Empire Expands Retail Network Into New Markets
DALLAS — Empire Petroleum Partners LLC closed on the purchase of 70 Corner Store convenience store properties.
While Empire's focus has been on developing a national wholesale distribution network, this acquisition springboards Empire into a multi-regional retail operator, the company stated.
The move expands Empire’s current retail network in Colorado and Texas, while also entering into new markets in Arizona and Florida. The remaining properties are in Georgia, Louisiana and New Mexico.
Empire intends to hire as many of the former CST employees as possible to remain at the stores. "The dedication and tenure of the CST staff at these stores is one of the most important benefits we received in this acquisition, and we welcome each of our new employees to the Empire family," said Jeff Goodwin, chief operating officer at Empire.
In relation to this deal, Empire also completed its acquisition leaseback transaction with Getty Realty Corp. Through a subsidiary, Getty acquired fee-simple interests in 49 c-store and gas station properties for $123 million, as CSNews Online previously reported.
Getty simultaneously leased these properties to Empire under a unitary lease, which provides an initial term of 15 years, with four, five-year renewal options. Rent is scheduled to increase annually during the initial and renewal terms of the lease, according to Getty.
"We are excited to add these high quality assets to our portfolio, and to continue executing on our aggressive growth strategy in the years to come," said Rocky Dewbre, the incoming new chief executive officer at Empire.
Based in Dallas, Empire Petroleum is a leading motor fuels distributor of top brands including Shell, Sunoco, BP, Chevron, Texaco, Valero, Gulf, Marathon, ExxonMobil, Phillips 66, Crown, and 76. Additionally, Empire has developed its own brand and image named Empire's Fast Fuels.