The Cogent Group Acquires 12 Virginia C-stores
DALLAS -- Real estate investment firm The Cogent Group announced today that it's acquired 12 c-store/gas stations in the Charlottesville, Va., market. The properties, which total about 21 acres and sell BP, CITGO and Liberty fuel, are all leased to Virginia Oil Co.. McDonald's, Blimpie and Dairy Queen are also located on several of the properties thanks to relationships with Virginia Oil.
This purchase follows the recent news that VPS Convenience Store Group acquired Virginia Oil Co. In conjunction with that transaction, The Cogent Group acquired Virginia Oil's fee-owned properties via a concurrent sale-leaseback pact.
"The purchase of these assets and long-term partnerships with VPS is a great fit for our investment strategy, as we continue to add to our real estate portfolio of triple-net lease properties throughout the United States," said Joe Longbotham, a co-founder and principal of The Cogent Group.