Petroleum Equity Group (PEG) of Chappaqua, New York announced that an innovative, new to industry (NTI) 7-Eleven site came on-stream in Danbury, CT. Motor fuel and convenience store operations at the Federal Road location began in earnest on Feb. 11, 2022, following grand opening ceremonies attended by Danbury Mayor, Dean Esposito, who performed the official ribbon cutting rituals.
The 1.47-acre redevelopment represents 7-Eleven’s newest format and is the first of its kind in New England. In addition to a six-dispenser line up of motor fuels, the forecourt also features a diesel offering. The convenience store and market boast a 5,230 square foot building with drive-thru and 7-Eleven’s proprietary Laredo Taco quick-serve-restaurant (QSR) offering with indoor seating. Laredo Taco Company, the retailer’s Mexican food QSR, is famous for its tacos served on handmade flour tortillas made from scratch in on-site kitchens each day. Laredo Taco Company restaurants, along with Stripes convenience stores in Texas, were part of the company’s 1,000-store acquisition from Sunoco in 2018.
The original landowner contacted Mir Ahmed of ANZ Petroleum in 2019 to purchase the site after a long-term, Cumberland Farms contract was terminated following several years of zoning and development work. This was at a time when EG America was in the process of acquiring Cumberland. ANZ sought advice from PEG which reviewed site criteria, zoning resolutions and related information, and assured ANZ that the site is perfect for gas/convenience/QSR use. PEG was engaged to provide advisory services to help source a tenant/operator that would also construct the improvements under a negotiated, triple-net ground lease agreement.
Regarding the transaction, Ahmed said, “We are very pleased to have 7-Eleven as our tenant at this beautiful facility serving the Danbury community. Additionally, we could not have achieved this successful outcome without the expert advisory services provided to us by downstream fuels industry-veteran Ken Shriber of PEG.”
Neal D. White, Jr. of Cramer & Anderson, with several locations in Connecticut, served as counsel to ANZ Petroleum.
Petroleum Equity Group (www.petroleumequitygroup.com) is an industry leading, full-service advisory company to the downstream fuels and convenience store industry. PEG provides M&A advisory services and marketing support, business assessment and valuation analysis, financing, and other industry-related services. Since 2009, PEG has worked with major and regional oil companies such as Shell/Motiva, ExxonMobil, Sunoco, Citgo, Hess and Gulf, large chain operators such as Cumberland Farms, Speedway, EG America, Circle K, and 7-11, and numerous jobbers across the U.S. The firm has advised on engagements with a cumulative capitalization of over $700M.
