Speedway Enters Pittsburgh Market
Buys, converts four Sunoco stations, with new stores in the works
PITTSBURGH-- Speedway is now open and operating in the Pittsburgh market, closing June 18 on the purchase of four Sunoco stations owned by a local franchise group operating as Online Inc., reported The Pittsburgh Business Times. The companies did not disclose term of the deal.
The chain reopened the locations as Speedway stores a day later, said the report.
Jason Cannon, a vice president in the Pittsburgh office of CBRE, who represents Speedway's retail real estate interests in the region, confirmed that the four converted Sunoco stations are the first open and operating Speedway stores in the region.
He said to expect more. "I think people can expect to continue to see them aggressively enter the market," Cannon told the newspaper.
Two of the new Speedways are in Monroeville, Pa., one is in Greenfield, Pa., and one is in Robinson Township, Pa.
The company also has bought property to build at least three new stores in McKeesport, North Versailles and in Peryopolis in Fayette County, the report added.
The paper first reported that Speedway was scouting for retail locations in the region last August.
David Reese, principal of Murrysville, Pa.-based Commercial Choice Realty Inc., who served as a consultant for the seller in the deal, said that he sees the potential for Speedway to be a serious competitor for local convenience stores chains such as GetGo, by Pittsburgh-based Giant Eagle, and Altoona, Pa.-based Sheetz, said the report.
Marathon Petroleum Corp. (MPC) subsidiary Speedway LLC, Enon, Ohio, owns and operates the nation's fourth-largest convenience store chain, with approximately 1,460 stores in seven states: Illinois, Indiana, Kentucky, Michigan, Ohio, West Virginia and Wisconsin. MPC is based in Findlay, Ohio.