Monday, November 2, 2020
Eight Store Maryland Convenience Store Portfolio Sold
By Evan Gladstone, Executive Managing Director***FOR IMMEDIATE RELEASE***
HOLLYWOOD, MD — NRC Realty & Capital Advisors, LLC (NRC) announced today the sale of the retail convenience store portfolio owned and operated by Burch Oil Company, Inc., based in Hollywood, Maryland. The stores, which have operated under the Burchmart banner, all sell Shell-branded fuel, and are located in southern Maryland, southeast of the Washington, D.C. metropolitan area. The stores, which average 3,000 square feet on sites in excess of 1.1 acres, are located in Charlotte Hall, Hollywood, Hughesville, Leonardtown, Mechanicsville (two locations), Prince Frederick and Waldorf, Maryland. The eight Burchmart convenience stores are a part of Burch Oil Company, which was founded by Samuel Burch in 1928. The company began operations as a distributor of gasoline, kerosene and motor oil, and later began retail operations through service stations and car wash locations in 1977. Then, in 1986, the Retail Division was created within the company for the purpose of building a convenience store and gasoline station business. The Retail Division, which has grown to include the eight stores which were included in the sale transaction, began incorporating Subway quick service restaurants in 1994, and five of the eight Burchmart locations have Subway franchises. Today, the fifth generation of the Burch family continues to work as part of the family’s businesses, more than 90 years after the founding of Burch Oil Company. All of the remaining business lines of the company will continue after the sale of the retail convenience store portfolio.
Kelli Mattingly, Director of Retail Operations for Burch Oil Company, stated "The Burch family was extremely proud of the network of convenience stores that it built over the last 34 years and has worked hard to provide our customers with the highest quality offerings and service. It was an extremely difficult decision for our family to sell our retail network, but we concluded that, for a number of reasons, it was the right time to proceed with a sale. Navigating a sale like this was something that we had no experience with, and created some challenges, especially in light of the pandemic and some of the economic fallout from it, but the NRC team did a masterful job in helping us through the entire sale process, including financial advisory services and assistance on legal and environmental issues as well."
Affiliates of Greenbelt, Maryland-based NSR Petro Services, LLC (NSR) were the purchasers of the eight Burchmart locations. NSR currently operates 40 convenience stores and gasoline stations and is a distributor of Sunoco-branded motor fuels, as well as BP, Exxon, Marathon, Mobil and Shell. The company was founded in 2000 by Nasir Cheema, Sajid Chaudhry and Riaz Ahmad with the purchase of two stores, along with a mission to provide exceptional convenience services in the Baltimore-Washington metropolitan areas. Through acquisition and organic growth, NSR has rapidly become a local market leader, dedicated to excellent customer service. Today, NSR is a diversified real estate holding company, with investments in retail, car washes, restaurants and entertainment assets.
Riaz Ahmad, Executive Vice President of NSR, stated "NSR could not be more pleased to be able to purchase the Burchmart stores from the Burch family. Everyone on the Burch team was extremely cooperative and responsive, and we are honored to be able to continue servicing the customers in these markets, and hope that we can do so with the same quality and care as was shown by the Burch family."
"NRC was extremely gratified to be able to assist the Burch family in the sale of their retail convenience store portfolio. This was obviously a difficult decision for them, and we tried to make the process as seamless as possible. These are certainly challenging times, and all of the parties involved in this transaction worked very hard to make this happen. We were proud to be a part of it", said Denny Ruben, NRC’s Executive Managing Director.
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To see a list of convenience stores and gas stations for sale, click here.