Getty Realty buys convenience E-Z Mart Stores fee interests for $52m

Getty Realty Corp. has closed on a $52 million transaction in which it acquired the fee interests in 30 convenience store and gasoline station properties from E-Z Mart Stores. At the same time, in connection with the purchase of the E-Z Mart Stores, the new owner Getty Realty leased the 30 properties to GPM Investments, the owner of the retail outlets, under a unitary lease. The acquired properties are located in metropolitan markets in Arkansas, Louisiana, Oklahoma and Texas. The unitary lease provides for an initial term of 15 years, with four five-year renewal options. Rent is scheduled to increase annually during the initial and renewal terms of the lease. The company financed the deal through a revolving credit facility it had in place and expects the it to begin producing revenues immediately.

“We are excited to have completed this transaction which expands our existing relationship with GPM Investments," said Christopher J. Constant, Getty’s President & Chief Executive Officer. He said the new properties represented a high-quality convenience store and gasoline station portfolio located in strong commercial real estate markets. "The completion of this transaction also continues our stated objective to grow and further diversify our portfolio in the convenience and gas sector,” he said.