D.C.-Area Deal Done
Company exiting retail with sale of assets, 37 stations leases
WASHINGTON -- Long & Foster Real Estate's petroleum property marketing group recently completed a $163 million transaction that included the leasing of a bulk of gas stations in Washington, D.C., reported The Washington Business Journal. The deal included the sale and purchase of the assets of a Maryland petroleum distribution company, the lease of 37 stations and convenience stores and the sale of multiple properties.
The buyer and seller were not disclosed. Bill Miller of the Rockville, Md.-based real-state group, who orchestrated the transaction with Attilio DeMarco, told CSP Daily [image-nocss] News that the seller sold all of its retail assets and is exiting the convenience store industry, and that the buyer is a midsized jobber based in the Washington, D.C., area.
Other than Washington, D.C., the leased stations are scattered throughout Pennsylvania, Maryland and Virginia.
"A number of multi-national oil companies are exiting the retail business, which provides opportunities for independent gas station dealers and jobbers," Miller told the newspaper.
Petroleum jobbers are taking advantage of that opportunity, he added. Due to consolidation within the petroleum industry, the group said it anticipates working on more, similar, large transactions.
To date, Long & Foster's petroleum property group has primarily focused on transactions in the mid-Atlantic area. The group said it is thinking about expanding into other regions.