Love's Purchases More Real Estate for HQ Expansion
OKLAHOMA CITY -- As it continues to expand its retail footprint across the country, Love’s Travel Stops & Country Stores is taking steps to ensure its headquarters space can accommodate the growth.
The Oklahoma City-based retailer closed on an acquisition of three corporate buildings located at N.W. 63rd Street and the Lake Hefner Parkway in Oklahoma City. The buildings were purchased from Chesapeake Energy Corp. and offer a combined square footage of 227,000 square feet.
The transaction, which closed on Nov. 8, follows Love's recent dedication of a new 68,000-square-foot, three-story building at its corporate campus in northwest Oklahoma City.
“We've been in business at Love's for nearly 50 years from our home base of Oklahoma City,” said Greg Love, president of Love's Development Cos. “The purchase of these three buildings is in line with our strategy to add space relative to the steady pace at which we grow. On average, Love's adds 20 new travel stops across the United States each year. As our retail footprint expands across the country, the need for additional corporate support increases to sustain our high level of operational efficiency and customer service.”
Family-owned and -operated Love's currently has more than 300 travel stop locations, plus 170 Love’s Truck Tire Care centers in 39 states. The chain was ranked ninth on Forbes' most recent listing of America’s Largest Private Companies.
“We have tremendous admiration for Love’s and their business, and we are very pleased with this transaction," added Gordon Pennoyer, Chesapeake's director of external communications. "The sale allows both companies to meet their business objectives – a win-win scenario for Oklahoma City.