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NASHVILLE, Tenn. -- ExxonMobil reached an agreement with Convenience Management Group (CMG) to sell its real estate interests at 26 Exxon-branded retail stations located here.
The sale includes 26 locations and one land bank, according to an ExxonMobil spokesperson. CMG is controlled by Chattanooga businessman Lyle Finley, who already owns and operates 11 Exxon-branded gas stations and convenience stores, according to a report by Tennessean.com.
Finley previously owned a chain of 58 gas stations across the Southeast called Golden Gallon, which was sold to the Bi-Lo grocery store chain in 2000, according to the report.
Nashville property records indicate Tiger Management Group bought 18 gas stations in the city for roughly $30 million. Finley obtained a $37 million loan from Regions Bank for the purchase, the Web site reported.
Finley also is buying gas stations in Wilson, Sumner, and Rutherford counties and one in Williamson County, Greg Merriman, an agent for Tiger Management Group, said in the report.
Calls to CMG for more information were not returned by press time.
This transaction is consistent with ExxonMobil’s June 2008 announcement that it would transition a majority of its remaining company-owned stations to the distributor model, the ExxonMobil representative added.