(Click here for previous CSP Daily News coverage of the sale, which was part of a larger [image-nocss] group of transactions by Irving, Texas-based Exxon Mobil Corp.)
"ExxonMobil signed agreements to sell 266 Mobil-branded retail stations and two undeveloped sites (land banks) located in various New York markets to Chestnut Petroleum, Liberty Petroleum, Bolla Oil and Cumberland Farms," Exxon Mobil Corp. spokesperson Kristen A. Hellmer told CSP Daily News at the time.
(Click here for previous coverage of the Cumberland Farms deal.)
(Andclick here for additional coverage of the Chestnut deal.)
The 36-store package acquired by Bolla Oil is comprised of both fee simple and leasehold properties.
PetroProperties & Finance LLC (PP&F), and its northeast regional strategic partner, Petroleum Equity Group Ltd. (PEGL), participated in the transaction, which culminated a more than two-year endeavor by Garden City, N.Y.-based Bolla Oil and its financial advisory team to bid on and secure these retail assets from ExxonMobil, they said.
PP&F, Coral Gables, Fla., and PEGL, Chappaqua, N.Y., exclusively serve the wholesale and retail petroleum industry, providing strategic business services including growth and acquisition financing, mergers and acquisition representation and retail network divestiture assistance.
Bolla Oil is a multi-branded operator withmore than 40 sites, offering theMobil, Sunoco, BP and Gulf brands. About a third of the locations sell diesel fuel.
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