Through a joint venture (JV) with GE Energy Financial Services, Arc Logistics Partners LP completed its acquisition of all the membership interests of Joliet Bulk, Barge & Rail LLC (JBBR) from CenterPoint Properties Trust for $216 million, ArcLight said May 14.

A crude oil unloading terminal and a 4-mile crude oil pipeline (Joliet Terminal) are JBBR's principal assets. Arc Logistics’ JV company will also make certain throughput-based earn-out payments to CenterPoint. The earn-out will stop after an aggregate payment of $27 million, the company said.

The Joliet Terminal is commercially operable, and can unload about 85,000 barrels per day (Mbbl/d) of crude oil. There are about 300Mbbl of onsite storage, and there are connections to a common carrier crude oil pipeline. Joliet’s major customer had confirmed its operability before the acquisition, the company said.

Arc Logistics manages Joliet Terminal and owns a 60% interest in the JBBR JV company. An affiliate of GE Energy Financial Services owns the remaining 40%.

Arc Logistics paid about $130 million, a portion of the purchase price, which it financed through net proceeds from a private placement of common units and revolving credit facility borrowings.

Barclays Capital Inc. and SunTrust Robinson Humphrey Inc. were co-placement agents for the private placement.

Midstream-focused Arc Logistics Partners LP has offices in New York and Houston.

GE Energy Financial Services is a unit of General Electric Co.