Global Partners Firms Up Relationship with Getty Realty
Signs long-term lease for 90 gasoline stations in New York
Published in CSP Daily News
WALTHAM, Mass. -- Global Partners LP on Monday announced signing a long-term lease agreement with Getty Realty Corp. that enables the partnership to supply gasoline to and operate through a dealer network of approximately 90 of Getty's gasoline stations in the boroughs of Queens, Manhattan and the Bronx, as well as in Long Island and Westchester County.
"Further enhancing our fuel supply and distribution network through vertical integration of strategically located assets is a key element in our growth plan, and today's announcement is the most recent step in executing that objective," said Eric Slifka, the partnership's president and CEO. "Our expanded relationship with Getty, which follows this year's acquisition of Alliance Energy and our 2010 purchase of Mobil stations from ExxonMobil Corp., demonstrates the value of our gasoline distribution and station operations segment as an effective and efficient platform for growth."
"This long-term agreement significantly expands our retail gasoline and fuel distribution presence in the New York metro region," Slifka said. "We look forward to continuing to enhance our strategic alliance with Getty."
Most of the approximately 90 stations under the new long-term lease arrangement had been part of an interim fuel supply and services agreement that Global Partners and Getty entered earlier this year. The initial lease term for the locations is 15 years and includes multiple five-year renewal options.
Approximately 140 sites, the majority in New York and New Jersey, will continue to operate under the interim fuel supply agreement.
Waltham, Mass.-based Global Partners LP, a publicly traded master limited partnership, owns, controls or has access to one of the largest terminal networks of refined petroleum products and renewable fuels in the Northeast. Global Partners is a leader in the logistics of transporting crude and other products from the mid-continent region of the U.S. and Canada to the East Coast.