Getty Realty Web Site - September 28, 2009
Getty Realty Corp. (NYSE: GTY) announced today that on Friday September 25, 2009 it 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, 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.
Getty Realty Corp. is the largest publicly-traded real estate investment trust in the United States specializing in ownership and leasing of convenience store/gas station properties and petroleum distribution terminals. The Company owns and leases approximately 1,100 properties nationwide.
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