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Getty Realty acquires 36 properties
Getty Realty Corp., a Jericho-based real estate investment trust focusing on gas stations and convenience stores, said Monday it had acquired a portfolio of 36 properties from Springfield, Va.-based Capitol Petroleum group in a $72.5 million deal.
The transaction includes 16 Mobil gas stations in the metropolitan New York area, and 13 Exxon and seven Shell properties within the Washington, D.C., area. The deal was a sale-leaseback transaction, in which the properties were acquired by Getty but immediately leased back to Capitol Petroleum subsidiaries.
This is the first acquisition by Getty since 2011, and the company said in a news release it expects to see $6.1 million in annual revenue from the deal. The transaction was financed by proceeds from prior sales of the company's property, Getty said.