A subsidiary of GPM Investments LLC has taken ownership of 273 c-stores in Texas, Oklahoma, Louisiana and Arkansas from E-Z Mart Stores Inc. This growth into the Southwest portion of the country marks new territory for GPM’s existing portfolio.
A family-owned c-store business, E-Z Mart stores have been operating for close to 50 years. The E-Z Mart stores have now leapt from their former ranking as the 31st largest chain in the U.S., to being part of the 6th largest chain of c-stores, says GPM.
“We are very excited about the E-Z Mart Stores. Sonja Yates Hubbard and her employees have been dedicated to building a brand worthy of Jim Yates’ legacy. We plan to continue providing their customers with the same quality of service,” said Arie Kotler, GPM CEO. “Bringing the E-Z Mart family of associates into the GPM fold was very important to our leadership team. We look forward to our continued development as we grow together through acquisitions.”
Additionally, Getty Realty Corp. has closed on an acquisition of the fee interests in 30 c-store and gasoline station properties from E-Z Mart for approximately $52 million. It has leased those properties to GPM under a unitary lease for an initial term of 15 years, with four five-year renewal options.
“We are excited to have completed this transaction which expands our existing relationship with GPM Investments, one of the leading convenience store operators in the United States,” said Christopher J. Constant, Getty’s president and CEO. “The properties acquired represent a high-quality convenience store and gasoline station portfolio and are located in strong commercial real estate markets, with approximately one third of the sites being located in the Dallas-Fort Worth metropolitan market.”
GPM Investments, based in Richmond, Virginia, operates or supplies fuel to approximately 1,400 stores in 22 states across the U.S. Its stores offer specialty coffees and cappuccinos, beverage programs, fresh deli and bakery offerings, and an array of proprietary food offerings – ranging from fresh-made salads and sandwiches to healthy, grab-and-go meals.