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JERICHO, N.Y. -- Getty Realty Corp. has entered into definitive asset purchase agreements to acquire 36 DB Mart stores located in Connecticut and Rhode Island. The aggregate purchase price for these properties is approximately $25 million.
The acquisition is being made as a part of the auction sale of all of the DB Mart locations, and has been approved by the United States Bankruptcy Court in Wilmington, Del.
"We are pleased to be adding these quality properties to our portfolio," said Leo Liebowitz, chairman and CEO of Getty Realty. "In view of the strong rental market for these properties, we expect the acquisition to be accretive to our earnings, given that the company's exposure to environmental remediation expenses should not change to any significant degree as a result of the acquisition."
Liebowitz added, "This purchase is consistent with our continuing focus upon profitable growth through acquisitions of quality properties throughout the United States."