**Getty Realty Acquires Houston-Area Convenience Store Portfolio for $100 Million**
Net lease REIT Getty Realty Corp., a company specializing in convenience and automotive retail real estate, announced that it has completed a $100 million sale-leaseback transaction involving 12 convenience stores. The deal includes a long-term, unitary net lease agreement with a subsidiary of Now & Forever, a privately owned regional convenience store operator based in Houston.
Located across major retail corridors in the West and Southwest submarkets of Houston, the properties average over 8,000 square feet each. The stores feature either branded or private-label made-to-order food offerings and are part of a well-connected network of Now & Forever locations situated in higher-income areas.
Under the terms of the agreement, the initial lease spans 15 years and includes multiple renewal options, along with rent escalations every five years.
So far in 2024, Getty Realty has invested approximately $233 million in convenience and automotive retail properties, achieving an initial cash yield of 7.9%.
