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Getty Realty buys 66 Shell gas station properties

Jericho-based Getty Realty Corp. said April 1, 2011

Jericho-based Getty Realty Corp. said April 1, 2011 it has bought 66 Shell gasoline station and convenience store properties in the Boston area and in southern New Hampshire. Credit: Newsday File

Jericho-based Getty Realty Corp. said Friday it has bought 66 Shell gasoline station and convenience store properties in the Boston area and in southern New Hampshire. It paid $86.1 million, in a sale and lease-back transaction with a subsidiary of Nouria Energy Group. 

“The sites consist of proven high volume locations in mature neighborhoods,” David Driscoll, Getty Realty’s chief executive, said. Nouria Energy Group now operates 19 of the sites and supplies gasoline to the other 47 — which are run by independent Shell dealers. 

Getty now owns the properties — the underlying land — while Nouria and the independent dealers run the gas stations. 

Getty said the purchase was a step toward diversifying its tenant base. 

The real estate investment trust’s share price was rocked last month on the unsettling news that Russian petroleum giant OAO Lukoil on March 2 had sold off its package of Getty property leases. 

The 66 properties were acquired in a simultaneous transaction among Motiva Enterprises LLC (“Shell”), Nouria and Getty Realty Corp. In the deal, Nouria bought 66 gasoline station and convenience stores from Shell and simultaneously completed a sale and lease-back bargain with Getty buying the 66 properties and then signing Nouria to 20-year leases of the properties.
Getty expects about $5.8 million in revenue from the investment during calendar year 2011.

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