JERICHO, N.Y.--(BUSINESS WIRE)--Getty Realty Corp. (NYSE: GTY) announced the closing of an acquisition and leasing transaction under which it acquired the fee interests in 30 convenience store and gasoline station properties from E-Z Mart Stores, Inc., a privately-owned regional convenience store chain located in the Southern United States, for approximately $52 million and simultaneously, in connection with the acquisition by a subsidiary of GPM Investments, LLC (“GPM”) of the operations of E-Z Mart’s 273-store chain, leased the 30 properties to GPM under a unitary lease.
The properties acquired are located within 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.
“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. 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. The completion of this transaction also continues our stated objective to grow and further diversify our portfolio in the convenience and gas sector,” stated Christopher J. Constant, Getty’s President & Chief Executive Officer.
The Company funded the transaction through funds available under its revolving credit facility and expects the transaction to be immediately accretive to net earnings.
About Getty Realty Corp.
Getty Realty Corp. is the leading publicly-traded real estate investment trust in the United States specializing in the ownership, leasing and financing of convenience store and gasoline station properties. As of December 31, 2017, the Company owned 828 properties and leased 79 properties from third-party landlords in 28 states across the United States and Washington, D.C.
GPM Investments, LLC
GPM Investments, LLC, together with its subsidiaries, is the largest privately-owned company in the convenience store channel of business. The company, based in Richmond, Virginia, operates or supplies fuel to approximately 1,400 stores in 22 states across the United States. Its stores offer specialty coffees and cappuccino, innovative beverage programs, fresh deli and bakery offerings, and a wide array of proprietary food offerings - ranging from fresh-made salads and sandwiches to healthy, grab-and-go meals.
