Multi-Unit Service Station Acquisitions

Reitano Enterprises Portfolio Acquisition, Southeast FL

A combined 8 service stations, $18M acquisition cost

Key Responsibilities: Contract negotiations, directly managing the complete due diligence process, arranging all debt and equity financing, and overseeing all transaction closings.

Project Summary:  A multi-unit portfolio of gas stations with c-stores, car washes, and co-branded quick service restaurants, located in Palm Beach and St. Lucie Counties was put into contract with the intention of renegotiating supply agreements with each respective oil company—Shell, Mobil, Amoco, and Hess—to create added value. The buyer, Petroleum Services of Florida, wanted to put minimal equity into the deal, so I negotiated CMBS loans with a division of Morgan Stanley and a private money mortgage with the seller, leaving the buyer to provide 1% of the cash required to close.

Results:  The oil companies did not exercise their option rights, we resolved all contamination related issues, and successfully closed the portfolio with 99% financing.

Key Tenants:  Shell, Mobil, Amoco, Hess, Papa John’s, Blimpie Subs, and Quizno’s.