Getty Realty Inks 15-Year Leases on 109 Properties
JERICHO, N.Y. -- Getty Realty Corp. has inked triple-net leases for 109 convenience stores and gas stations in two separate transactions.
The larger transaction is a 15-year pact between Getty and Global Partners LP for the latter to operate 84 c-stores and gas stations.
According to Getty, it will earn approximately $7.7 million in revenue from its new lease with Global Partners.
The 84 sites are located in the New York City boroughs of Queens, Manhattan and the Bronx, as well as Westchester County and Long Island, N.Y.
"This long-term agreement significantly expands our retail gasoline and fuel distribution presence in the New York metro region," said Eric Slifka, president and CEO of Waltham, Mass.-based Global Partners.
Following the transaction, Global Partners will have a portfolio exceeding 1,000 gas stations and convenience stores in nine Northeastern states.
Getty also agreed to lease 25 properties to Lehigh Gas Partners LP. As part of the 15-year deal, Getty stated it will earn annual lease revenue of $1.4 million.
The 25 locations in the Lehigh Gas deal are mostly located in Northern New Jersey.
"We are excited to enter into a new long-term relationship with Global and expand our relationship with Lehigh," said David Driscoll, Getty Realty's CEO. "We have worked well with both companies in the past and look forward to long and beneficial relationship on these properties in the coming years."
In addition to 15-year pacts with both companies, the leases provide for multiple renewal options.
Getty Realty Corp. owns and leases approximately 1,100 convenience stores and gas stations nationwide.