Getty Realty Corp. Buys 59 C-Stores

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Getty Realty Corp. Buys 59 C-Stores

JERICHO, N.Y. -- Getty Realty Corp., a real estate investment firm specializing in the convenience store/gas station industry, completed the acquisition of 59 convenience stores for $78 million through GE Capital Solutions, the financing and asset management unit for GE.

As reported first by CSNews Online yesterday, the stores are located in nine states -- including Hawaii, North Carolina, Maryland, New Hampshire, Texas, California, Illinois and North Dakota -- and supply fuel under a variety of banners, including Aloha Petroleum, Arco, Chevron, Shell, CITGO and BP, said Kevin Shea, executive vice president of Getty Realty.

The convenience stores operate under various banners, including 7-Eleven, Jack in the Box and Carroll Independent Fuel, according to Shea. All stores have tenants in place, who will continue to operate the stores, he added.

"We have no plans for change, we hare happy with the tenants and quality of the assets," he told CSNews Online yesterday. "They are quality assets that meet our criteria, with solid tenants, and they provide a return that we are looking for."

The stores were acquired from GE Capital Solutions, which bought Trustreet, a real estate investment trust in February. Trustreet was the original holder of the properties, and specialized in casual dining and quick-serve locations. Its portfolio of convenience stores went to GE Capital after the acquisition, and then to Getty, which agreed to acquire the stores, explained Shea. An additional number of stores that were once part of Trustreet's portfolio will be acquired by Getty in the next 30 days, the company stated in a release.

Getty stated that the acquisition will be accretive to its annual earnings, FFO and AFFO per share of common stock. The company owns or leases more than 1,100 locations in the United States.

"We are pleased to be adding these properties to our portfolio," Leo Liebowitz, Getty's chairman and CEO said in a written statement. "This acquisition transaction is consistent with our continuing focus on profitable growth through acquisitions of quality properties throughout the United States, and will add important tenant and geographic diversity to our portfolio."