Island Energy Services LLC, which acquired Hawaii’s Chevron operations, said today it has sold the fee simple land and buildings at 11 gas stations to Fergus & Co., a Honolulu real estate investment firm.
The subsidiary of New York-based One Rock acquired a year ago Chevron U.S.A. Inc.’s refinery in Kapolei, retail service stations, a network of pipelines and related port facilities on Oahu, Maui, Kauai and Hawaii island. Last week, Oahu’s last Chevron gas station began its transition into a Texaco station under its new mainland owners.
As part of the deal, Fergus bought the fee simple interest in the land and buildings and is leasing the properties back to Island Energy. Terms of the lease agreement weren’t disclosed.
The Kapolei-based company, which is the licensee of the Texaco brand in Hawaii, said there will be no impact to employees, customers, retailers, or to the operations of the Texaco gas stations.
“The completion of this transaction will allow the continued and long-term operation of our Texaco branded service stations, while making additional capital available to reinvest locally to serve our goal of growing a premier energy business in Hawaii,” said Jon Mauer, Island Energy president and CEO, in a news release.