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**Getty Realty Acquires Houston Convenience Store Portfolio for $100M**
Getty Realty Corp., a net lease REIT specializing in convenience and automotive retail properties, announced the completion of a $100 million sale-leaseback transaction. The deal includes the acquisition of 12 convenience stores and the establishment of a long-term lease agreement with a subsidiary of Now & Forever, a privately owned, Houston-based regional convenience store chain.
The newly acquired stores are strategically located along major retail corridors in the West and Southwest submarkets of Houston. Each store averages more than 8,000 square feet and features a combination of branded and private-label made-to-order food offerings. The locations benefit from being part of Now & Forever’s cohesive network in higher-income neighborhoods.
Under the terms of the unitary net lease, Getty Realty will lease the properties back to Now & Forever for an initial term of 15 years. The agreement includes multiple renewal options and stipulates rent increases every five years.
With this transaction, Getty Realty has invested approximately $233 million year-to-date in convenience and automotive retail assets, with an initial cash yield of 7.9%.
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