On January 30, 2009 Hess Corporation acquired 11 Christy’s of Cape Cod gasoline-convenience stores. The sale evidently included the outright purchase of six properties and lease assumptions on the remaining five facilities. The stores are located in Dennisport, East Falmouth, Hyannis (3), Osterville, Sandwich, South Orleans, South Yarmouth (2) and West Yarmouth.
The total consideration from the recorded deeds indicated a collective price of just under $17 million for the six purchased properties. Lorrie Hecker, Director of Communication – Marketing & Refining for Hess Corporation told CapeCodBusiness.com, “for competitive reasons” full financial terms of the transaction could not be disclosed.
The eleven sites, all of which include convenience stores, were quickly rebranded Hess. The company plans to hold grand openings in the spring to welcome customers and introduce the firm’s product line.
Hess is one of the leading independent gasoline-convenience retailers on the East Coast with 1,370 stations and convenience stores in 14 states including more than 100 sites in Massachusetts.
According to Hess company spokeswoman Lorrie Hecker, “The Hess team is excited about the opportunity to serve additional customers and expand our market presence on the Cape. Christy’s is one of the premier gasoline retailers on Cape Cod, and they share Hess’ commitment to providing customers with exceptional service and value. We see this as a strong fit with the Hess brand promise, and we are delighted to add these Christy’s sites to the Hess retail portfolio.”
All indications are that Christy’s Markets will continue to independently pursue gasoline-convenience stores projects intiated in 2008 which are located in Dennis and Chatham.