JERICHO, N.Y. -- Getty Realty Corp. announced yesterday that on September 25 it acquired 36 Exxon-branded gas station and convenience store properties located primarily in Prince George's County, Md., for $49 million in a sale/leaseback transaction with White Oak Petroleum LLC.
The 36 properties were acquired in a simultaneous transaction among Exxon Mobil Corp., White Oak and Getty Realty, whereby White Oak acquired the properties from ExxonMobil and simultaneously completed a sale/leaseback of all 36 properties with Getty Realty.The properties will continue to be operated under the Exxon brand by the existing independent dealers. White Oak is an affiliate of DAG Enterprises Inc., led by Joe Mamo, one of the largest motor fuel distributors in the Washington, D.C., Virginia and suburban Maryland area.
The unitary triple net lease for the properties between White Oak and Getty Realty has an initial term of 20 years plus renewal options.
Leo Liebowitz, Getty's chairman and CEO, said, "We are pleased to be adding these high-quality Exxon-branded properties to our portfolio and to have Joe Mamo, a highly respected marketer, as our tenant. This transaction reflects our long-term commitment to profitable growth through strategic acquisitions of quality properties throughout the United States."
He added, "We expect this acquisition to be immediately accretive to annual earnings."
Jericho, N.Y.-based Getty Realty is the largest publicly traded real-estate investment trust (REIT) in the United States specializing in ownership and leasing of convenience store/gas station properties and petroleum distribution terminals. The company owns and leases approximately 1,100 properties nationwide.
As reported in a CSP Daily News Flash yesterday, Crowder Corp., which provides advisory services for small- to middle-market clients in the convenience store and gas station industry on transactions ranging from single-site sales to $300 million in value, helped facilitate the transaction.
"This is the fourth acquisition that we have helped Joe Mamo facilitate this year, and during that time, Mr. Mamo has purchased a combined total of 111 locations from Exxon and Shell," said John C. Flippen Jr., president of Crowder Corp. and principal in Petroleum Capital & Real Estate LLC.
Mamo heads up White Oak, as wells as DAG Petroleum Suppliers LLC and Capital Petroleum Group, based in Springfield, Va.Calls to Mamo by CSP Daily News were not returned by press time.And as reported in early April, Eyob "Joe" Mamo, acting as president of DAG Petroleum Suppliers, completed the purchase of 19 Shell retail sites located in Arlington and Alexandria, Va. The sites were acquired through two newly formed and related companies, NOVA Petroleum Suppliers and Nova Properties.
DAG Petroleum Suppliers owns approximately 30 Shell franchises in the Washington, D.C., area.
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