Dive Brief:
- CrossAmerica Partners sold 16 convenience retail sites in multiple states during this year’s first fiscal quarter, a company spokesperson confirmed to C-Store Dive.
- The sites were located across the upper Midwest and in Alabama, the spokesperson said. CrossAmerica sold the locations for $12.7 million in proceeds, resulting in a net gain of $6.3 million, according to its latest earnings report.
- The divestitures were part of CrossAmerica’s ongoing real estate rationalization efforts, which have also included converting dealer sites to company-owned locations in recent years.
Dive Insight:
CrossAmerica does not have any company-operated retail sites in Alabama, David Hrinak, a real estate manager for the company, said in a separate statement. However, the company’s spokesperson confirmed that CrossAmerica still has commission agent sites in the state.
CrossAmerica’s spokesperson added that “various buyers” acquired the 16 locations, and they did not specify which of the company’s retail banners these sites operated under. During the company’s earnings call this month, leadership said the sale helped CrossAmerica reduce its credit facility balance by approximately $10 million during the quarter.
“We are continuing our targeted real estate sales efforts in 2026, and we continue to have a strong pipeline for the balance of the year, though at a lower level than 2025,” President and CEO Maura Topper said during CrossAmerica’s earnings call earlier this month.
Although neither CrossAmerica nor its spokesperson clarified why it chose its latest 16 sites to divest, part of the company’s rationalization strategy has included offloading lower-performing sites in markets that are no longer a strategic fit. That was the case for CrossAmerica’s site sales in Colorado and Kansas last year, which were part of a broader package that included 60 stores across the South Central, Mountain West and Northeast regions of the U.S.
