Gas Stations

Jacksonville, Fla. -- Shopping center owner Regency Centers said Thursday that it has launched construction on Southpark at Cinco Ranch, a 260,000-sq.-ft. neighborhood center anchored by Kroger, in Fort Bend County, Houston.

In partnership with Excel Commercial Real Estate, Regency Centers began construction of the center’s first phase on Feb. 20, with anchor openings scheduled for fourth quarter 2012.

New York City -- Costco Wholesale Corp. posted a bigger-than-expected rise in quarterly profit on Wednesday. Rising gasoline prices had a positive impact on sales at Costco, which prices its fuel below nearby stations.

Net income in the quarter ended Feb. 12 rose 13% to $394 million, from $348 million a year earlier.

Sales rose 10% to $22.51 billion. Same-store sales rose 8%, better than analysts had expected. 

New York City -- A Friday report in Crain’s New York Business said that Dallas-based 7-Eleven, which currently has 12 c-stores in Manhattan, plans to open another 14 in 2012.

Parent company Seven & I Holdings Co. said some of the 14 spaces were leased last year, but others have not been sited yet. Neighborhoods to be developed include Midtown, Greenwich Village, Chelsea and the Upper East Side. The Financial District is also on the boards, according to the report, which said that another 20 locations are planned between 2013 and 2017.

Cary, N.C. -- C-store chain The Pantry announced Wednesday that it has appointed Dennis G. Hatchell as president and CEO, effective March 5.

Hatchell succeeds Edwin Holman who served as interim CEO since Terrance Marks resigned as CEO effective in October 2011.

Hatchell previously served as vice chairman of Alex Lee, a holding company for Lowe’s Food Stores, Merchants Distributors and Institution Food House.

Dallas -- 7-Eleven said Tuesday it has completed its acquisition of 55 Sam’s Mart stores in the greater Charlotte, N.C., area, part of the c-store operator’s plan to accelerate its growth in the region.

Terms of the deal have not been disclosed.

Cary, N.C. -- The Pantry reported Tuesday that it narrowed its loss in the quarter ended Dec. 29 to $2.9 million, from $12.2 million in the year-ago period.

Total revenue increased to $1.96 billion, beating Wall Street's expected $1.93 billion in revenue.

Same-store merchandise revenue increased 2% in the quarter.
 

Philadelphia -- The Pep Boys — Manny, Moe & Jack, has agreed to be taken private by private equity firm The Gores Group for about $791 million. The total transaction, including debt, is valued at about $1 billion.

Under the terms of the buyout, the Los Angeles-based Gores Group will pay Pep Boys shareholders $15 a share, 24% above the closing price on Friday.

Dallas -- 7-Eleven has entered into an agreement with Sam's Mart LLC to acquire 55 Sam's Mart stores in North and South Carolina and convert them to 7-Eleven stores this year. Local contractors will be hired for the remodeling program to begin later this year.

The transaction is anticipated to close in February, subject to standard closing conditions and regulatory approvals.  Terms of the deal were not disclosed.

SALISBURY, N.C. — Bottom Dollar Food announced grand opening dates for its first 14 stores in the greater Pittsburgh and Youngstown, Ohio, markets, with its first seven stores opening on Jan. 26. Seven additional stores will open on Feb. 9.

Dallas -- 7-Eleven said it has completed the transaction with ExxonMobil to acquire retail interests in 51 North Texas sites. The transaction concluded Jan. 20, and terms of the deal were not disclosed.
The majority of locations will be rebranded as 7-Eleven stores.

"This acquisition fits well with our aggressive growth strategy," said Robbie Radant, 7-Eleven's new VP of mergers and acquisitions. "We met our goal of opening 650 stores in 2011, and with this acquisition 2012 is off to a great start."