Getty REIT Pays $25M in LA Gas Station Sale-Leaseback
New York-based Getty Realty Corporation has purchased a portfolio of six gas stations in Los Angeles County for $24.5 million in a sale-leaseback deal.
Five of the properties are Mobil-branded and the sixth is independent, according to information from Stan Johnson Company, which brokered the deal for the seller.
The deal carried a 7.25 percent cap rate. The seller and operator is 1234 M Division Street Inc.
Matt Lipson, Chris Lomuto and Milo Spector of Stan Johnson represented the seller, and Getty was represented in-house.
“Being a merger and acquisition-style sale-leaseback, this deal was bound to be complicated,” said Lipson. “We were in escrow for nearly eight months, but everyone came out a winner, including buyers, sellers and tenant.”
Getty is a publicly-traded real estate investment trust that specializes in convenience store and gasoline station properties. The company currently owns 920 such properties in 30 states, according to its website, most of which are leased or sublet to operators who manage them.