The battle for hegemony continues in one of the hottest CRE sectors—convenience stores, particularly those paired with gas stations.
BP, the British oil giant, has announced that it is acquiring TravelCenters of America (TA) for $1.3B in a cash deal. The acquisition will add 281 highway locations in 44 states operating under the TA, Petro Shopping Centers and TA Express brands.
TA's locations include more than 600 full-service and quick-service restaurants as well as gas stations and repair shops for cars and trucks. Each location averages encompasses about 25 acres, according to a report in Chain Store Age.
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