Global Partners to Shed 50-Plus Nonstrategic Sites
WALTHAM, Mass. — Global Partners LP has put 54 nonstrategic locations with gasoline in the Northeast and Mid-Atlantic up for sale.
Of the 54 sites, 21 are located in Connecticut, five in Massachusetts, one in Maryland, three in New Hampshire, 10 in New York, two in Rhode Island, one in Virginia and 10 in Vermont.
[Read more: Recent Acquisitions Bolster Results for Global Partners' 2023 First Quarter]
The majority of sites are more than 15,000 square feet and up to four acres, with buildings that range from kiosks to 6,600 square feet in size. Thirty-five of the sites being offered are fee-owned properties and 19 are leases from third-party landlords. Sites are being sold with Global fuel supply agreements and are branded Shell, Mobil, Exxon or other major gas brands.
The company retained NRC Realty & Capital Advisors LLC to facilitate the sale.
"This is a great opportunity for smaller operators and dealers to buy one or more sites," said Evan Gladstone, executive managing director of NRC. "Most sites available for sale over the past several years have been snapped up by larger companies."
The properties will be sold using NRC's "buy one, some or all" sealed-bid sale process. A complete list of the properties and information regarding submitting offers is available here.
Even with this most recent divestment, Global Partners has continued to expand in other areas around the country. In March, the operator entered into a joint agreement with ExxonMobil to acquire 64 Houston-area convenience stores and fueling facilities from the Landmark Group. If all regulatory clearances are met, the deal will allow the brand to develop its footprint in the Houston market.
With approximately 1,700 locations primarily in the Northeast, Waltham-based Global Partners is one of the region's largest independent owners, suppliers and operators of gasoline stations and convenience stores. Global also owns, controls or has access to one of the largest terminal networks in New England and New York, through which it distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers. In addition, Global engages in the transportation of petroleum products and renewable fuels by rail from the mid-continental United States and Canada.