X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA-Athens, Ga.-based Compass Energy entered a 20-year lease agreement with an option to buy three convenience stores in Middle and North Georgia from Tulsa, OK-based Nesco Inc. for $4.2 million. The estimated size of each property is 20,000 sf.

In a prepared statement, Compass president and CEO Pete Iodice says the acquisition will be completed “within the early stages” of theAgreement. The stores are located off I-95 inKingsland, GA and Brunswick, GA and on Riverside Drive in Macon, GA.

Iodice tells GlobeSt.com the acquisition will bring Compass’ total convenience store holdings to nine locations, most of them in the Athens area.

Compass expects each location to sell 150,000 gallonsof fuel per month. The company, which trades on theOTC Pink Sheets under the symbol CECP, anticipatesthe stores will add $7 million in revenue per year infuel sales and $1.8 million annually from in-storesales.

Compass, formerly QCL Group, reported approximategross revenues of $2.75 million in 2000 and netearnings of $192,500. It projects 2001 gross revenueswill fall near $7.5 million and net earnings will growto $763,000.

Compass opened trading Wednesday at 15 cents per shareand traded at 10 cents per share near market close.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.