Getty Realty Corp. (NYSE: GTY), a New York City-headquartered REIT focused on convenience and automotive retail real estate, announced its acquisition of 12 convenience stores for $100 million along with a long-term, unitary net lease with a subsidiary of Now & Forever, a privately-owned, regional convenience store chain based in Houston.
According to the company, the acquired properties are “located on prominent corners along major retail corridors in the West and Southwest submarkets of Houston.” The convenience stores in this portfolio have an average of more than 8,000 square feet, include branded or private label made-to-order food offerings, and are part of a network of locations that Now & Forever assembled in higher income submarkets of the Houston metropolitan area.
Furthermore, the unitary lease provides for an initial term of 15 years, with multiple renewal options, and rent increases every five years.
Getty Realty added that it invested approximately $233 million in convenience and automotive retail assets year-to-date at a 7.9% initial cash yield, including the announced transaction and approximately $56 million invested during the third quarter.
