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Saturday, January 22, 2011

Sale-Leaseback Gas Stations and Convenience Stores


Jericho, New York- Today we have Net Lease Properties information on Sale-Leasebacks of NNN Properties. Getty Realty Corp. has acquired 59 convenience stores in and around the northern suburbs of New York City. Getty Realty Corp. is the largest publicly traded real estate investment trust (REIT) that specializes in the ownership and net-leasing of service stations, convenience stores and petroleum distribution terminals in the United States.

Getty Realty Corp. also provides financing to the petroleum and convenience store industries for acquisitions, and site upgrades. They are currently refinancing through sale-leaseback and net lease financing programs. Getty Realty Corp. currently owns or leases approximately 1,109 service station and convenience store properties. These net lease properties and petroleum distribution terminals are spread out in twenty-one states.

The net sale-leaseback transactions were also in Westchester, Rockland counties and the lower Hudson Valley. Getty Realty Corp. is a locally headquartered real estate investment trust (REIT) and took ownership of the Mobil-branded properties. The sale-leaseback price for all nnn lease investments was for $111.3 million. A sale-leaseback is a very convenient process for commercial property owners to secure a quick cash infusion for this business.

The 59 nnn properties were acquired in a simultaneous sale-leaseback transaction with Exxon-Mobil, CPD NY Energy Corp. (a subsidiary of Chestnut Petroleum Distributors) and Getty Realty Corporation. The results are that CPD acquired a portfolio of 65 gasoline station and convenience stores from Exxon Mobil and simultaneously completed a sale-leaseback of most of the nnn properties with Getty Realty Corporation.

Now we get to the Investment Property financing portion of the sale-leaseback deal with gas stations and convenience stores. The majority of the net lease financing was provided by Getty with a sale-leaseback transaction with a long-term triple net lease. This NNN Lease contains an initial term of 15 years plus renewal options are available. The remainder of the net lease funding was provided by Getty to CPD under a secured, self-amortizing commercial loan. This new Commercial Loan will have a 10-year term.

The sale-leaseback NNN properties acquired by Getty are high volume locations with strong net operating histories. The NNN properties will continue to sell gas under the Mobil brand and will be operated by CPD NY Energy Corp. or by the existing independent dealers who will also be supplied fuel by CPD. These sale-leaseback NNN properties are located in strong markets with outstanding long term demographics that help fuel triple net lease properties.

Getty Realty Corp has a history of these sale-leaseback transaction that we saw in 2009. White Oak Petroleum L.L.C. sold 36 Exxon gasoline station and convenience store NNN properties for $49 million in 2009. This was a sale-leaseback transaction with Getty Realty Corp. acquiring the NNN commercial real estate. White Oak Petroleum L.L.C. was a Springfield, Virginia based company.

We have NNN Commercial Real Estate Buyers who like retail, and possible 1031 Exchange property solutions. Contact Net Lease Properties to sell your net lease properties, purchase NNN Property or 1031 exchange opportunities.

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