Global Partners LP in Waltham, Massachusetts, is selling 32 “non-strategic” retail locations with gasoline in the Northeast and Mid-Atlantic areas. Fourteen of the sites are in Massachusetts, nine are in Connecticut, three are in New York and six are in Maryland.
The sites come with Global Partners’ fuel agreements. Lot sizes range from 7,000 s.f. to 1.4 acres, and buildings range from kiosks to 3,300-s.f. Ten of the sites have auto repair space.
Global Partners has retained NRC Realty & Capital Advisors to coordinate the sale of the Global Partners’ sites. NRC has put a bid deadline of June 7 at 3 p.m. and plans to sell the stores by a sealed-bid sale as individual units or in groups.
Global Partners owns 1,500 retail locations, primarily in the Northeast, and is one of the largest regional independent owners, suppliers and operators of gas stations and convenience stores. The company also is one of the largest distributors of gasoline, residual oil and renewable fuels to wholesalers, retailers and commercial customers in New England and New York.
Discussing its first quarter earnings May 9, Global Partners CEO Eric Slifka said the company performed in line with expectations, with strong results on the retail gasoline business. He also observed more favorable market conditions in wholesale gasoline and gasoline blend stocks.
Slifka said product margin in the gasoline distribution stations and stations operations increased 7.6 million from the same period in 2017 due in part to the contribution of the Honey Farms acquisition. Slifka said Honey Farms “has been a great addition to our retail portfolio, and we expect it to be accretive in its first full year of operations.”
Slifka said company strategy remains focused on “complementing our organic growth with acquisitions that enable us to build on our leadership position. The deal pipeline within the retail gas station and convenience store market continues to be very active, and we are always evaluating potential opportunities to expand our portfolio.”
