CST Brands buying more stores in Austin, San Antonio

Dec 18, 2014
Austin Business Journal

CST Brands Inc., the parent company of convenience store operator Corner Store, has acquired 22 convenience stores in Austin and San Antonio from Landmark Industries through a joint purchase with CrossAmerica Partners LP

CrossAmerica is purchasing all of the 22 sites and certain wholesale fuel distribution assets for $43.5 million. CST is purchasing the personal property, working capital and convenience store operations for $20.2 million. Two of the 22 stores are in the Austin area

The stores operate under the Timewise brand name and provide Shell branded fuel. CrossAmerica will lease the acquired real estate to CST Brands at a "triple net" lease rate of 7.5 percent and will provide wholesale fuel supply to the 22 sites under long-term agreements. The 22 sites distributed approximately 41.3 million gallons for the twelve month period ending Dec. 31, 2013

This is the third combined acquisition in less than three months that the two companies have made together

San Antonio-based CST Brands is the parent company of Corner Store, the second-largest convenience store operator in North America with 1,900 locations in the Southwest United States and Eastern Canada and 12,000 employees

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