The New York company that purchased Chevron Corp.'s Hawaii operation last year is already looking to sell 12 gas station and convenience store properties that span from Waipahu to Honolulu on Oahu with an asking price of $49.5 million.
A CBRE Hawaii sales listing says that One Rock Capital Partners' subsidiary IES Retail LLC intends to sell these properties that total nearly 5.7 acres and then strike a lease deal with the new owner of these properties. The sale leaseback involves 20 years with three five-year options to renew.
The gas stations are being operated under the Texaco brand, and are located in Waipahu, Pearl City, Honolulu and Kailua. CBRE Hawaii says that the net operating income for these stations is about $2.8 million.
Late last year, One Rock Capital purchased Chevron Hawaii's assets including the refinery in Kapolei, four production distribution terminals on Oahu, Maui, Kauai and the Big Island and nearly 60 retail gas stations. The total purchase price of the sale was not disclosed, although the price is well over $100 million. As part of the deal, the gas stations were transformed into Texaco-branded stations.