Getty Realty Corp., a net lease REIT focused on convenience and automotive retail real estate, acquired 12 Now & Forever convenience stores for $100 million, and simultaneously entered into a long-term, net lease with the company, a privately-owned, regional convenience store chain located in Houston.
The acquired properties are located on prominent corners along major retail corridors in the West and Southwest submarkets of Houston. The convenience stores average more than 8,000 square feet, include branded or private label made-to-order food offerings, and benefit from the cohesive network of locations that Now & Forever has assembled in higher-income submarkets of the Houston metropolitan area. The lease provides for an initial term of 15 years, with multiple renewal options, and rent increases every five years. Now & Forever has 25 Houston-area stores.
The post Now & Forever Closes on $100M Sale-Leaseback with Getty Realty appeared first on Connect CRE.
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