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The convenience stores on the selling block include six that are currently company-operated and 16 that are consignment sites. They will be sold through a sealed bid sale process in a "buy one, some or all" format, according to NRC Realty & Capital Advisors LLC (NRC).
Tri Star distributes petroleum products in middle Tennessee and operates retail gasoline outlets and c-stores in Tennessee and Kentucky. The sites for sale are scattered throughout the company's operating territory, the bulk of which are located in the Greater Nashville market. Gasoline brands sold at the sites include Shell, Exxon and BP. Sites will be sold with or without supply.
A total of 19 sites are fee properties, another two are leasehold properties and one is a combination fee and leasehold property. In addition to those 22 stores, the sale portfolio includes three vacant parcels, all of which are fee properties. Vacant parcels range in size from 1.8 to 15.7 acres.
The decision to strategically divest these properties comes as Tri Star revealed in November that it was rebranding its Daily's stores into Twice Daily, a new concept with daypart offerings that encourage customers to visit the c-stores multiple times throughout the day, as CSNews Online previously reported. The news came as the company signed a distribution pact with Eby-Brown Co.
"We are very serious about being a meal-replacement destination stop to the point of bringing aboard a local chef trained at the Le Cordon Bleu School in London," explained Steve Hostetter, CEO and chief operating officer of Tri Star. "Along with our fresh bakery and produce, our chef has developed fresh made hot and cold sandwiches. In order to support these and all of our critical initiatives, we needed to partner with a best-in-class distributor. We determined that Eby-Brown was that distributor."