JERICHO, NY-Gas station/convenience store REIT Getty Realty Corp., based here, has expanded its portfolio by 59 Mobil-branded properties in a sale-leaseback with CPD NY Energy Corp. The deal, which involves properties in New York City’s northern suburbs, is valued at $111.3 million.

The 59 properties were acquired in a simultaneous transaction among ExxonMobil; CPD, a subsidiary of Chestnut Petroleum Distributors; and Getty Realty. CPD acquired a portfolio of 65 gasoline station and convenience stores from ExxonMobil and simultaneously completed a sale/leaseback of substantially all of the acquired properties with Getty, the REIT said late Thursday.

Approximately 85% of the funding was provided by Getty via a sale/leaseback transaction with a long-term triple-net unitary lease for 15 years plus renewal options. Additional funding was provided by Getty to CPD under a secured, self-amortizing loan having a 10-year term, the release states.

CPD will continue to sell Mobil-branded gas at the properties, which are located primarily in the lower Hudson Valley as well as Westchester and Rockand counties. The stations will be operated by CPD or the existing independent dealers.

“We are pleased to have been able to finance the acquisition of these excellent properties for CPD,” Getty Realty CEO David Driscoll says in a release. “The sites have secure and steadily growing operating histories and are located in strong markets with excellent long term demographics.”

Driscoll adds that the company is “equally pleased to have begun a relationship with CPD, a respected and growing regional gas station and convenience marketer, and look forward to continue to grow with them.” He calls the deal “an example of our efforts to seek growth through quality acquisitions. We expect this acquisition to be immediately accretive to annual earnings.” New Paltz, NY-based CPD’s portfolio prior to the Getty sale/leaseback was approximately 135 properties in New York, New Jersey and Massachusetts.

Calls to Getty Realty for additional comment were not returned by deadline. The publicly traded REIT owns and leases approximately 1,110 properties nationwide.