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Getty Acquiring Gas Station Mini Mart Portfolio

RICHMOND, VA-The public company from Jericho, NY agrees to pay $29 million for 23 gas stations with mini marts, most of which are located in the Greater Richmond area. Upon closing, it will net lease the properties to GPM Investments LLC for an initial term of 15 years.

By Brian K. Miller | Updated on February 25, 2005

RICHMOND, VA-Getty Real Estate is in the process of acquiring 23 gas stations with mini marts, most of which are located in the Greater Richmond area, for $29 million. The public company from Jericho, NY has arranged to net lease the properties to a third party upon closing of the acquisition in March. A company source declined to name the seller, an individual investor, or the lessor, which is describes as an experienced convenience store operator with 200 stores in the Middle Atlantic States and New England that it has worked with in the past. In November, Getty net leased 36 former CB Marts in Connecticut and Rhode Island that it acquired to GPM Investments LLC, which it described as above at the time. Both deals has an initial lease term of 15 years that may be doubled in five-year increments. Getty estimates the pending transactions will be accretive to earnings in the amount of $0.03 per share of common stock on an annualized basis. The company touts itself as the largest REIT specializing in the ownership and leasing of gas station mini mart properties. The company owns and leases over 1,000 properties in the Eastern US.

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