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Friday, November 13, 2020

Seven Store Indiana Convenience Store Chain Sold

By Evan Gladstone, Executive Managing Director


November 13, 2020 — NRC Realty & Capital Advisors, LLC (NRC) announced today the sale of the chain of seven retail convenience stores owned and operated by Pride C-Stores, Inc., headquartered in Columbia City, Indiana. The Company was sold to Mac’s Convenience Stores LLC, a subsidiary of Alimentation Couche-Tard Inc.

Pride C-Stores, Inc., which began as Parish Oil Company, acquired its first convenience store in 1977. In 1983, the Company began a bulk fuels operation, serving local residential, agricultural and industrial customers. Then, in 1988, the bulk fuels business was sold so that the Company could devote its time and resources on the development of its convenience store chain. All of the stores operate under the "Pride" brand and are located within 25 miles of the Columbia City headquarters, in and around the Fort Wayne metropolitan area.

The stores are located in Auburn, Churubusco, Columbia City, Fort Wayne, Kendallville, Merriam and Warsaw, Indiana. All of the locations sell CITGO-branded fuel. The average parcel size is approximately 1.2 acres, while the average building size is approximately 3,000 square feet. Two of the sites have car wash facilities.

Richard "Rusty" Parish, President of Pride C-Stores, Inc. stated, “We worked very hard to build a "best of class" chain of convenience stores in northeastern Indiana and we have been proud to serve our customers in these markets. We ultimately concluded for a number of reasons that it was the right time to sell. Although we faced some headwinds in getting this done, especially in the face of Covid-19, we were able to achieve our objectives, due in large part to the assistance we received from our team of financial advisors at NRC Realty & Capital Advisors.”

Dennis Ruben, Executive Managing Director of NRC Realty & Capital Advisors, stated, "NRC was pleased to be able to represent Rusty in the sale of his convenience store chain. Rusty is a great operator and is to be commended for the quality of his stores and his operational expertise. Both parties to this transaction were extremely easy to work with, and that made our job easier, especially in light of the current challenges.”

To see a list of convenience stores and gas stations for sale, click here.