owned subsidiaries of Spectrum Holding Inc. The company was founded in 1925 and has 1,200 employees.
NRC is producing a color sales brochure and individual due-diligence packages, which contain store-level information and bidding terms of sale. Interested buyers may visit the NRC Web site at www.nrc.com/412 or call NRC for information on the Spectrum Stores sale at 800-747-3342, ext. 412.