UPPER CUMBERLAND – RaceWay has plans to ditch more than two dozen gasoline convenience stores, including locations in Cookeville, Livingston and Sparta.
NRC Realty & Capital Advisors LLC, a real estate and financial advisory service firm that specializes in the accelerated sale of commercial and residential real estate, announced today that it has been retained by RaceWay to coordinate the sale of 30 convenience stores with gasoline.
Of those locales, three are in the Upper Cumberland, including RaceWays at 1091 S. Willow Ave. in Cookeville, 1101 W. Main St. in Livingston and 325 E. Bockman Way in Sparta. Nine total are in Tennessee. The remainder are in Alabama, Florida, South Carolina, Georgia, Texas, Arkansas and Mississippi.
The lots, according to a press release, “are no longer a fit for RaceWay’s business model.” They range in size from approximately 15,200 square feet to 3.9 acres. All of the properties are fee-owned, are being sold without convenience store or fuel branding and are also being sold without fuel supply.
“This sale provides a excellent opportunity for operators currently in these markets as well as those looking to enter them,” Dennis Ruben, executive managing director of NRC, said. “Given the sites are being sold without fuel supply, they may be of particular interest to jobbers. And, given the large parcel sizes, this creates a unique opportunity for a real estate play as well.”
The properties will be sold using NRC’s “buy one, some or all” sealed bid sale process. A complete list of the properties and information regarding submitting offers is available online at www.nrc.com/1507. Interested parties can register online for sale updates or by calling the NRC customer service center at (800) 747-3342, ext. 1507.
Property specific packages (PSP) are expected to be available in mid-August, with a bid deadline of Sept. 15.