The acquired units join Sunoco's existing 4,300 retail sites nationwide and will be re-branded to Sunoco gasoline and APlus convenience stores. A majority of them, 115, are located in Florida; 62 are in South Carolina; 13 in North Carolina, and three in Georgia.
The overwhelming majority of units are owned in fee, with 54 subject to long-term lease agreements.
Findlay, OH-based MAP, which is owned 62% by Marathon Oil Co. and 38% by Ashland Inc., is the nation's sixth largest refiner. Enon, OH-based SSA is the second largest company-owned and company-operated convenience store chain in the US. It has 1,960 stores in 13 states, operated primarily under the Speedway and SuperAmerica names.
For MAP, the sale represents "ongoing implementation" of a strategy that includes a focus on SSA's Midwest operations, says Gary R. Heminger, MAP president, in a statement.
For Sunoco, "this opportunity fits into our long-term strategy to build a retail and convenience store network that will provide attractive long-term results," says chairman and CEO John G. Drosdick.
The SSA sites average more than 175,000 gallons of gasoline sales and $90,000 of food store sales a month, he reports.
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.
