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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.

RaceTrac has more than 530 gas stations in 12 states throughout the Southeast and Southwest, under both the RaceTrac and RaceWay brands. The family-owned company posted sales of at least $7.5 billion last year and plans to add approximately 40 locations annually.

RaceTrac stated that it plans to reinvest sale-leaseback proceeds in its retail development pipeline and take advantage of current buying opportunities. This marks the first time in the chain’s 75-year history that ownership opportunities have been made available to the public.

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