Dive Brief:
- Global Partners LP is selling 54 “non-strategic” stores in eight states, according to a Monday press release from NRC Realty and Capital Advisors, which is coordinating the sale.
- The locations include 21 stores in Connecticut, five in Massachusetts, one in Maryland, three in New Hampshire, 11 in New York, two in Rhode Island, one in Virginia and 10 in Vermont.
- The sale, once made, will mark Global Partners’ second big transaction of 2023. In March, the company acquired 64 Timewise stores in Texas from Landmark Industries, under a joint venture between Global Partners and ExxonMobil called Spring Partners Retail LLC.
Dive Insight:
This continues a busy 2023 on the mergers and acquisitions front, highlighted by oil major BP buying out TravelCenters of America and Maverik roughly doubling its size by merging with Kum & Go. But plenty of smaller retailers have traded hands as well.
Most of the sites Global Partners is selling are over 15,000 square feet, with the stores ranging from kiosks to 6,600 square feet.
The stores do not have to be purchased as a complete lot, but instead interested parties can “buy one, some or all,” NRC said.
“This is a great opportunity for smaller operators and dealers to buy one or more sites,” said Evan Gladstone, executive managing director of NRC. “Most sites available for sale over the past several years have been snapped up by larger companies.”
The sites all come with Global fuel supply agreements under a range of major brands, including Shell, Mobil and Exxon. Thirty-five of them are fee-owned properties and 19 are leases from third-party landlords.
Due diligence packages for these locations are expected later this month, and bid deadlines are in late August.
Waltham, Massachusetts-based Global Partners operates more than 350 convenience stores on the East Coast under brands including Alltown Fresh, XtraMart, Honey Farms and Jiffy Mart. The retailer also supplies fuel to about 1,700 locations in 12 states.
