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Exxon Corporate Headquarters Building. Image courtesy of CommercialEdge
A joint venture of Global Partners and ExxonMobil Corp. has agreed to acquire over five dozen Houston-area convenience and fueling stations. The joint venture, Spring Partners Retail LLC, plans to purchase the 64 Texas locations from the Landmark Group.
Spring Partners Retail will be the portfolio’s operator and management company. The deal is expected to close in the second quarter of 2023, once the requisite regulatory approvals are obtained and all closing conditions are met.
Waltham, Mass.-based Global Partners, which operates in the Northeast and Mid-Atlantic, acquired 120 retail assets in the region in 2022. This latest move represents the company’s initial foray outside of the northeastern U.S., as well as its introduction to the Houston market. The company plans to retain site and above-site employees at the newly acquired locations.
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Global Partners sources and transports petroleum products and renewable fuels through its distribution network in the U.S. and Canada and is a wholesale distributor of petroleum products in the northeastern U.S. The company owns, controls or otherwise has access to one of the largest terminal networks in New England and New York state.
Texas-based ExxonMobil is in the process of moving its headquarters to Spring, Texas, in the Greater Houston area. The oil and gas giant announced its relocation to Spring in Harris County, from Dallas County’s Irving, Texas, in 2022. The company’s new 385-acre corporate campus in Spring is located approximately 25 miles north of Houston.
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