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SARASOTA SPRINGS, N.Y. -- Stewart’s Shops purchased the former Sunoco A-Plus mini mart in downtown Saratoga Springs, N.Y., for $1.5 million, according to a report by The Business Review.
The acquisition from Atlantic Refining & Marketing Corp., a subsidiary of Philadelphia-based Sunoco Inc., increases the Stewart’s total number of shops to 328.
"It was an opportunity to operate a store at an entrance to the city," Stewart’s Marketing Manager Tom Mailey told the newspaper.
Stewart’s began operating the store last week after the Malta-based convenience store chain closed on the property.
The sale comes as Sunoco moves forward with its plan to sell 165 properties around the country, including 16 in New York. The petroleum manufacturing and marketing company hired NRC Realty Advisors LLC to oversee sales as Sunoco looked to improve its bottom line.
"These locations are being sold as part of a continuing review of Sunoco-branded retail outlets," Sunoco Senior Vice President of Marketing Robert Owens said earlier this year.
Stewart’s will sell Sunoco gas at its new property. It will be the third downtown Saratoga Springs store owned and operated by Stewart’s. The family and employee-owned business already has two stores within two blocks of the Broadway corridor.
The store will not be able to sell alcohol at the store, as it waits for the state Liquor Authority to clear a backlog of applications, Mailey said.
The 19-year-old, 2.600-square-foot store is located across from the Saratoga Springs City Center, a convention center expected to undergo a $16 million expansion and renovation. The store generated nearly $1.1 million in sales annually, according to NRC Realty marketing materials.
Mailey expects the store will see increased business under Stewart’s management.
"But I don’t have a number to throw at you," he told the newspaper.
Atlantic Refining & Marketing Corp. has the first right of refusal to repurchase the property if Stewart’s sells it in the next 10 years.
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