Sun Logistics, the Master Limited Partnership, in which parent Sun owns the general partner interest, will buy ConocoPhillips East Boston refined products terminal for some $56 million plus fair market value of inventory. The huge facility had been shopped since late last year, as exclusively reported by OPIS.   

Separately, Sunoco Logistics has signed a deal to buy the Eagle Point tank farm and related assets in Westville, N.J., for approximately $100 million. That transaction might be called a parent/child deal, since Sun Logistics is buying the assets from Sunoco. The logistics affiliate indicated that it would probably spend $90 million to upgrade the facility for additional operational flexibility and to meet regulatory requirements.   

Both deals are subject to regulatory review and expected to be completed in the third quarter of this year.    

“The sale of the Eagle Point storage assets to Sunoco Logistics unlocks value for Sunoco shareholders. At the same time, it demonstrates Sunoco’s commitment as General Partner to supporting the growth of Sunoco Logistics,” said Lynn L. Elsenhans, chairman and chief executive officer of Sunoco Inc. and Sunoco Logistics Partners LP. Elsenhans indicated that the Eagle Point sale to the MLP affiliate would unlock value for Sunoco shareholders. A recent Morgan Stanley analysis had suggested that the Eagle Point sale was a logical move.   

The Eagle Point sale doesn’t include the idle refinery processing units or the cogeneration facility. Sunoco said that it is pursuing the sale of those assets.    

The East Boston terminal has storage of approximately 1.2 million bbl, most of which holds jet fuel that goes to Logan International Airport. Elsenhans indicated that the purchase would enable Sun Logistics to enter the New England market.    

Many observers believe that Sun Logistics will be the more aggressive and acquisitive company and that could lead to more unbranded companies getting throughput agreements at either Eagle Point or Boston.    

The East Boston terminal was pursued by a number of Master Limited Partnerships, including Magellan and Buckeye, sources say.