Wednesday, April 15, 2015
Sunoco LP Acquires Eight Texas C-stores for Its Stripes Banner
Westex Capital sells San Antonio-based Pico stores
Source: Convenience Store News
SAN ANTONIO — Sunoco LP is adding eight Pico convenience stores in south central Texas to its holdings.
The stores will be leased to and operated by Stripes LLC, the Texas-based retail chain owned by Houston-based Sunoco LP’s parent company, Energy Transfer Partners LP. The stores will carry the Stripes banner and will purchase all fuel sold at the sites from Sunoco LP.
The eight convenience stores are in the San Antonio area within smaller communities primarily west of the city. All of the locations include foodservice, and most of the sites have the potential to house Stripes’ proprietary restaurant, Laredo Taco Co., when converted to Stripes-branded locations.
“This in-market transaction complements Stripes’ ongoing expansion program in attractive growth markets,” said Robert W. Owens, Sunoco LP president and CEO.
The seller was Del Rio, Texas-based Westex Capital Ltd. and an affiliate. Six of the eight sites are branded Valero, according to NRC Realty & Capital Advisors, which acted as exclusive financial advisor to the seller in connection with the sale.
Stripes is currently Sunoco LP’s largest single motor fuel customer, purchasing more than 1 billion gallons per year. With the addition of the Pico stores, Stripes will operate 673 convenience stores in Texas, New Mexico and Oklahoma.
“NRC was pleased to be able to assist Westex and the Kusenberger family in the sale of these stores to Sunoco LP,” said Dennis Ruben, executive managing director of Chicago-based NRC. “These stores were highly desirable and should be a good addition for the Sunoco portfolio.”
NRC is also handling the sale of an additional six Texas convenience stores with gasoline from an affiliate of Westex Capital. The six sites, all located in the Midland-Odessa area, are being sold as a package without brand or fuel supply.