Stewart’s Shops Corp. has acquired the former Sunoco A-Plus mini mart on Broadway in downtown Saratoga Springs for $1.5 million, according to The Business Review.
The acquisition from Atlantic Refining and Marketing Corp., a subsidiary of Philadelphia-based Sunoco increases the Stewart’s total number of shops to 328.
“It was an opportunity to operate a store at an entrance to the city,” said Stewart’s marketing manager Tom Mailey.
The Saratoga Springs sales shows that Sunoco is moving forward with its plans to sell 165 properties across the nations, including 16 in New York. The petroleum manufacturing and marketing company hired NRC Realty Advisors LLC to oversee sales.
“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.
As part of the agreement, Stewart’s will sell Sunoco gas at its new 521 Broadway property. It will be the third downtown Saratoga Springs store owned and operated by Stewart’s.
The gas station and convenience store is located on a .56-acre lot and generated nearly $1.1 million in sales, according to NRC Realty marketing materials.
Mailey said he would expect the store will see increased business under Stewart’s management.
Under the terms of the sale, Atlantic Refining & Marketing Corp. will have the first right of refusal to repurchase the property if Stewart’s decides to sell it in the next 10 years.
Source: Bizjournals.com
