Getty Realty Acquires Six-Store Portfolio in Los Angeles
JERICHO, N.Y. — Getty Realty Corp. inked a sale-leaseback deal for six convenience store and gas station sites in California.
The Mobil-branded portfolio is located in Los Angeles. The seller was 1234 M Division Street, a boutique car wash and convenience and gas operator based in Southern California. The deal carried a $24.5-million price tag with a 7.25-percent cap rate.
"Being a merger and acquisition-style sale-leaseback, this deal was bound to be complicated — and it did not disappoint," said Matt Lipson, associate director, Stan Johnson Co. "We were in escrow for nearly eight months, but everyone came out a winner, including buyers, sellers and tenant.
"The acquiring tenant found the lion's share of their acquisition financing via sale-leaseback, and a highly sophisticated C&G real estate owner acquired six tremendously valuable properties with a long-term tenant in place," he added.
Lipson, Chris Lomuto and Milo Spector, both associate directors with Stan Johnson Co., represented the seller in the transaction.
"Between all the underwriting, multiple escrows, 750-plus pages of legal documents, and several financing instruments, including a partial seller-carry, this was one of those deals that really blurs the line between real estate brokerage and investment banking," Lomuto said. "So, we're truly happy for all the parties that we were able to overcome all the challenges. It felt like we really climbed a mountain on this one. But best of all, we climbed that mountain together, as one cohesive deal team."
Based in Jericho, Getty Realty is a publicly traded real estate investment trust specializing in the ownership, leasing and financing of convenience store and gasoline station properties in the United States.