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RaceTrac Launches Sale-Leaseback Plan

ATLANTA-The regional gas station chain is offering ownership of 16 stores in six states.

By Carl Cronan | Updated on July 20, 2009

ATLANTA-Locally based RaceTrac Petroleum Inc. has launched a sale-leaseback program as part of its continuing growth plan. The convenience store chain, known for offering discount self-service gasoline, has hired CB Richard Ellis as its exclusive capital markets advisor for the 16-store initiative.

The initial offering of stores is expected to generate more than $42 million, with assets available in bulk or individually. The stores are located in Arkansas, Florida, Georgia, Mississippi, Tennessee and Texas.

“Given the current turbulent climate, we are very bullish on the opportunity to steward such a stable retail investment opportunity to market,” says Sean McConnell, vice president with CBRE’s Global Corporate Services unit in Orlando. He says the RaceTrac locations being offered for sale-leaseback involve newly built stores as well as single-tenant net leases. McConnell is working with James Mitchell, also a CBRE vice president in Orlando, in marketing the RaceTrac portfolio.

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