NEW YORK -- Intending to operate the sites through its commission marketer channel of trade, BP said that it has reached a long-term lease agreement with Getty Properties Corp., a subsidiary of Getty Realty Corp., to convert a portfolio of up to 28 Getty-branded retail sites in New York and New Jersey to the BP brand.
As reported in a Raymond James/CSP Daily News Flash on Tuesday, BP said that it intends to convert the 13 New York and 15 New Jersey sites to the BP brand. The sites will be operated by commission marketers and direct supplied from BP's Carteret, N.J., and Brooklyn, N.Y., terminals.
"This agreement is a further indication of our plans to invest in and grow the BP retail network and the value of the BP brand east of the Rockies in partnership with both branded jobbers and dealers, including commission marketers," said Corey Correnti, BP vice president of marketing, sales and supply.
BP did not respond by press time to CSP Daily News inquiries for additional details.
East Meadow, N.Y.-based Getty Petroleum Marketing Inc. (GPMI) filed for Chapter 11 bankruptcy protection in December 2011 and withheld rent on its properties. Jericho, N.Y.-based real-estate investment trust (REIT) Getty Realty then terminated GPMI's master lease of the sites and repossessed its portfolio of nearly 800 properties. The situation created supply issues in the Northeast in the Spring.
As of June 1, 2011, Getty Realty owned 1,003 of its 1,170 properties and leased the remaining 167 properties from third-party landlords under long-term leases. Getty Realty's properties are located in 20 states with concentrations in the Northeast and the Mid-Atlantic regions. The properties are operated under a variety of brands, including Getty, BP, Exxon, Mobil, Shell, Chevron, Valero, Fina and Aloha.
Click here for previous CSP Daily News coverage of Getty.
BP--with U.S. operations based in Chicago, Houston and La Palma, Calif.--markets more than 15 billion gallons of gasoline every year United States to consumers through more than 11,000 branded retail outlets and supplies more than four billion gallons of fuel annually to fleets, industrial users, auto and truck manufacturers, railroads and utilities. With headquarters in London, BP is the single, global brand formed by the combination of the former British Petroleum, Amoco, Atlantic Richfield (ARCO) and Burmah Castrol. It is a global producer, manufacturer and marketer of oil, gas, chemicals and renewable energy sources.
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