X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PRINCE GEORGE’S COUNTY, MD-New York based Getty Realty Corp. has acquired 36 Exxon branded gas stations and convenience stores in a $49 million sale leaseback transaction with White Oak Petroleum. The stores are locally based. Getty Realty Corp. did not return a call to GlobeSt.com in time for publication.

The deal was a simultaneous transaction involving Getty, ExxonMobile and White Oak Petroleum, in which White Oak acquired the properties from ExxonMobile and the completed the sale leaseback with Getty Realty Corp. The transaction has an initial term of 20 years, plus renewal options. The properties will continue to operate under the Exxon brand by the independent dealers.

An affiliate of DAG Enterprises, White Oak Petroleum is led by Joe Marno, a motor fuel distributor in the Mid-Atlantic. Getty’s entered the deal from a very solid cash position; in August it reported that net earnings increased by $3 million to $13.6 million for the quarter ended June 30th, and by $1.5 million to $23.5 million for the six months ended June 30th, 2009. This compares to $10.6 million and $22 million for the respective prior year periods. 

Sale leasebacks are common retail finance strategies, well suited for gas and convenience stores.  This summer, for example, RaceTrac Petroleum tapped CBRE to market 16 newly constructed store-fueling stations for the Atlanta based company, located in Dallas, Irving, Murphy, Garland and Carrollton, TX; Hiram, Marietta and Woodstock, GA; Tampa and Mt. Dora, FL; Little Rock, AK; Corinth and Jackson, MS; and Chattanooga, TN. 

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.