CrossAmerica Partners takes over 59 locations from Applegreen
The $16.9 million deal comes years after both companies started a partnership to establish over 60 locations across Florida.
CrossAmerica Partners LP and its subsidiary, Lehigh Gas Wholesale Services, have entered into an agreement to buy 59 convenience stores from Applegreen.
Applegreen Midwest and Applegreen Florida will sell these sites for $16.9 million, according to a filing with the U.S. Securities and Exchange Commission (SEC). The acquired sites are located in Michigan, Minnesota, Wisconsin and Florida.
The deal comes years after both companies partnered to establish more than 60 CrossAmerica convenience stores operated by Applegreen in Florida. CrossAmerica is set to acquire the assets by terminating the partnership’s existing lease agreements at the acquired locations.
In addition, CrossAmerica will acquire the inventory at each location for cash.
The companies’ existing leases include the possibility of extending them to 2049 (Midwest) and 2048 (Florida) as well as all renewal options, according to the filing. Termination of the existing lease agreements are expected to be completed by the first and second quarters of this year.
Irish retailer Applegreen established its first service station in 1992 and has expanded to more than 600 convenience stores across Ireland, the UK, and the United States. The company’s North American network comprises locations across the Midwest, Northeast and Southeast regions of the US.
