SPRINGFIELD, Va. -- Joe Mamo, principal owner if Capital Petroleum Group LLC and other companies, continued to grow his East Coast convenience store presence this week with the purchase of 72 more ExxonMobil locations, these in Manhattan, Bronx and Queens, New York.
The 72 locations, as reported in a Morgan Keegan/CSP Daily News Flash yesterday, were financed through Petroleum Capital and Real Estate LLC's exclusive arrangement with a large private-equity real-estate investment trust that provided a combination of bridge, mezzanine, and equity funds for the deal. [image-nocss]
"We are excited that we could help facilitate this transaction," John C. Flippen Jr., principal and managing director of Petroleum Capital and Real Estate, Washington, D.C., said in a statement. "This is the sixth acquisition that we have helped Joe Mamo facilitate, and during that time, Mr. Mamo has purchased over 200 locations from Exxon and Shell."
Added John Sartory, managing director and principal of Petroleum Capital and Real Estate, "This was a rare opportunity to acquire a large number of premium real-estate sites in the New York City metropolitan area. The strong real-estate attributes, combined with the opportunity to partner with an established and professional petroleum marketing organization, immediately attracted our private REIT client to this investment."
Among Mamo's other acquisitions: In February 2010, Capital Petroleum Group, Springfield, Va., purchased 29 Exxon Mobil Corp. locations in northern Virginia. In September 2009, Mamo's White Oak Petroleum LLC acquired 36 fee-simple locations from ExxonMobil. In June and August 2009, Mamo acquired 57 locations from ExxonMobil in Washington, D.C., and northern Virginia In April 2009, DAG Petroleum Suppliers completed the purchase of 18 Shell retail sites located in Arlington and Alexandria, Va.
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