LOS ANGELES — Getty Realty Corp. has purchased a six-property portfolio of Mobil-branded convenience and gasoline retail sites in Los Angeles in a $24.5 million sale-leaseback transaction.
The seller, known as 1234 M Division Street Inc., is a boutique car-wash, convenience-store and gas-station operator based in Lancaster, Calif.
Stan Johnson Co., a commercial real estate brokerage firm, represented 1234 M Division Street in the transaction. The Los Angeles-based firm focuses exclusively on net lease transactions involving retail, office, industrial, healthcare and sale-leaseback properties.
“Being a merger and acquisition-style sale-leaseback, this deal was bound to be complicated, and it did not disappoint,” said Matt Lipson, associate director of Stan Johnson Co. “We were in escrow for nearly eight months, but everyone came out a winner, including buyers, sellers and tenant. The acquiring tenant found the lion’s share of their acquisition financing via sale-leaseback, and a highly sophisticated [convenience and gas] real estate owner acquired six tremendously valuable properties with a long-term tenant in place.”
Jericho, N.Y.-based Getty Realty is a publicly traded real estate investment trust (REIT) specializing in the ownership, leasing and financing of c-store and gas-station properties. As of March 31, 2019, the company owned 859 properties and leased 73 from third-party landlords in 30 states and Washington, D.C.