MIAMI, July 19 /PRNewswire/ -- Petroleum Realty Investment Partners announced today their forty-one unit gas station acquisition in Atlanta, Georgia. Petroleum Realty funded USA Grocers, a Boca Raton, Florida-based operator of gas stations, in their acquisition from USRP (NYSE: USV) of the forty-one Conoco stations. Total sale-leaseback funding equaled $33 million. Petroleum Realty President, Stephen H. Bittel, complimented USA Grocers President, Ali Jaferi, on the company's second transaction together. "USA Grocers brings a unique operating model and set of skills to every transaction. Petroleum Realty views this as the second of many more great deals." Ali Jaferi, USA Grocers President, once again termed Petroleum Realty as "USA Grocers' financier of choice. Petroleum Realty promises what they deliver, and delivers what they promise. They not only provide the capital we need, but go many steps further as they truly partner the deal with us from the initial negotiation through the final closing." Mark Radosevich, Petroleum Realty's Acquisition Advisor handling the transaction, praised USA Grocers President and its entire team on the professionalism of their operation and closing effort. Radosevich said they are hard at work on their next deals together. Petroleum Realty Investment Partners, L.P., founded in 1998, is seeking to become the country's one-stop finance provider of choice to the independent retail gas station and petroleum-related property sector, offering sale- leasebacks, mortgage loan and equipment financing and third-party construction loan services. Petroleum Realty has a joint venture agreement with Lehman Brothers for a $300 million credit facility to purchase gas stations, convenience stores and related entities. Mortgage financing is through Lehman, while equipment financing and construction loans are provided through third parties. The company's goal is to reach $300 million in assets by the end of 2000 and $1 billion in assets by the end of 2001. Petroleum Realty's main offices are located in Columbus, Ohio; Miami, Florida; and Tysons Corner, Virginia; with additional regional offices in major markets across the country. For more information, contact David J. Glimcher in PRIP's Columbus, Ohio office at 614/224-4777, Stephen H. Bittel in the Miami office at 305/536-1300 or visit the Petroleum Realty website at: http://www.petroleumrealty.com.
SOURCE Petroleum Realty Investment Partners