ALLENTOWN, Pa. -- Lehigh Gas Partners LP said that it has completed a previously announced asset acquisition in the Knoxville, Tenn., region from Rocky Top Markets LLC and Rocky Top Properties LLC.
The partnership paid $10.6 million at closing for the purchase of one fee property site, three leasehold motor fuel stations, seven third-party supply contracts and certain other assets and equipment.
Concurrent with the closing, the partnership has entered into a master lease for 29 motor fuel stations, which it will purchase on or after Aug. 1, 2015, for $26.3 million.
The transaction was financed under the partnership's credit facility.
Lehigh Gas Partners, based in Allentown, Pa., is a leading wholesale distributor of motor fuels and owner and lessee of real estate used in the retail distribution of motor fuels. Formed in 2012, it owns or leases more than 500 sites in 11 states: Pennsylvania, New Jersey, Ohio, Florida, New York, Massachusetts, Kentucky, New Hampshire, Maine, Tennessee and Virginia. The company is affiliated with several major oil brands, including ExxonMobil, BP, Shell, Chevron, Sunoco and Valero. LGP ranks as one of ExxonMobil's largest distributors by fuel volume in the United States and in the top 10 for many additional brands, it said.