The Sale of the Circle K Portfolio in California

Challenge

The clients had owned the assets for over 50 years and were looking to diversify their portfolio as the leases had gotten below the three-year remaining mark. The seller’s preference was to sell the assets as a portfolio rather than individually. The Matthews™ agents competed with several national firms for the listing.

 

To put Matthews™ in the position to win the listings, the agents leveraged their expertise in the gas station sector. In addition, they tailored a marketing strategy for these assets to achieve the maximum value in a sale. This approach allowed the agents and Matthew™ to differentiate themselves. This also gave them the opportunity to earn the trust of the sellers and win their business.

 

Strategy & Execution

With the sellers preferring a portfolio sale, the agents strategically targeted buyers with the capacity and interest to acquire both sites together. With Matthews’ tailored marketing efforts, the agents were able to reach gas station operators and landlords throughout California & across the country. Leveraging the advanced technology at Matthews™, a compelling marketing campaign was created that allowed maximum exposure among qualified buyers. In total, over a dozen offers on each site were received. This allowed for negotiation power with prospective buyers and ensured the transaction met the sellers’ goals.

 

Results

After some back and forth between offers, a buyer from Southern California was selected. They had previously operated several gas station & C-Stores sites. In addition, they were looking to expand their operations at the expiration of the lease term for these sites. By vetting these buyers and their experience with gas station transactions, the agents were able to close the transaction in less than 60 days while also closing the sites above list price. By understanding the unique needs of both the buyer and sellers, Matthews™ facilitated a seamless portfolio sale that delivered strong results for all parties involved.