CrossAmerica Partners LP sold 60 of its convenience stores in the South Central and Mountain West regions of the United States, including properties in Colorado and Kansas. It also has additional divestitures planned in the Northeast, the company reported Thursday in its most recent earnings call.
The fuel distributor and convenience-store operator’s $64 million sale of the properties resulted in a net gain of $29.7 million, the company reported for second-quarter 2025. CrossAmerica said Kansas and Colorado are not part of the company's long-term strategic plans for real estate ownership.
“Operationally, these sites were not strategic and were generally lower-performing locations for us,” said Charles Nifong, president and CEO, according to a transcript from AlphaSense. Nifong told investors on the call that the company retained fuel supply at the majority of the locations.
“During the quarter, we completed several asset sales, reducing debt by more than $50 million and strengthening our balance sheet,” Nifong said. “These transactions also positioned our operating portfolio for long-term performance.
While overall demand remains soft, Nifong said the company’s volume and store sales outpaced industry trends, “reflecting the strength of our market position.”
For second-quarter 2025, which ended June 30, the company reported net income of $25.2 million compared with $12.4 million for the same quarter of fiscal 2024.
During the three months ended March 31, CrossAmerica sold seven sites for $8.6 million in proceeds, resulting in a net gain of $5.6 million. The company said these sales are part of CrossAmerica's “ongoing real estate rationalization and class of trade optimization efforts.”
- CrossAmerica is No. 24 on CSP’s 2025 Top 202 ranking of U.S. c-store chains by store count.
CrossAmerica Partners, Allentown, Pennsylvania, is a leading wholesale distributor of motor fuels, convenience-store operator, and owner and lessee of real estate used in the retail distribution of motor fuels. Formed in 2012, CrossAmerica Partners is a distributor of branded and unbranded petroleum for motor vehicles in the United States and distributes fuel to approximately 1,600 locations and owns or leases approximately 1,000 sites.
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