A handful of former Wilson Farms convenience store locations in the north country are up for auction as part of a 30-store franchise sale by owner 7-Eleven Inc.
The list includes two locations in Watertown 1279 Coffeen St. and 23582 Route 342 and one each in Potsdam, 80 Market St., and Saranac Lake, 25 Main St. The sale was launched by the Dallas-based corporation today, and the deadline for prospective buyers to submit bids is Oct. 18. Locations at Route 342 and Saranac Lake sell gas from Sunoco, while locations in Potsdam and on Coffeen Street in Watertown sell Mobil. The four stores range in size from 2,800 to 3,525 square feet.
Scattered statewide, the 30 stores being auctioned are part of 7-Elevens plan to reduce its acquisition of 188 stores last year from a private equity firm and family. The corporation hired NRC Realty & Capital Advisors LLC to sell the stores in upstate New York. A full list of the stores is available at www.nrc.com/1208/properties.html.
In any acquisition of an entire chain, there will inevitably be some stores that dont fit with a buyers long-term strategic plans, Robbie Radant, 7-Eleven vice president of mergers and acquisitions, said in a statement. While not right for our current operations, we believe they will provide great opportunities for the right buyers, as they did for Wilson Farms over the years.
To be sold without 7-Eleven or Wilson Farms branding, all but one of the 30 stores have current leases that mostly expire in 2015. The NRC website indicates the leases have renewal options through 2020 or 2030. There is no limit on the number of stores a buyer may purchase.
The sale should be a boon for other convenience store franchises seeking to grow, Dennis Ruben, executive managing director of NRC, said in a statement.
We think that this sale provides some great opportunities for others already operating in these geographic areas as well as those looking to enter these markets, he said.