Brooklyn gas terminal sells for $27M
UPDATED, 4:04 p.m., Mar. 21: Motiva Enterprises, a Texas-based oil refiner and distributor, has sold a refined petroleum products terminal in Greenpoint for $27.4 million, according to records filed today with the city.
The sale to Arc Terminals, a Texas company that both receives and distributes petroleum, closed on Feb. 26, according to the deed.
The Greenpoint terminal, at 25 Paidge Avenue near the Pulaski Bridge, is a key supply point for gas distribution throughout the Greater New York area — reaching sections of Long Island and Westchester, according to a February Arc announcement of the deal.
The terminal has nearly 41,000 square feet, according to PropertyShark. It also stores gasoline, ethanol and gasoline additives, according to state Department of Environmental Conservation permit renewals.
Including the Brooklyn terminal, Arc owns 12 terminals with locations spanning from the Midwest to the Northeast and South. The purchase marks the second terminal that Arc has bought from Motiva as part of a growth strategy to buy key terminals nationwide, according to oil industry publications.
Motiva had owned the terminal since 1998, according to city records. Motiva plans to remain a customer at the terminal and Arc will manage it as an independent third-party throughput facility, according to a Motiva spokesperson.
Messages to Arc seeking comment and more information were not immediately returned.