SEATTLE-Chevron USA. is selling 40 gas stations in Washington, the last of its corporate-owned stores in the state. Another 360 Chevron locations in the state already are independently owned and operated.

Nationwide, there are about 7,900 Chevron-branded gas stations, of which about 1,200 are company-owned or -leased stations. Chevron spokeswoman Marielle Boortz tells GlobeSt.com there are multiple independent buyers for the company’s Washington properties, which are located predominantly in the Puget Sound area. The stores will continue to fly the Chevron flag after they are sold.

Boortz says Chevron is still negotiating with the buyers; however, she says Chevron has sent out notices to about 300 gas station employees that they will no longer be employed by the company after Nov. 10, which could mean the stores are in escrow and the sales are scheduled to close on that date. The layoff notices are required by law, says Boortz, adding that she expects the current employees to have the opportunity to stay on under the new owners.

As the sales have not closed, Boortz declined to provide GlobeSt.com with the names of the buyers, the sale prices or the estimated value of the properties. Chevron USA is a division of San Ramon, CA-based ChevronTexaco Corp. Texaco Inc. and Chevron Corp. merged in October 2001.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

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 © 2023 ALM Global, LLC. All Rights Reserved.