Getty Realty Corp. (NYSE:GTY) announced the closing of an acquisition and leasing transaction under which it acquired 30 convenience store and gasoline station properties from E-Z Mart Stores, Inc. for ~$52M.
“We are excited to have completed this transaction which expands our existing relationship with GPM Investments, one of the leading convenience store operators in the United States. The properties acquired represent a high-quality convenience store and gasoline station portfolio and are located in strong commercial real estate markets, with approximately one third of the sites being located in the Dallas-Fort Worth metropolitan market. The completion of this transaction also continues our stated objective to grow and further diversify our portfolio in the convenience and gas sector,” stated Christopher J. Constant, Getty’s President & Chief Executive Officer.
The Company funded the transaction through funds available under its revolving credit facility.
The transaction is expected to be immediately accretive to net earnings.
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