Durham-based conglomerate The Guess Corporation wants to buy at least 1,000 U.S. convenience store and gas station properties within the next 12 months, and has a close eye on Greater Orlando, a lead executive with the company said Tuesday.
The Guess Corp. announced last week it will work through a subsidiary to acquire an average of 100 branded and unbranded units per month. Following purchase, the company plans to re-brand and renovate the properties, with innovative designs and new revenue management technology.
"The Guess Corporation seeks opportunities that allow it to bring its plan of upscale/luxury operations to new retail areas -- so far the convenience store/gas station business has not experienced the upscale/luxury change and we would like to effect that in some markets," said Summer Branson, senior corporate vice president, in an emailed response to questions. "We are not new to retail, and our management has experience in the c-store/gas station space."
The company is inviting brokers to provide buyer representation with commissions. It has received "a great deal of interest from sellers," with the acquisition process now underway, Branson said.
A minimum of five units in an area will be required for the company to consider a purchase. Guess Corp. said it is ready to pay full asking price for a package of units, with payouts over a 30-day period, and close transactions within 72 hours. Units with and without real estate are being considered.
"Greater Orlando presents a key market opportunity for our company, and we will be evaluating it closely and seriously," Branson said.
Brokers or sellers can contact the company's office of corporate affairs, found on its website, to present real estate opportunities.
The Guess Corp. was founded in 2012 as a luxury goods company with a focus on diamonds, and has since expanded into other areas, including retail petroleum marketing and fuel distribution, the company said. It also claims to have subsidiaries focused on real estate development and construction.