ORLANDO, FL– RaceTrac Petroleum Inc. continues its aggressive growth plans by launching a sale-leaseback program on a select portion of its retail fueling station/convenience store portfolio. RaceTrac has engaged CBRE as its exclusive capital markets advisor for this initiative.In 2008, RaceTrac generated in excess of $7.5 Billion in annual revenues through the operation of over 530 retail gasoline convenience stores in 12 southeastern states.
RaceTrac has been steadily growing since its inception 75 years ago and is currently ranked as the 56th largest privately held US company by Forbes based on annual revenues.
RaceTrac intends to reinvest the sale-leaseback proceeds in its retail development pipeline and to take advantage of current buying opportunities. Ownership of a RaceTrac store is an opportunity that has never been made available to the public in the company's long operating history.
RaceTrac has a reputation of buying, holding and operating Class A convenience stores all while delivering the best products at the most competitive prices.
James Mitchell and Sean McConnell of CB Richard Ellis's Global Corporate Services unit will be lead points of contact for the portfolio offering. Commenting on the new relationship, James Mitchell notes, "CBRE's national platform matched well with RaceTrac's desire for global reach and strong capital market relationships; we are excited to be taking a package of such well-located assets to market."
The initial offering of 16-stores in AR, FL, GA, MS, TN & TX is expected to generate in excess of $42,000,000. Assets will be available in bulk or on an individual basis.
James Mitchell and Sean McConnell of CB Richard Ellis's Global Corporate Services unit will be lead points of contact for the portfolio offering. Commenting on the new relationship, James Mitchell notes, "CBRE's national platform matched well with RaceTrac's desire for global reach and strong capital market relationships; we are excited to be taking a package of such well-located assets to market."
The initial offering of 16-stores in AR, FL, GA, MS, TN & TX is expected to generate in excess of $42,000,000. Assets will be available in bulk or on an individual basis.
McConnell notes, "The RaceTrac sale-leaseback investment couples newly-constructed retail product and single tenant net leases secured by a high credit regional fuel marketing brand. Given the current turbulent climate, we are very bullish on the opportunity to steward such a stable retail investment opportunity to market." RaceTrac is known industry-wide for its commitment to excellence from store operations to its passion for buying and developing the "right real estate".
RaceTrac is headquartered in Atlanta, GA. Prospective investors are invited to contact CBRE via James Mitchell or Sean McConnell at 407-404-5000.
RaceTrac is headquartered in Atlanta, GA. Prospective investors are invited to contact CBRE via James Mitchell or Sean McConnell at 407-404-5000.
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