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Getty Realty Grabs 41 Properties for $13M

JERICHO, NY-The deal includes gas stations and convenience stores in Massachusetts and Rhode Island. Forty of the properties are being subleased to Getty Petroleum Marketing Inc. until 2015, the other is being leased to an individual operator.

By Diana M. Rodriguez | Updated on May 02, 2003

JERICHO, NY-In an effort to cut back on rent costs, Getty Realty Corp. has finalized a deal to purchase 41 retail service stations and convenience stores from family-owned Jems of New England for $13 million. Getty had been leasing the facilities, located in Massachusetts and Rhode Island, for the past 12 years.

“This will reduce our rent expense and increase our adjusted funds from operations for the current year by $877,000 or by $1.3 million on an annual basis,” says Leo Liebowitz, president and CEO of Getty Realty. “In subsequent years additional savings will be realized as a result of this acquisition due to the elimination of scheduled rent escalations.”

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