Getty Realty Adds 66 Shell Stations to Greater Boston Footprint

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Getty Realty Adds 66 Shell Stations to Greater Boston Footprint


JERICHO, N.Y. -- Getty Realty Corp. acquired 66 Shell-branded gas station and convenience stores in the Greater Boston area and southern New Hampshire. The sale/leaseback deal with Nouria Energy Ventures I LLC carried an $86.1-million price tag. Nouria Energy Ventures I LLC is a subsidiary of Nouria Energy Group.

"We are pleased to have been able to finance the acquisition of these Shell branded properties for Nouria Energy Group. The sites consist of proven high-volume locations in mature neighborhoods. In addition, Nouria Energy Group currently operates 19 of the sites and has demonstrated considerable knowledge about the region generally and these properties specifically. The other 47 sites are also being supplied with fuel by Nouria Energy Group and are currently being operated by the existing independent dealers selling gas under the Shell brand," said David Driscoll, chief executive officer of Getty Realty. "We are excited to have a first rate company like Nouria join our expanding list of tenants. Finally, we expect the acquisition to be immediately accretive to annual earnings and the acquisition is consistent with our strategy to grow and diversify our tenant base."

In the simultaneous transaction among Motiva Enterprises LLC ("Shell"), Nouria and Getty Realty Corp., Nouria acquired 66 gas station and convenience stores from Shell and simultaneously completed a sale/leaseback with Getty of the 66 properties under a long-term triple-net unitary lease having an initial term of 20 years plus renewal options. Getty Realty expects to receive approximately $5.8 million of revenue from the investment during calendar year 2011, according to a company release.

The latest deal comes less than three months after Getty Realty acquired 59 Mobil-branded locations in and around the northern suburbs of New York City. That sale/leaseback transaction was priced at $111.3 million, as CSNews Online previously reported.