Getty Realty Corp. bought 36 Exxon branded gasoline station and convenience store properties in a sale/leaseback transaction with White Oak Petroleum LLC for $49.0 million.
The properties were acquired in a transaction in which White Oak Petroleum acquired them from ExxonMobil and simultaneously completed a sale/leaseback with Getty Realty Corp. The properties are primarily located in Prince George's County, Maryland.
Leo Liebowitz, Getty's chairman and CEO, said in statement, "We are pleased to be adding these high quality Exxon branded properties to our portfolio…. This transaction reflects our long-term commitment to profitable growth through strategic acquisitions of quality properties throughout the United States."
The unitary triple net leases for the properties include an initial 20 year-term term plus renewal options between White Oak Petroleum and Getty Realty Corp and its existing independent dealers. The stations will continue to operate under the Exxon brand.
White Oak Petroleum is an affiliate of motor fuel distributor DAG Enterprises Inc.
Other Notable Deals
The Macerich Partnership, L.P., the operating partnership of Macerich (NYSE: MAC) and Chicago-based real estate investment management firm Heitman today announced a joint venture in two of Macerich's assets, the 1,666,812-square-foot Freehold Raceway Mall and the 1,325,379-square-foot Chandler Fashion Center. Under the terms of the deal, Macerich receives $167.5 million in net cash proceeds and Heitman acquires a joint venture interest of 49.9 percent and assumes a pro rata share of the property level debt….Glimcher Realty Trust (NYSE: GRT) announced the agreement for the sale of its Lloyd Center regional mall located in Portland, Ore., to Merlone Geier Partners IX, L.P. has been terminated….Levin Management Corp. negotiated the acquisition of the 103,244-square-foot Morrell Plaza shopping center in northeast Philadelphia for $22 million. The purchaser was a joint venture partnership that includes Levin Properties. The seller was Midland Development Group, represented in the transaction by Colliers Lanard & Axilbund….NorthMarq's Houston office arranged a $6 million refinance of a first mortgage for the 59,504-square-foot Kirkwood Shopping Center in Houston. Financing was based on a 9-year term with a 20-year amortization schedule and was arranged for the borrower, an individual investor, by NorthMarq through Symetra Life Insurance Co.… Canopy Commercial | Auction sold three Sonic Drive-In properties in Beaumont, Kountze and Orange, Texas, for $3.2 million. Each of the properties contains about 1,500 square feet. TRBP Limited L.P. sold the properties to a private investor. The franchises are managed by Setex Properties LLC.Union Bank provided financing for the deal….Stan Johnson Co. completed the sale of a Walgreens in Fruita, Colo. An individual 1031 exchange investor bought the property from a merchant Walgreens developer….The Rappaport Cos. has been selected to provide property management, leasing and construction management services for the 95,000-square-foot Hastings Marketplace in Manassas, Va….Impact Sports, a division of Hat World Inc., which is in turn a subsidiary of Genesco Inc., acquired Great Plains Sports of St. Paul, Minn. Great Plains Sports is a sporting goods dealer that operates the Steichen's Sporting Goods stores. Terms were not disclosed.