RIVERSIDE, Calif. -- In an acquisition and restructuring of a multi-use property in Riverside, Calif., Getty Realty Corp. has purchased the real estate and Coastline Partners Inc. has become the master tenant and operator of what is now known as Riverside Travel Center.
Coastline Partners Inc. purchased the nearly 2.6-acre property out of bankruptcy in late 2014 from the owner's estate for $3 million. The property includes a retail gas station, large-format convenience store, a restaurant space, smog shop and a Meineke repair shop. There is also a vacant adjoining parcel that will be redeveloped.
Getty Realty provided sale-leaseback financing in 2014.
Following a number of strategic management and operational changes, the retail gas facility--previously under the Mobil brand--is now Shell branded following a re-imaging plan completed by distributor SC Fuels.
The large format convenience store was successfully re-opened and will be fully operational following transfer of appropriate permits. The current plan for the convenience store is to eventually carry a recognized brand under a franchise agreement.
Petroleum Equity Group Ltd. served as the exclusive advisor for this transaction.
“This was an incredibly complex transaction, and we were so thankful to have the commitment of partners like Coastline and Getty Realty," said Ken Shriber, CEO of Petroleum Equity Group.
“The yearlong purchase process was exhaustive, and we are so pleased that in the end we were victorious in securing the property, improvements and businesses," Eric Dransfield, CEO of Eureka, Calif.-based Coastline said. "The management team appreciates the support from Getty Realty, and we will continue to work tirelessly to become a premier master tenant and operator.”
Mike Montgomery, COO of Coastline, said, “We plan additional future transactions together as we develop our growth plans in Southern California.”
Petroleum Equity Group, Chappaqua, N.Y., is a full service advisory company to the downstream fuels industry, providing business assessment and valuation analysis, merger and acquisition support, financing and related services.
Jericho, N.Y.-based Getty Realty is a leading publicly traded real-estate investment trust (REIT) specializing in ownership, leasing and financing of convenience-store and gas-station properties. The company owns and leases approximately 930 properties nationwide.