Lehigh Valley company buying up 106 Speedway/7-Eleven locations for $263M
Updated Apr 29, 2021;
Allentown-based CrossAmerica Partners LP on Thursday announced it is buying 106 convenience stores from 7-Eleven Inc. for $263 million.
CrossAmerica, formed in 2012 and based at 600 Hamilton St., now owns or leases about 1,100 retail locations, and distributes fuel to about 1,800 locations. Its footprint covers 34 states.
7-Eleven is selling the locations in connection with its acquisition of the Speedway business from Marathon Petroleum Corp.
The sites being purchased by CrossAmerica are within its existing asset base, and most are currently operating under the Speedway brand. All sites will be rebranded once the deal closes, CrossAmerica said in a news release.