As part of a plan launched in 2008 to transition its company-owned sites to dealerand wholesaler-owned, Exxon Mobil Corp. sold nearly 300 of its retail gas stations and convenience stores in New England, New York and Tennessee, to three separate companies in the third quarter of 2010.
Global Partners LP completed the final phase of its acquisition of Mobil-branded retail gas stations and fuel supply rights in Massachusetts, New Hampshire and Rhode Island from ExxonMobil last month. It included a total of 221 locations, of which 148 are dealer-operated Mobil stations, as well as gasoline and diesel supply rights for an additional 31 Mobil stations owned and operated by independent Mobil dealers.
"Today marks an exciting new chapter for Global Partners," Eric Slifka, president and CEO, said in a released statement. "The acquisition of these premier stations and supply rights creates significant new year-round income for the Partnership, increasing our overall earnings power."
Of the 221 stations, 179 are located in Massachusetts, 22 in Rhode Island and 20 in New Hampshire. The stations sold approximately 370 million gallons of gasoline and diesel fuel in 2009, and all will continue to operate under the Mobil brand as part of a long-term branding agreement between ExxonMobil and Global Partners.
In September, CPD Energy Corp. purchased ExxonMobil property assets and supply interests for 83 gas station properties in the Westchester County and Down State Hudson Valley areas of New York. The stations will remain Mobil branded, and will be operated as a combination of company, dealer, and supply facilities.
"We are proud to welcome the dealers and employees of these stations to our company as the newest part of our family and business portfolio." Mickey Jamal, CEO, said in a statement. "These high-quality facilities fit well with our company's current demographic and long-term strategy of providing quality products and outstanding customer service to the motoring public."
And in Memphis, Tenn., Exxon-Mobil sold the real estate interests of its 40 stations there to Duluth, Ga.-based Excell Petroleum. The deal is expected to close by the end of 2010, after beginning in June of this year.
In other sale and acquisition news:
â¢ ACON Investments and TPG Capital signed definitive agreements with Marathon Oil Corp.'s wholly owned subsidiary, Marathon Petroleum Company LP (MPC), to acquire the majority of the oil company's Minnesota downstream assets, including convenience stores, a refinery, terminals, SuperMoms bakery and more. Through the deal, ACON and TPG will acquire a portfolio of c-stores, including 166 owned and leased SuperAmerica stores (159 in Minnesota, six in Wisconsin and one in South Dakota) and 67 franchised SuperAmerica stores. It will also acquire contracts to supply refined products to an additional 90 stores, as well as ownership of the SuperMom's bakery and commissary.
â¢ Tesco will temporarily close 13 underperforming Fresh & Easy stores in Arizona, Nevada and California, as part of a strategic business move in a poor economic climate.
â¢ NRC Realty & Capital Advisors LLC will coordinate the sale of up to 56 current and former retail petroleum properties located throughout the panhandle of Florida. All are fee properties and most are operating gas stations with convenience stores, while a few are closed gas station/ c-store combinations. Most of the operating stations are major-branded for gasoline, and all have unbranded convenience stores. Others have unbranded gas, or on-site car washes. Sites may be purchased either with or without supply agreements, NRC stated.
â¢ BP West Coast Products LLC will sell 28 ARCO-branded retail sites through NRC Realty. The portfolio includes eight sites in the Sacramento and San Francisco areas; nine sites in the Los Angeles and San Diego areas; four sites in the Eugene and Portland, Ore. areas; and seven sites in the Seattle area. Of the sites, 22 are available as combination ampm convenience store franchises with ARCO-branded gasoline. The remaining six are offered as ARCO dealer sites with fuel agreements only, according to a statement by NRC.