Getty Realty (GTY) Acquires 36 Exxon Branded Gasoline Stations
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Getty Realty Corp. (NYSE: GTY) acquired 36 Exxon branded gasoline station and convenience store properties located primarily in Prince George's County, Maryland, for $49.0 million in a sale/leaseback transaction with White Oak Petroleum LLC.
The 36 properties were acquired in a simultaneous transaction among ExxonMobil (NYSE: XOM), White Oak Petroleum and Getty Realty Corp., whereby White Oak Petroleum acquired the properties from ExxonMobil and simultaneously completed a sale/leaseback of all 36 properties with Getty Realty Corp. The unitary triple net lease for the properties between White Oak Petroleum and Getty Realty Corp. has an initial term of 20 years plus renewal options. The properties will continue to be operated under the Exxon brand by the existing independent dealers. White Oak Petroleum is an affiliate of DAG Enterprises, Inc., led by Joe Mamo, one of the largest motor fuel distributors in the DC, Virginia and suburban Maryland area.
"...We expect this acquisition to be immediately accretive to annual earnings." [SM]
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