The 59 properties were acquired in a simultaneous transaction among ExxonMobil, CPD NY Energy Corporation, a subsidiary of Chestnut Petroleum Distributors, and Getty Realty Corporation whereby CPD acquired a portfolio of 65 gasoline station and convenience stores from ExxonMobil and simultaneously completed a sale/leaseback of substantially all of the acquired properties with Getty Realty Corporation.

Approximately 85 percent of the funding was provided by Getty via a sale/leaseback transaction with a long-term triple net unitary lease having an initial term of 15 years plus renewal options. Additional funding was provided by Getty to CPD under a secured, self-amortizing loan having a 10-year term.

The properties acquired by Getty are high volume locations with strong operating histories. The properties will continue to sell gas under the Mobil brand and will be operated by CPD or by the existing independent dealers who will be supplied fuel by CPD.

David Driscoll, CEO of Getty Realty Corporation, said: “We are pleased to have been able to finance the acquisition of these excellent properties for CPD. The sites have secure and steadily growing operating histories and are located in strong markets with excellent long term demographics.

“We are equally pleased to have begun a relationship with CPD, a respected and growing regional gas station and convenience marketer, and look forward to continue to grow with them. This acquisition is an example of our efforts to seek growth through quality acquisitions. We expect this acquisition to be immediately accretive to annual earnings.”

Will the acquisition benefit Getty Realty?

Have your say and discuss with your peers on the InfoGrok community.

Participate by posting your comments now.