Getty Realty Corp. in Jericho, New York, has acquired 77 convenience store and retail motor fuel stations located in several high-growth regions in the western U.S. for approximately $214 million. The acquired properties operate under well-known brands such as 76, Conoco, Circle K, 7-Eleven and My Goods Market and are located in Northern California, Southern California, Colorado, Washington, Nevada and Oregon.
David B. Driscoll, president and CEO of Getty Realty, said the deal will yield immediate earnings for his company in addition to expanding its geographic reach.
The 77 properties were acquired from affiliates of Pacific Convenience and Fuels LLC and simultaneously leased to United Oil, a regional convenience store and gas station operator. United Oil is triple-net leasing the properties acquired by Getty for an initial term of 20 years, with three five-year renewal options. The company expects to receive approximately $16.7 million of annual GAAP revenue from the transaction.
United Oil, a portfolio company of Fortress Investment Group LLC, operates approximately 400 locations, including the current transaction, in the western U.S. and Colorado.
