Wednesday, April 16, 2014
Most stores on CST's sales block are in Texas — but none in San Antonio
Source: San Antonio Business Journal
By Sanford Nowlin, ReporterConvenience-store chain CST Brands Inc., which recently said it's selling 100 retail outlets, has identified their locations - and the majority are in Texas.
None are in San Antonio, however, where the company is headquartered.
CST this spring hired outside consultant NRC Realty & Capital Advisors to help it unload some of its smaller Corner Stores gas-and-groceries outlets. The real estate firm now lists all the available store locationson its website.
CST is unloading 61 stores in Texas, 22 in Colorado, 14 in Arizona, seven in California, four in Arkansas, four in Louisiana, three in New Mexico and one each in Utah and Wyoming.
The largest single concentration of units is in the Dallas-Worth Worth market, where the company is selling 30. In South Texas, CST is shedding three in Brownsville, one in McAllen and one in Lytle.
Interested buyers have until June 17 to bid on the stores, which may be sold one at a time or in groups.
Following the sale, CST still will operate 1,800 units, mostly in the U.S. Southwest and Eastern Canada. The company - which last year spun off from refiner Valero Energy Corp. - has shifted its focus to larger store formats and wants to use the sale proceeds to fund new openings.
CST officials say it's too early to pin a valuation on the sale. However, a recent report by a Wells Fargo Securities analyst estimates the potential take at up to $100 million.
To see a list of convenience stores for sale and gas stations for sale, click here.