By Dallas Business Journal

Dallas-based 7-Eleven Inc. has acquired 14 gas stations in Virginia to grow the retailerâ¿¿s brand in the East Coast market.

A spokeswoman for 7-Eleven told the Dallas Business Journal the company will not be disclosing the acquisition price. However, Bill Douglass, founder of petroleum products distributor Douglass Distributing in Sherman, told the Dallas Business Journal a typical gas station along the East Coast with viable assets will sell for a million or a million and a half.

The company purchased the properties from Quarles Petroleum Inc.

7-Eleven said the stores will be re-branded as 7-Eleven convenience stores, but will continue to sell Shell brand gasoline.

The stores acquired will be remodeled and eventually turned into franchises.

With the addition of the new stores, North Texas-based 7-Eleven now has 674 stores in Virginia.

Copyright 2010 American City Business Journals

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