JERICHO, N.Y. -- Getty Realty Corp. said that it has completed the previously announced acquisition of 18 retail motor fuel and convenience store properties located in western New York from Arrow Mart Convenience Stores of Caledonia, N.Y.
As reported in CSP Daily News, with the completion of the acquisition, all 18 properties were triple net leased to Yellow Goose Markets, a c-store operator in the region. The triple net lease has an initial term of 15 years and provides 3 renewal terms of 5 years each.
The locations [image-nocss] will remain branded Arrow Mart and will continue to offer Mobil-branded fuels that will be supplied by Reid Petroleum Corp. of Lockport, N,Y.
Getty Realty said it estimates that the acquisition and triple net lease transaction will be accretive to its annual earnings in the amount of approximately 3 cents per share of common stock.
Leo Liebowitz, Getty Realty's chairman and CEO, said "This acquisition and net lease transaction is consistent with our continuing focus on profitable growth through acquisitions of quality properties throughout the United States, leased to experienced operators like Yellow Goose Markets."
Getty Realty, Jericho, N.Y., is a publicly traded real estate investment trust specializing in the ownership and leasing of motor fuel/c-store properties and petroleum distribution terminals. It owns and leases more than 1,060 properties in the eastern United States.Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.