Arent Fox Advises Getty Realty in $214 Million Acquisition of Retail and Gas Outlets in Five Western States
New York, NY — An Arent Fox LLP corporate team led by New York partner Michael S. Blass has advised Getty Realty Corp. in its $214 million acquisition of 77 convenience stores and gas stations across five Western states. The transaction, which closed on June 3, 2015, adds a number of well-known brands to the Getty portfolio of properties, including Conoco, Circle K, 7-11, My Goods Market, and 76, at locations in California, Oregon, Washington, Nevada, and Colorado.
Mr. Blass, a corporate transaction and regulatory lawyer and former Managing Partner of Arent Fox’s New York office, was assisted in the representation of Jericho, NY-based Getty by Corporate & Securities partner Rachel J. Richardson, Real Estate attorney Jane R. Leylegian, and associates Deborah Bey, Eric B. Hamburg, and Jennifer C. Koehler.
The 77 properties were acquired from Pacific Convenience and Fuels LLC of Pleasanton, California, and are being triple-net leased to United Oil for 20 years, with options for up to three five-year renewals. The locations make up nearly 20 percent of United Oil’s retail outlets, which are concentrated in the Western US. United Oil is headquartered in Gardena, California.
Getty, a real estate investment trust, says it expects to receive approximately $16.7 million in GAAP revenue from the acquisition.
"We are pleased to play a role in this important transaction for Getty, in which it greatly adds to its portfolio of motor fuel and convenience store properties, and brings aboard a number of high-profile marks to join those it already operates, which include Exxon, Mobil, Shell, Chevron, Getty, and others familiar to the American road," said Mr. Blass. "This strategic geographic expansion should mean sustained growth for Getty shareholders and a solidified credit foundation for the company. Arent Fox drew on its experience across offices in Washington and New York to complete a transaction that involved several stages and players, including buyer, seller, lessee, and lessor."
Arent Fox LLP, founded in 1942, is internationally recognized in core practice areas where business and government intersect. With more than 400 lawyers, the firm provides strategic legal counsel and multidisciplinary solutions to clients that range from Fortune 500 corporations to trade associations. The firm has offices in Los Angeles, New York, and Washington, DC. For more information, visit www.arentfox.com.