Getty Realty acquires 41 Refuel stores in $261 million deal
The transaction includes convenience stores across four states and provides Refuel with additional capital flexibility to support future growth and investment.
Getty Realty has completed a $260.9 million sale-leaseback transaction with Refuel Operating Company, acquiring 41 convenience stores while establishing a long-term lease agreement with the retailer.
The portfolio includes 17 stores in South Carolina, 12 in North Carolina, seven in Texas and five in Mississippi. Under the agreement, Refuel will continue operating the locations through four unitary net leases with initial terms of 20 years, renewal options and periodic rent escalations.
The acquired stores are modern, large-format sites averaging nearly 5,000 square feet and 2.5 acres. Many locations include proprietary foodservice concepts and branded quick-service restaurant offerings.
For Refuel, the transaction is intended to optimize its real estate portfolio while creating greater flexibility to invest in its business. The retailer operates approximately 250 convenience stores and fuel retail locations under the Refuel and Double Quick banners across the southeastern United States.
“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.”
The deal builds on an existing relationship between the companies, with Getty already owning six properties operated by Refuel. Following the transaction, Refuel will become Getty Realty's third-largest tenant based on annualized base rent.
