"We had not bid out fuel in at least 10 years," Bob Bliss, spokesperson for the Turnpike Authority, tells GlobeSt.com. "The Turnpike Authority will be making twice as much with these new companies." Exxon will be replacing Mobil whose contract with the Turnpike Authority to service stations on the Pike expired.
According to Cushman & Wakefield's Michael Lynch, who represented Tosco in the deal, there were about 20 companies vying for the contract. The deal gives Exxon a two to three percent "instant additional share" of the market, notes Lynch, who now works for Tosco. Tosco will work with McDonalds to retrofit all the locations.
The contract Tosco has with the Turnpike Authority is estimated to be $100 million. Tosco is an independent oil refiner and marketer of petroleum products in the US. As of last year, the company's annualized revenues were over $23 billion.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
