Tuesday, April 14, 2015
Sunoco LP Acquires Eight Pico Convenience Stores
Source: Convenience Store DecisionsBy CSD Staff
New retail locations to be operated by Stripes.
Sunoco LP has acquired eight Pico convenience stores in South Central Texas.
The stores will be leased to and operated by Stripes LLC, a Texas-based retail chain owned by Sunoco LP’s parent, Energy Transfer Partners L.P. Stripes will purchase all fuel sold at the locations from Sunoco LP and has indicated it plans to rebrand the Pico stores to the Stripes convenience store banner.
The stores are located in the San Antonio area and within smaller communities primarily to the west of San Antonio. All of the locations currently include food service, and most of the sites have the potential to house Stripes’ proprietary restaurant, Laredo Taco Company, when converted to Stripes-branded locations.
“This in-market transaction complements Stripes’ ongoing expansion program in attractive growth markets,” said Robert Owens, Sunoco LP president and CEO.
NRC Realty & Capital Advisors LLC assisted with the sale of the stores from Westex Capital, LTD and an affiliate, of Del Rio to Sunoco LP. Six of the eight sites are branded Valero.
“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 NRC. “These stores were highly desirable and should be a good addition for the Sunoco portfolio,” he continued.
NRC Realty & Capital Advisors 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 now operates 673 convenience stores in Texas, New Mexico and Oklahoma.
Sunoco LP is a master limited partnership (MLP) that primarily distributes motor fuel to convenience stores, independent dealers, commercial customers and distributors. It also operates more than 150 convenience stores and retail fuel sites.