Brookwood Financial Partners, LLC, a leading real estate investment and asset management company, announced that its affiliate, BW Gas & Convenience Holdings, LLC has acquired a 10-store gas station and convenience store portfolio in western Iowa. The portfolio includes eight company-owned and -operated stores, two company-owned and dealer-operated stores, and a Cenex-branded fuel distribution and transportation business.
This is BW Gas & Convenience’s first acquisition. Over the course of the next several years, BW Gas & Convenience intends to acquire between 600 and 1,000 gas stations with convenience stores in selected regions of the United States.
Brookwood will use the experience it has garnered over the past 22 years acquiring, improving and operating approximately $2.2 billion of real estate and extend it to the gas station and convenience store sector.
“Our strategy lies at the intersection of our proven value-add real estate investing experience and the favorable timing for attractive acquisitions within the gas station and convenience store industry,” stated Mark Daniels, Brookwood’s Director of Alternative Real Estate Acquisitions. “A significant focus of our strategy is to create an initial platform within each region, acquire additional stores to achieve economies of scale and add value to the portfolio by improving both the real estate and in-store margins. Based on its location, existing ancillary businesses and attractive value-add real estate opportunities, this Portfolio incorporates all aspects of a strong, strategic seed portfolio acquisition.”
Earlier this year, Brookwood hired Brian Trout as the Senior Vice President of Operations to run retail operations for BW Gas & Convenience. Trout is an industry veteran with over 20 years of hands-on experience running gas station and convenience store portfolios. Before joining Brookwood, Trout was a senior executive at both The Pantry and 7-Eleven, and had full P&L, sales, marketing and operational responsibilities for hundreds of stores across the Midwest.
Brookwood plans to spend approximately $1,000,000 on selected capital improvements to the stores in the portfolio. “These improvements are designed to enhance the overall appeal of the stores, and when coupled with our merchandising and operational plan, will enable us to offer a fresh experience for consumers in the Iowa region,” stated Trout. “Over the years, the previous owners have established a loyal and reliable customer base, and we look forward to serving the people in these local communities.”
BW Gas & Convenience is actively seeking growth opportunities and is in various stages of due diligence for building the portfolio across the Midwest.