Mergers & Acquisitions ·
Getty Realty closes $260.9M sale-leaseback of 41 convenience stores, adding Refuel as third-largest tenant
GTYGetty Realty Corp
Getty Realty Corp. closed a $260.9 million sale leaseback transaction with Refuel Operating Company, LLC, acquiring 41 convenience store properties in Mississippi, North Carolina, South Carolina, and Texas. The company simultaneously entered into four unitary triple net leases with initial terms of 20 years, multiple renewal options, and rent escalations every five years, guaranteed by parent FR Refuel, LLC. This acquisition makes Refuel the Company’s third-largest tenant, representing approximately 7.7% of annualized base rent. The transaction was funded through forward equity sale agreements, a new $200 million unsecured term loan maturing in October 2028, and property dispositions. Year-to-date investment activity totals approximately $455.2 million at a 7.1% initial cash yield. Getty Realty Corp. is a net lease REIT specializing in convenience and automotive retail real estate.