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CHEYENNE, Wy. — 7-Eleven Inc. has closed its sale of two truck stops and one convenience store to Parkland Fuel Corp.
Two of the sites are located in Cheyenne and one is in Laramie, Wy. The truck stop, which was recently redeveloped, occupies 10,300 square feet. Together, the acquired sites are high-volume profitable retail locations that are expected to sell more than 15 million gallons of fuel on an annual basis, according to Matrix Capital Markets Group Inc.
Matrix provided merger and acquisition advisory services to 7-Eleven during the transaction.
7-Eleven originally purchased the three sites as part of its 79-store acquisition from CST Brands Inc. The deal was finalized in July, as CSNews Online previously reported. Parkland purchased all of the Wyoming locations from that deal.
According to Matrix, 7-Eleven decided to dispose of the sites because it did not operate any other convenience stores in Wyoming at the time it acquired CST's west coast portfolio.
When the deal closed, 7-Eleven reached a pact for CST to continue to operate the stores through a temporary lease agreement. 7-Eleven subsequently determined it was in its best interest to divest the Wyoming properties due to its lack of store concentration around the markets, the real estate advisory firm said.
"It was a pleasure working with the entire 7-Eleven team on structuring and executing on a process that would achieve their goals, which included a sale in a compressed time frame," said Cedric Fortemps, managing director for Matrix. "It required a lot of hard work by everyone involved to successfully sell the stores exactly five months after being engaged, and finding the right partner in Parkland was certainly one of the keys to being able to accomplish 7-Eleven's objectives."
Parkland delivers gasoline, diesel, propane, lubricants, heating oil and other high-quality petroleum products to motorists, businesses, households and wholesale customers in Canada and the United States.
Irving, Texas-based 7-Eleven Inc. operates, franchises and licenses more than 10,700 7-Eleven stores in North America.