KANSAS CITY, Mo. -- A three-party lease-leaseback deal has taken 24 stores off of Shell Oil Co.'s hands and added them to Independence, Kansas-based Crescent Oil Co.'s stable of sites.
In the deal completed late last month, Crescent Oil purchased the stores in the Kansas City market from Shell and then resold them to a Kansas City investor group called Stations Acquisitions, led by Block & Co. Realtors.
We are primarily a distributor, and we serve about 400 sites, Jon Viets, executive vice president of Crescent Oil, told CSP [image-nocss] Daily News. We're operating six or seven of these Shell sites through our own division, and our [gasoline supply] customers are operating the rest.
The sites, which will retain the Shell gasoline brand, are former Shell MSO (multiple-site operator) locations that the Big Oil company is selling off a part of an initiative to scale back its retail initiatives.
The deal is said to be valued at $21 million, according to a report in The Kansas City Business Journal.
Crescent Oil Co. is a gasoline marketer serving about 400 sites in and around Kansas. The company also owns and operates about 35 Jump Start c-stores.
David Block of Block & Co. Realtors said his Stations Acquisitions buys stations all over the country and leases them back and is always in the market for group store sales or one store at a time.
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