As the exclusive advisor to Mamo, principal owner of Springfield, Va.-based Capital Petroleum and its affiliated companies, John C. Flippen Jr. of Petroleum Capital & Real Estate LLC helped facilitate the purchase. The 29 locations were financed through Washington, D.C.-based Petroleum Capital & Real Estate's exclusive arrangement with a large [image-nocss] private-equity real-estate investment trust that provided a combination of bridge, mezzanine and equity funds.
"This is the fifth acquisition that we have helped Joe Mamo facilitate and during that time Mr. Mamo has purchased a combined total of 140 locations from Exxon and Shell," said Flippen.
"This was a rare opportunity to acquire a large number of premium real-estate sites in downtown Washington, D.C., and northern Virginia. 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," said John Sartory, managing director and principal of Petroleum Capital & Real Estate.
Among Mamo's other acquisitions: In September 2009, Mamo's White Oak Petroleum LLC acquired 36 fee-simple locations from ExxonMobil. The deal was facilitated by Flippen's CrowderCorp. The 36 locations were financed through a sale leaseback (SLB) transaction to Getty Realty Corp., Jericho, N.Y., for $49 million. (Click here for previous CSP Daily News coverage.)
In June and August 2009, Mamo acquired 57 locations from ExxonMobil. The sites were located in Washington, D.C., and northern Virginia and were purchased by Anacostia Petroleum Holding LLC, and Mount Vernon Petroleum Realty LLC, two affiliated companies of DAG Petroleum Suppliers LLC, a Washington, D.C.-based Shell and Exxon jobbership owned and operated by Mamo.
In April 2009, DAG Petroleum Suppliers completed the purchase of 18 Shell retail sites located in Arlington and Alexandria, Va. The sites were acquired through two newly formed and related companies, NOVA Petroleum Suppliers and Nova Properties. Financing was coordinated by PetroProperties & Finance, Coral Gables, Fla. (Click here for previous CSP Daily News coverage.)
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