GLEN ROCK, N.J. — KAPM Realty LLC has acquired a three-service-bay retail gas location in Glen Rock, N.J. The site is a cornerstone property in the heart of downtown Glen Rock and has been an Exxon/Esso-branded service station since the 1930s.
The seller, Maple Rock Auto Service Center Inc., was previously the Exxon franchisee and operator at the location until 2010, when it acquired the property from ExxonMobil Corp. Petroleum Equity Group Ltd. (PEG) provided advisory services to Maple Rock.
“The decision to sell was a difficult one as this Exxon location had been a part of my family’s business for many years,” said Maple Rock’s president, Daniel Sewall, who’s family has owned and/or operated the site since 1962. “However, we are very pleased with this outcome and are happy to begin a new chapter. Additionally, we are grateful for the full range of knowledge and guidance provided by fuels industry-veteran Ken Shriber, who helped manage the entire process from start to finish.” Shriber is CEO and managing director of PEG.
PEG advises the downstream fuels and c-store industry and provides mergers-and-acquisitions services and marketing support, business assessment and valuation analysis, financing and other services. It has worked with companies such as Shell, Motiva, ExxonMobil, Sunoco, CITGO, Hess, Gulf, Cumberland Farms, Speedway, EG America, Circle K, and 7-Eleven, as well as jobbers across the United States. It has advised on dozens of engagements with a total capitalization of more than $500 million.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.