RaceTrac Petroleum Inc., which owns and operates 530 gasoline and convenience stores in 12 states, has tapped CB Richard Ellis's Global Corporate Services unit to exclusively manage a sale/leaseback program for the company.

In 2008, RaceTrac generated in excess of $7.5 billion in annual revenues through its gas stations. Now it wants to capitalize on the real estate through sale/leaseback deals and then use the proceeds to fund its retail development pipeline and look for opportunities to acquire other stations. It is the first time the firm has offered an investment opportunity to the market.

CBRE's James Mitchell and Sean McConnell will be lead points of contact for the portfolio offering.

The first batch of stores being offered is a 16-store portfolio in Arkansas, Florida, Georgia, Mississippi, Tennessee and Texas. The firms are hoping the portfolio fetches $42 million or more.

"The RaceTrac sale-leaseback investment couples newly-constructed retail product and single tenant net leases secured by a high credit regional fuel marketing brand," McConnell said in a statement. "Given the current turbulent climate, we are very bullish on the opportunity to steward such a stable retail investment opportunity to market."

Other Notable Deals

GJ Realty purchased the 103,000-square-foot Garden City Plaza in Garden City, Kan. from Centro Properties on behalf of foreign investors for $7.0 million…. Courageous Kauai, Ltd. sold a 16,536-square-foot retail property in Santa Ana, Calif. for $3.5 million to 17th Street, LLC. Voit Real Estate Services Irvine brokerage division represented the seller. Apex Properties represented the buyer. In another deal involving Voit, CPH SAHI, LLC sold a 10,000-square-foot retail property in Tustin, Calif., for $1.2 million to Sayara K1, LLC. Voit represented the buyer and seller in the deal….Westrust purchased the assets of Nut Tree Associates the master plan developer of the Nut Tree and Nut Tree Family Park, a 3.5 acre amusement park which closed on January 1, 2009. Nut Tree Associates currently owns, or has options to purchase, the remaining approximately 36 acres of the original 77 acre master planned project. Westrust is currently the developer of the 333,000-square-foot Nut Tree Retail hybrid lifestyle/community center….Phillips Edison & Co. purchased the 170,801-square-foot Village Center in Phoenix for an undisclosed price…. Stan Johnson Co. represented the seller in the sale of a 8,064-square-foot National Tire & Battery in Lockport, Ill. to an individual investor for $2.55 million. Town & Country GMAC Real Estate represented the buyer in the transaction. Stan Johnson Co. also completed the sale of a 13,013-square-foot, free-standing CVS Pharmacy in Spring, Texas to a Maryland-based individual investor for an undisclosed price.

(To have your deals included in our weekly roundup, please email releases to David Bodamer or Elaine Misonzhnik.)