Empire Petroleum Partners has closed on the sale and lease back of 49 convenience store and gasoline station properties to Getty Realty Corp. The $123 million transaction is for units within metropolitan markets in Arizona, Colorado, Florida, Georgia, Louisiana, New Mexico 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.
“We are delighted to have closed this accretive transaction and to add 49 high-quality properties to our convenience store and gasoline station net lease portfolio. 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,” stated Christopher J. Constant, Getty’s President & Chief Executive Officer
