Thursday, August 12, 2021
Speedway Selling 166 Former Gas Stations, Other Properties
Company putting sites up for sale ‘as is’ in 22 states
Source: CSP Daily News
By Greg Lindenberg, EditorENON, Ohio — Speedway has put 166 former Speedway, SuperAmerica, Hess and Tesoro gas station sites and parcels of undeveloped land in 22 states up for sale. One hundred of the sites and properties are in Indiana, Michigan and Ohio, and 66 are in Alaska, Arizona, Colorado, Florida, Georgia, Illinois, Kentucky, Massachusetts, Maryland, Minnesota, New Jersey, New Mexico, North Carolina, Pennsylvania, Rhode Island, Tennessee, Wisconsin and West Virginia.
Speedway has retained NRC Realty & Capital Advisors LLC, Chicago, to coordinate the sale, NRC is selling the properties individually, “as-is where-is with all faults condition,” through a sealed bid auction with no minimum bid limit. The bid deadline is Sept. 30.
Speedway, Enon, Ohio, is now owned by Irving, Texas-based 7-Eleven Inc. The $21 billion acquisition of Marathon Petroleum Corp.’s 3,900-unit Speedway convenience-store network, which closed May 14, was the biggest deal in the industry’s history. 7-Eleven and Marathon Petroleum agreed to divest 293 convenience stores in local markets across 20 states to settle Federal Trade Commission (FTC) antitrust concerns.
7-Eleven is No. 1, and Speedway is No. 3, in CSP’s 2021 Top 202 ranking of the largest U.S. c-store chains. NRC Realty & Capital Advisors provides real estate and financial advisory services to the convenience store and petroleum industries and specializes in the accelerated sale of commercial real estate. NRC's breadth of experience in the convenience store arena includes portfolio evaluation and analysis; refinancing, recapitalization and sale-leaseback financing options; and merger and acquisition advisory services.
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To see a list of convenience stores and gas stations for sale, click here.