Chesapeake's $3 Million C-store Purchase Completes Puzzle

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Chesapeake's $3 Million C-store Purchase Completes Puzzle

OKLAHOMA CITY -- Chesapeake Energy Corp., a natural gas production company headquartered here, recently paid $3 million for a 2,000-square-foot Shell service station near its headquarters, despite the county's estimated property value of $200,000, reported.

The station -- built in 1969 and located on a third of an acre -- was purchased by the company from a family trust made of kin of local grocer Jack W. Owens, who died in 1995, according to the report. Chesapeake first attempted to purchase the land several years ago, according to Howard Berry III, a grandson included in the trust.

However, the future of the station is unclear. The property is surrounded by other Chesapeake-owned properties, including Nichols Hills Plaza, which Chesapeake bought for $27.5 million two years ago, according to the Web site.

The company most likely didn't buy the full-service station to continue operating it as such, despite its chairman and CEO's personal investment in POPS, a soda pop-theme diner and gasoline station on Route 66 in Arcadia, Okla., the report stated. In addition, Chesapeake company trucks have been seen fueling at the Shell, according to the report.

Meanwhile, Aubrey McClendon, Chesapeake chairman and chief executive officer, wouldn't divulge the information to the Web site.

"This was the last piece to the Nichols Hills puzzle," he told the site. When asked to elaborate, he added, "I am sorry. It's just not time yet. Too many moving pieces still."

The station is located near Chesapeake's headquarters, which is a 50-acre campus comprised of 28 buildings with approximately 540,000 square feet of office space, according to the company's Web site.

As a service station, the property probably would fetch $350,000 to $400,000, Kenneth Spencer, of c-store/gas station broker Spencer Real Estate, told

Chesapeake is "definitely buying locations to add to its campus," Spencer added.