Realty Income Buys $109M Sale-Leaseback Portfolio

Par Pacific Holdings has sold a 21-asset gas station/convenience store portfolio in Hawaii for $109.4 million in a sale leaseback deal. Newmark represented the seller in this transaction, which includes a new master lease agreement to leaseback the properties on a triple-net basis.

The portfolio was purchased by a subsidiary of the publicly-traded REIT Realty Income Corp.

The portfolio comprises 12 properties in O’ahu, two properties in Kauai, four properties in Maui, and three properties on the island of Hawaii.

Representing the seller in the fee-simple sale was Newmark’s net lease capital markets group’s senior managing director, Andrew Ragsdale and executive managing directors, Ken Hedrick and Jerry Hopkins, along with managing directors, Kristian Nielsen and John Curtis, in cooperation with NAI CBI Hawaii’s principal, Jackson Nakasone.

“Throughout the COVID-19 pandemic, we have witnessed high demand for convenience store assets with a buyer pool that continues to be robust for commercial assets with essential use concepts,” states Ragsdale. “In combination with the asset quality and credit tenancy, the sites are incredibly well-located and provide long-term value for new ownership.”