Investor Completes Sale Leaseback of L.A. Mobil Portfolio

An investor has acquired a six-property portfolio of Mobil-branded convenience and gasoline retail sites in a sale-leaseback transaction from a private investor and C&G operator. According to sources unrelated to the deal, New York-based Getty Realty Corp. purchased the portfolio. The triple-net assets traded hands for a total of $24.5 million or a cap rate of 7.25%.

This was a merger-and-acquisition style sale-leaseback, and it was in escrow for eight months before closing.

Matt Lipson, Chris Lomuto and Milo Spector, all associate directors in Stan Johnson Company’s Portland, Oregon and Walnut Creek, California offices represented the seller in the deal.