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Realty Income Buys Convenience Store Portfolio in $1.5B Sale Leaseback

Cumberland Farms, Tom Thumb, Fastrac and Sprint are in the portfolio.

Realty Income Corporation has signed an agreement to acquire up to 415 single-tenant convenience store properties located in the U.S. from EG Group in a $1.5 billion sales leaseback. The portfolio is expected to be acquired at an estimated cap rate of approximately 6.9% and have a 20-year weighted average initial lease term. The transaction is expected to close in the second quarter of 2023.

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David Hoffman

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