$261M Deal: Getty Realty Acquires 41 Convenience Stores

In New York, Nearly a year after a big ticket Houston purchase, New York-based Getty Realty Corp. has purchased 41 convenience stores from Refuel Operating Co. in a $260.9 million sale-leaseback transaction. The purchase includes seven convenience stores in Texas.

In conjunction with the purchase, Getty Realty simultaneously entered into four long-term, unitary net leases with Refuel, which will continue to operate the locations. The purchase included 17 stores in South Carolina, 12 in North Carolina, seven in Texas, and five in Mississippi. The stores average nearly 5,000 SF and 2.5 acres per site.

The deal solidifies Texas as a top market for Getty Realty, which last year purchased a dozen Now & Forever convenience store locations in Houston in a $100 million sale-leaseback deal. Refuel’s Texas stores are concentrated in central Texas.

Based in Charleston, S.C., Refuel operates about 250 locations under the Refuel and Double Quick Brands across the Southeastern United States.

Refuel is already a tenant at six convenience stores owned by Getty. The deal positions the company for further growth.

“Getty has been a trusted partner to Refuel for several years, and we are thrilled to expand our relationship through this strategic transaction,” said Travis Smith and Jon Rier, Co-CEOs of Refuel. “This transaction creates a more balanced mix of owned and leased real estate, improves the efficiency of our capital structure, and provides additional flexibility to continue investing in our stores, our people, and the long-term growth of Refuel.”

Other convenience store chains are making moves in Texas, the nation’s largest market for convenience stores.

Casey’s General Stores, a Fortune 500 company based in in Ankeny, Iowa, is acquiring Pak-A-Sak, a 24-store chain in the Texas Panhandle.

Fort Worth-based Yesway has opened new Allsup’s stores recently in Odessa and Monahans, bringing its store count to more than 250 in Texas.