Get ready to see more Kwik Marts around the Buffalo Niagara region.
CrossAmerica Partners, the Allentown, Pa.-based owner of the Joe’s Kwik Mart chain, has purchased 11 Speedway gas and
convenience store locations in Erie County.
The sale stems from the much larger acquisition of Speedway by 7-Eleven Inc. of Irving, Texas. The Federal Trade Commission found that the purchase would affect competition in 293 local markets in 20 states.
To resolve those concerns, CrossAmerica agreed in late April to buy 106 stores in 11 states for $263 million, to address federal antitrust concerns stemming from 7-Eleven’s purchase of the Speedway chain from Ohiobased Marathon Petroleum Corp.
The company completed purchases
late last month of:
• 4221 Walden Ave. in Lancaster, for $3.47 million
• 1555 North French Road in Amherst, for $2.91 million
• 56 Hamburg St. in East Aurora, for $2.21 million
• 2080 Abbott Road in Lackawanna, for $1.99 million
• 1199 French Road in Cheektowaga, for $1.58 million
• 5114 Transit Road in Cheektowaga, for $1.51 million
• 661 Jamison Road in Elma, for $1.44 million
• 8925 Main St. in Clarence, for $1.38 million
• 697 Orchard Park Road in West Seneca, for $1.15 million
• 5300 Main St. in Amherst, for $1.12 million
• 642 Cleveland Drive in Cheektowaga, for $920,000
Other pending closings locally include 6724 Williams Road in Niagara Falls, 3085 Delaware Ave. in Tonawanda and 6640 Clinton St. in Elma.
The stores being acquired by CrossAmerica are located in Arizona, California, Massachusetts, Nevada, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Tennessee and Virginia, and overlap with CrossAmerica’s existing network.
Almost all of them were branded as Speedway, but will be renamed upon closing. According to CrossAmerica , the locations sold about 160 million gallons of fuel during the 12 months that ended Oct. 31, 2020, and generated another $134 million in merchandise sales.
The divestitures were slated to begin closing on a rolling basis about 60 to 90 days after 7-Eleven completed the Speedway acquisition on May 14. CrossAmerica had completed 32 of the purchases as of Aug. 5.
“We are excited to acquire these high-quality assets that are
complementary to our existing footprint and will allow us to benefit from increased scale in our retail operations,” said CrossAmerica President and CEO Charles Nifong.
Another 124 stores are being sold to Anabi Oil, including 6125 Main St. in Williamsville.