Petroleum products distributor Global Partners L.P. ( GLP - Snapshot Report ) has agreed to acquire 100% stake in a crude oil and ethanol facility near Portland, Oregon from a subsidiary of construction company JH Kelly Holdings LLC. The transaction, valued at $95 million, is expected to close by Mar 31, 2013.

As per the deal, Global Partners would get a rail loading/unloading facility, up to 200,000 barrels of storage capacity, a marine terminal with deepwater berths, a 1,200-foot long dock, apart from West Coast’s biggest ethanol plant located along the Columbia River in Clatskanie, Oregon.

The transaction will allow Global Partners to expand its distribution network by transporting low cost crude and ethanol to operators on the West Coast.

Waltham, Massachusetts-based Global Partners L.P. is a publicly traded master limited partnership that distributes refined petroleum products to customers in the northeastern U.S. It possesses one of the largest networks of refined petroleum terminals in the region. Additionally, Global Partners supplies fuel to approximately 800 retail gas stations in nine northeastern states.

Global Partners – which entered into a five-year oil transportation and logistics agreement with refiner Phillips 66 ( PSX - Snapshot Report ) earlier this month – currently retains a Zacks Rank #1 (Strong Buy), implying that it is expected to significantly outperform the broader U.S. equity market over the next one to three months.

Not often does one find a stock with big earnings growth and a high yield. But in the case of Global Partners, an estimated long-term earnings growth projection of 47% coalesces with a 7% distribution.

Presently trading near its 52-week high, units of this #1 Ranked partnership have climbed more than 25% during the past month. With accretive acquisitions, incremental growth projects and a PEG ratio of less than 1.0, Global Partners looks like a solid aggressive play with a potential for further upside.

In addition to Global Partners, there are certain other downstream energy operators like Northern Tier Energy L.P. ( NTI - Snapshot Report ) and CVR Energy Inc. ( CVI - Snapshot Report ) that offer value and are worth buying now. Both these firms sport a Zacks Rank #1 (Strong Buy).