Getty Realty Re-Leases 443 Properties
Finds new tenants for former Getty Petroleum sites
Published in CSP Daily News
JERICHO, N.Y. -- Getty Realty Corp. has repositioned its portfolio of properties previously leased to Getty Petroleum Marketing Inc. Through this effort, Getty has successfully leased 443 properties on a long-term triple-net basis with eight different tenants. Tenants include:
- BP Products North America Inc. (28 properties).
- A subsidiary of Lehigh Gas Partners LP (145 properties).
- A subsidiary of Global Partners LP (84 properties).
- NECG Holdings, an affiliate of CPD Energy (84 properties).
- A subsidiary of Capital Petroleum Group (24 properties).
- MWS Enterprises (10 properties).
- Ramoco Fuels (61 properties).
- An affiliate of Sam's Food Stores (28 properties).
Matrix Capital Markets Group Inc., Richmond, Va., advised Getty Realty through the transactions.
"It has been a great honor to be selected by Getty to assist them with this substantial challenge,” said Thomas Kelso, a managing director at Matrix. “To reposition this large of a portfolio in approximately nine months’ time took an enormous effort by Getty and Matrix. The coordinated effort with Getty that was required to accomplish this endeavor was led by our energy team at Matrix, which enabled us to successfully produce the timely and effective results required by our client."
David B. Driscoll, Getty Realty Corp.'s CEO, said, "We considered several options before selecting Matrix for this assignment, and this experience confirms that we made the right choice. Matrix's professional and disciplined approach delivered timely and cost effective results. The Matrix team helped us to expand our client base and preserve value in the portfolio."
Getty Realty Corp., Jericho, N.Y., is the leading publicly-traded real estate-investment trust in the United States specializing in ownership, leasing and financing of convenience store/gas station properties and petroleum distribution terminals. The company owns and leases approximately 1,110 properties nationwide.
It found itself in need of repositioning the properties when its primary tenant, Getty Petroleum Marketing Inc., ran into financial troubles and filed for bankruptcy protection in December 2011.