At the sites in Indiana and in Illinois that we purchased in May, all except one are expected to be reflagged as Petro or TA before the end of September 2011. In fact, 2 were reflagged as TAs in the past 2 weeks. The single location that will not be rebranded by September 30, 2011, is expected to be substantially renovated and rebranded as a Petro within the next 12 months.
Our total purchase price for all of these properties was $37.8 million and through June 30, 2011, we've spent $2.8 million renovating and improving them. We expect to invest an additional approximately $17 million completing all of them.
Despite the addition of these operations for less than the full second quarter, these new sites, together with the results from our national location, which reopened in February, 2011, contributed the combined $3.5 million to our total gross margins, despite not yet enjoying the full benefit of the planned and completed improvement. Essentially, these are all of the sites that are not included as same site, which Andy will talk about in a second.
Key areas for us for the balance of the year include a continued focus on our industry-leading customer service delivery to drive overall business and market share, the completion of the rebranding of our new sites, and a focus on improving what is virtually the only negative I see in our 2011 results year to date, which is a slightly lower nonfuel gross margin percentage on a same-site basis.Read the rest of this transcript for free on seekingalpha.com
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