NRC Realty & Capital Advisors LLC announced the sale of 18 convenience stores located in west central Georgia owned and operated by family-owned McDonald Oil Company to an affiliate of Majors Management LLC of Lawrenceville, Ga.
The sale also included four open dealer accounts. The stores operated under the Summit Food Store brand, and the buildings averaged 2,976 square feet on lots averaging 1.2 acres. The stores are primarily in the LaGrange and Columbus, Georgia metropolitan areas.
“We are very pleased to sell our stores to another operator based in Georgia. We are confident that our Georgia locations will be in good hands with Marvin Hewatt and his entire team”, said John McDonald, President and CEO of McDonald Oil. “Our Georgia locations are highly attractive properties, and NRC was invaluable in all aspects of the transaction which culminated in the closing this week,” McDonald said.
NRC served as exclusive financial advisor to McDonald Oil in the sale.
McDonald Oil, headquartered in LaGrange, Georgia, was founded by John and Gail McDonald in 1972. It has been a petroleum marketer and convenience store operator having opened its first convenience store in 1976.
Through the years, McDonald Oil has owned and operated as many as 56 convenience stores in Georgia, Alabama and Florida.
McDonald Oil and its LABE Restaurant Group will continue to operate its numerous other business interests. It will maintain its Summit Stores on the Alabama Gulf Coast and its giant Frisky Whisky liquor store on the Georgia side of the Alabama state line. LABE Restaurant Group will continue operations of its Dairy Queen Grill & Chill restaurants, and its Jersey Mike’s Sub Shops throughout Georgia, Alabama and Florida.
Majors Management develops, services and supports leased c-stores with gasoline and retail sales. It is a distributor of branded motor fuels, and it partners with brands such as Chevron, CITGO, Exxon, Mobil, Phillips 76, Shell, Sunoco, Texaco and Valero. Its current markets include Georgia, Florida, Tennessee, Louisiana, Ohio, Alabama, Mississippi, South Carolina, North Carolina and Arkansas.
The company was founded in 1970 by Marvin Hewatt, who formed Allstar Petroleum Inc. in 1999, Excell Petroleum in 2001 and Majors Management in 2002 to manage a growing real estate portfolio.
Between 1998 and 2011, the companies developed more than 100 new stores. Today, Majors is focused on improvement in support of its convenience store owners, small-business entrepreneurs, fuel customers, petroleum partners and communities.
NRC provides a full array of real estate and financial advisory services to the convenience store and petroleum industries and specializes in the accelerated sale of commercial real estate.
Since its inception in 1989, NRC has sold more than 15,000 properties. Clients include globally recognized companies Sunoco, 7-Eleven, BP North America, Circle K, Global Partners and RaceTrac.