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NASHVILLE, Tenn. -- Tri Star Energy, petroleum distributor and c-store operator, revealed a list of retail locations slated to be sold through a previously announced divesture aimed at raising cash for expansion and acquisition opportunities.
The mix of sites -- including company-operated and consignment sites with and without real estate interests, supply-only sites with equipment, and parcels of undeveloped land -- are spread across the company's markets of Tennessee and Kentucky, with the bulk located in the greater Nashville market, according to NRC Realty & Capital Advisors, which is handling the sale. Additional markets include Tullahoma, Knoxville and Chattanooga, while gasoline brands include Shell, Exxon and BP.
Of the 84 operating store sites in the package, 26 are currently company-operated and 58 are consignee sites, according to NRC. Within that, 30 sites are fee properties; 15 are leasehold properties; one is a combination fee and leasehold property; 17 will be offered fee or lease; and 21 are part of a distributor supply package.
In addition to those 84 stores, the sale includes nine real estate sites, seven of which are closed stores or vacant parcels and two that are currently operating, but will be closed upon transfer of deeds, NRC stated.
The retail fuel locations will be sold with and without fuel supply agreements, according to NRC's Web site.
As reported on CSNews Online when the sale was announced in late December, the sites will be sold in a sealed-bid sale in a "buy one, some or all" format. Bids will be due Feb. 18, 2010.
"This sale offers some great opportunities for qualified buyers," Dennis L. Ruben, managing director of NRC, said in a statement when the sale was revealed. "These are solid operating stations. We encourage anyone currently operating in these markets -- or interested in operating in them -- to take a serious look at the portfolio when it is released early [this] year."
More information can be found at www.nrc.com/915, and a finalized brochure of sites will be available in the coming days, according to NRC.
Tri Star Energy to Divest Stores in Tennessee