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JERICHO, N.Y. – Getty Realty Corp. has successfully leased 443 properties to eight different tenants with the help of advisor Matrix Capital Markets Group Inc.
All of the properties were formerly part of a master lease signed between Getty Realty and Getty Petroleum Marketing Inc. (GPMI). However, GPMI declared bankruptcy on Dec. 5, 2011. Under the master lease, Getty Realty leased 799 convenience stores and gas stations to GPMI.
All of the 443 new leases are long-term, triple-net agreements. The leases were signed between Getty Realty and the following companies: BP Products North America Inc. (28 properties); a subsidiary of Lehigh Gas Partners (145 properties); NECG Holdings, an affiliate of CPD Energy (84 properties); a subsidiary of Capital Petroleum Group (24 properties); MWS Enterprises (10 properties); Ramoco Fuels (61 properties); and an affiliate of Sam’s Food Stores (28 properties).
David B. Driscoll, Getty Realty’s CEO, stated that choosing Matrix Capital as its advisor was clearly the correct choice. "We considered several options before selecting Matrix for this assignment and this experience confirms that we made the right choice," he said. "Matrix's professional and disciplined approach delivered timely and cost effective results. The Matrix team helped us to expand our client base and preserve value in the portfolio."
Thomas Kelso, managing director at Matrix Capital, added that it was a great honor to work with Getty Realty. "To reposition this large of a portfolio in approximately nine months time took an enormous effort by Getty and Matrix. The coordinated effort with Getty that was required to accomplish this endeavor was led by our energy team at Matrix which enabled us to successfully produce the timely and effective results required by our client."
Getty Realty Corp. owns and leases approximately 1,100 c-store and gas stations nationwide.
Richmond, Va.-based Matrix Capital Markets Group Inc. provides transactional advisory services to several retail sectors, including c-stores, petroleum marketers, fuels distributors and retail propane distributors.