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 netfor 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.
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