The transaction involved the acquisition of 49 properties for $123 million
Getty Realty Corp. has closed its previously announced acquisition lease-back transaction with Empire Petroleum Partners, LLC. Through a subsidiary, Getty has purchased fee simple interests in 49 convenience store and fuel station properties for $123 million and simultaneously leased them to Empire under a unitary lease.
“We are delighted to have closed this accretive transaction and to add 49 high-quality properties to our convenience store and fuel station net lease portfolio,” said Christopher J. Constant, Getty’s President & Chief Executive Officer. “In addition, we are excited to begin a long-term partnership with Empire, a strong national fuel distributor and convenience store operator. This transaction demonstrates our ability to execute on our strategy of growing our portfolio in targeted markets in the United States.” PWKD11092017