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JERICHO, N.Y. -- As part of the recent acquisition where White Oak Petroleum LLC bought 36 fee simple locations from Exxon, the buyer simultaneously entered into a sale-leaseback transaction with Getty Realty Corp., based here.
The real estate investment trust Getty Realty Corp. gained the properties for the 36 sites, located primarily in Prince George's County, Md., for $49 million, according to the company. The unitary triple net lease has an initial term of 20 years plus renewal options.
The properties will continue to fly the Exxon banner under operation of White Oak, an affiliate of fuel distributor DAG Enterprises Inc., which is led by Joe Mamo.
"We are pleased to be adding these high quality Exxon-branded properties to our portfolio and to have Joe Mamo, a highly respected marketer, as our tenant," Leo Liebowitz, Getty's chairman and CEO, said in a statement. "This transaction reflects our long-term commitment to profitable growth through strategic acquisitions of quality properties throughout the United States. We expect this acquisition to be immediately accretive to annual earnings."
As reported yesterday by CSNews Online, CrowderCorp served as exclusive advisor to White Oak.
"This is the fourth acquisition that we have helped Joe Mamo facilitate this year and during that time Mr. Mamo has purchased a combined total of 111 locations from Exxon and Shell," John C. Flippen, Jr., president of CrowderCorp, said in yesterday's report. "Our company differentiates itself by providing clients access to not only senior lenders but also mezzanine and private equity investors. We focus solely on completing transactions within the convenience store and gas station (C & G) industry and our ability to close these transactions during arguably one of the toughest economic environments on record demonstrates the need for buyers and sellers to hire specialists when contemplating C & G transactions."
In an interview with CSNews Online, Flippen noted the market for merger and acquisition activity in the convenience and petroleum retail industry is "leveling off -- it's not getting easier or harder," he said, noting it is still much more difficult to close a deal today than it was a year ago.
With this successful transaction, CrowderCorp has helped close more than $180 million in acquisitions so far this year. Flippen is also a principal within Petroleum Capital and Real Estate, LLC.
White Oak Acquires 36 D.C. Area Exxon Sites