DURHAM, NC–Last month the locally-based Guess Corp. announced it wanted to acquire at least 1,000 convenience store/gas station outlets over the next 12 months, or an average of about 100 stores per months. The end game is to re-brand and renovate the properties but before that could happen Guess needed a broker of record to lead the charge.
Some thirty days later it has announced that it selected Newmark Grubb Knight Frank to be that broker of record, with Dean Tselepis, a director, leading the engagement.
NGKF will in fact oversee not only the acquisition of sites for the gas/convenience stores, but also commercial land purchases and commercial building purchases across all businesses of The Guess Corp. It will, for example, will handle site selection for The Guess Corp.'s hotel, country club, healthcare, automotive and retail merchant businesses as well as leases.
An Upscale Gas Station and Convenience Store
But NGKF's first order of business is the convenience store and gas station portfolio the company wants to build, which is aimed at upscale tastes.
Guess recently unveiled a rendering of what the re-branded station would look like, courtesy of Scott+Cormia, which is overseeing the architecture and design. The brand will be called GP Express and it will be housed within the company's petroleum unit, Guess Petroleum.
The privately-held Guess Corp. launched in 2012 as a luxury goods holding company with a focus on diamonds. Since that time, it has expanded into a number of — not to mention widely diverse — industries, including art brokerage, lumber brokerage and luxury real estate development and construction. Recently, it announced plans to develop a multi-billion dollar National Security Park in Greensboro, NC. And last month it launched its real estate marketing unit, the Guess Private Realty Co., setup to partner with residential real estate brokers to market large estate homes.
Expanding into Niche Categories
Indeed, the company appears to be on a tear for real estate business — and the more niche the better.
It is also pursuing the timber market. The company is reviewing several large tracts for acquisition throughout the US, .focusing on tracts that are at least 100,000 acres and include softwood and hardwood. Last year it launched a lumber brokerage unit called The Guess Lumber Co., and it is through that subsidiary that the company is building its timber acquisition business. It plans to change the name to The Guess Wood Co.
Also last month it announced that its subsidiaries, The Guess Development Co. and The Guess Construction Co. will provide joint venture development services and construction to churches and universities through specialized development programs.
DURHAM, NC–Last month the locally-based Guess Corp. announced it wanted to acquire at least 1,000 convenience store/gas station outlets over the next 12 months, or an average of about 100 stores per months. The end game is to re-brand and renovate the properties but before that could happen Guess needed a broker of record to lead the charge.
Some thirty days later it has announced that it selected Newmark Grubb Knight Frank to be that broker of record, with Dean Tselepis, a director, leading the engagement.
NGKF will in fact oversee not only the acquisition of sites for the gas/convenience stores, but also commercial land purchases and commercial building purchases across all businesses of The Guess Corp. It will, for example, will handle site selection for The Guess Corp.'s hotel, country club, healthcare, automotive and retail merchant businesses as well as leases.
An Upscale Gas Station and Convenience Store
But NGKF's first order of business is the convenience store and gas station portfolio the company wants to build, which is aimed at upscale tastes.
Guess recently unveiled a rendering of what the re-branded station would look like, courtesy of Scott+Cormia, which is overseeing the architecture and design. The brand will be called GP Express and it will be housed within the company's petroleum unit, Guess Petroleum.
The privately-held Guess Corp. launched in 2012 as a luxury goods holding company with a focus on diamonds. Since that time, it has expanded into a number of — not to mention widely diverse — industries, including art brokerage, lumber brokerage and luxury real estate development and construction. Recently, it announced plans to develop a multi-billion dollar National Security Park in Greensboro, NC. And last month it launched its real estate marketing unit, the Guess Private Realty Co., setup to partner with residential real estate brokers to market large estate homes.
Expanding into Niche Categories
Indeed, the company appears to be on a tear for real estate business — and the more niche the better.
It is also pursuing the timber market. The company is reviewing several large tracts for acquisition throughout the US, .focusing on tracts that are at least 100,000 acres and include softwood and hardwood. Last year it launched a lumber brokerage unit called The Guess Lumber Co., and it is through that subsidiary that the company is building its timber acquisition business. It plans to change the name to The Guess Wood Co.
Also last month it announced that its subsidiaries, The Guess Development Co. and The Guess Construction Co. will provide joint venture development services and construction to churches and universities through specialized development programs.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
