Tuesday, April 14, 2015
More For Sale as Sunoco Picks Up Eight Pico C-Stores
Stripes will operate locations acquired from Westex; six additional stores go on market
Source: CSP Daily News
DEL RIO, Texas – Along with the sale of eight convenience stores in South Central Texas to Sunoco LP by Westex Capital Ltd., Del Rio, Texas, an affiliate of Westex is putting six additional c-stores up for sale.
As reported by a 21st Century Smoke/CSP Daily News Flash, Sunoco LP will lease the eight Pico stores to Stripes LLC, the Corpus Christi, Texas-based retail chain owned by Sunoco LP’s parent, Energy Transfer Partners LP (ETP).
Stripes will operate the stores, and it will purchase all of the fuel sold at the locations from Sunoco LP; six of the eight sites currently are branded Valero.
Sunoco LP said 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 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.
NRC Realty & Capital Advisors acted as exclusive financial advisor to the seller in connection with the sale.
“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, Chicago. “These stores were highly desirable and should be a good addition for the Sunoco portfolio.”
Meanwhile, NRC is commencing 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, Texas, area, are being sold as a package without brand or fuel supply. The site list and due-diligence information is available online at www.nrc.com/1506, or call NRC Customer Service at (800) 747-3342, extension 1506.
Westex Capital’s PICO Petroleum operates approximately 20 Pico c-stores and eight Amigos c-stores and supplies 35 dealer-jobber locations.
Stripes is currently Sunoco LP’s largest single motor fuel customer, purchasing more than one 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