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Mergers & Acquisitions

Casey’s Acquires Travel Plaza

Regional chain picks up site in home state
Photograph courtesy of NRC Realty & Capital Advisors

CENTER POINT, Iowa — Casey’s General Stores Inc. has acquired the Center Point Travel Plaza in Iowa from Petroleum Services Co. LLC.

The travel plaza, which has McDonald’s and Subway quick-service restaurants and a Fireside Pizzeria, is located at the Center Point, Iowa, interchange on Interstate 380, Exit 35, north of Cedar Rapids.

Built on 11 acres in 2005, it has 16 fueling positions, including two diesel positions, offering Sinclair-branded fuels.

Amenities include air and water; bus and RV dump station; electronics; fiscal, Transflo and other permit services; pay at the pump; showers; a CAT scale; laundry facility; Wi-Fi; ATM; copy and fax service; groceries; and paved and lighted parking for 100 trucks.

“We are very pleased that Casey’s has purchased our travel plaza. We believed that they were the right buyer for this property,” said Scott Cornish, president and CEO of Coralville, Iowa-based Petroleum Services Co.

“This site is a natural fit for Casey’s since it is located in the heart of their home state,” said Dennis Ruben, executive managing director of Chicago-based NRC Realty & Capital Advisors LLC, which handled the sale. NRC provides real estate and financial advisory services to the convenience-store and petroleum industries and specializes in the accelerated sale of commercial real estate.

Ankeny, Iowa-based Casey's operates more than 2,100 convenience stores in 16 states. It is No. 4 on the Top 40 update to CSP’s 2019 Top 202 ranking of U.S. c-store chains by number of retail outlets. CSP will release the complete 2020 list in June.

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