Net lease REIT Getty Realty Corp., which focuses on convenience and automotive retail real estate, said Monday it had closed a sale-leaseback transaction under which it acquired 12 convenience stores for $100 million. Simultaneously, it entered into a long-term, unitary net lease with a subsidiary of Now & Forever, a privately owned regional convenience store chain located in Houston.
The convenience stores are located along major retail corridors in the West and Southwest submarkets of Houston. They 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. The unitary lease provides for an initial term of 15 years, with multiple renewal options, and rent increases every five years.
Year to date, Getty Realty has invested approximately $233 million in convenience and automotive retail assets at a 7.9% initial cash yield.
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