Getty Realty Corp., a real estate investment trust (REIT) focused on convenience stores and automotive retail real estate, has closed a sale-leaseback transaction for the acquisition of 12 c-stores for $100 million. Getty Realty simultaneously entered into a long-term, unitary net lease with a subsidiary of Now & Forever, a privately owned, regional c-store chain located in Houston.
The acquired properties are located on prominent corners along major retail corridors in the West and Southwest submarkets of Houston, the company said. The convenience stores average more than 8,000 square feet and include branded or private-label made-to-order food offerings.
The stores are part of a network of locations that Now & Forever has strategically assembled in higher income areas of the Houston metropolitan area, said Getty Realty. The unitary lease provides for an initial term of 15 years, with multiple renewal options, and rent increases every five years.
Year to date, Getty Realty has invested approximately $233 million in convenience and automotive retail assets at a 7.9% initial cash yield, it said, including this transaction and approximately $56 million that it invested during the quarter ended Sept. 30.
Founded by brothers Zain and Shayan Farooqi in 2005, Now & Forever is a family-owned and -operated chain of 22 travel centers and convenience stores. The sites primarily offer Shell-branded fuel.
New York-based Getty Realty Corp. is a publicly traded, net lease REIT specializing in the acquisition, financing and development of convenience, automotive and other single-tenant retail real estate. As of June 30, 2025, the company’s portfolio included 1,137 freestanding properties located in 44 states across the United States and Washington, D.C.
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.