May 25, 2023 [Houston Business Journal]- A subsidiary of Houston-based Zenith Energy has sold industrial properties along the Cuyahoga River in Ohio to an affiliate of Dallas-based Sunoco LP.
Sunoco Midstream LLC bought parcels at 250 Mahoning Ave. and 2213 W. 3rd St. in Cleveland from Zenith Energy Terminals Holdings LLC for about $4.9 million, Cuyahoga County records show.
The purchase includes a 25,000-square-foot storage warehouse, 13,000-square-foot storage warehouse, 4,000-square-foot commercial service garage, and 4,000-square-foot office building. The properties are valued at about $2.1 million by Cuyahoga County.
Sunoco also has 25 tanks, capable of holding up to 600,000 barrels of oil on the site.
The refinery was built during the 1930s and 1950s, taking over land once owned by Guardians Savings & Trust Co. and Socony Vacuum Oil Company Inc.’s Cleveland Marketing Plant.
Arc Terminal Holdings LLC bought the properties from both Center Terminal Co. and Center Term Co. for about $2.3 million in July 2007. Adjusted for inflation, that deal is valued at about $3.4 million.
Zenith Energy U.S. LP acquired Arc Logistics LLC in a deal worth more than $340 million in 2017, bringing 21 terminals in 12 states under its control.
Zenith then acquired three interconnected terminals in greater Los Angeles from Houston-based Plains All American Pipeline (NYSE: PAA) in October 2020. In February 2021, the company acquired the assets of Bulk Terminal Storage from Guttman Realty, which added three storage terminals in Ohio, Pennsylvania and West Virginia to Zenith’s portfolio.
Zenith, which has corporate offices in Houston and New Jersey, reached a deal last year to transition a facility in Portland from crude oil to renewable fuels.
Houston-based Susser Petroleum Partners LP became Sunoco LP in October 2014. Sunoco LP moved its headquarters to Dallas in 2016.
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