JERICHO, N.Y. -- An 18-site convenience store chain will close up shop with the sale of its properties to Getty Realty Corp., Jericho, N.Y., as announced yesterday in a CSP Daily News Flash. Arrow Mart Convenience Stores, Caledonia, N.Y., sold its 18 sites to Getty Realty for approximately $16 million.
The owner is moving to Florida, Kevin Shea, executive vice president of Getty Realty, told CSP Daily News. He's got one store down there that he's going to operate. Following the closing of the sale, which is expected by the end of the first quarter, the [image-nocss] stores will be leased to Yellow Goose Markets, increasing the store count for the East Amherst, N.Y.-based subsidiary of MWS Enterprises to about 50.
We've never worked with Getty before. We're really excited about doing this with them, and we look forward to growing with them, Mark Sidebottom, president of Yellow Goose Markets, told CSP Daily News. This will give us a lot more stores than we have.
Attempts to reach Arrow Mart executives for comment were unsuccessful, but Shea said he has known the former owner, John E. Crawford, for several years. So when he and the other principals of the company decided to sell, they gave Getty Realty a call to see if they were interested.
Getty then set out to find the right tenant for the stores. When we reached our agreement to purchase the sites from Arrow Mart, we looked at who was doing business in the area, Shea said. We talked with a few folks and we settled on Yellow Goose.
Sidebottom said he plans to retain both the Arrow Mart name and the Mobil gasoline brand on the stores. The lease has an initial term of 15 years and provides three renewal terms of five years each.
Leo Liebowitz, Getty Realty's chairman and CEO, said, We are pleased to be adding these quality properties to our portfolio and another experienced operator to our tenant roster. This acquisition and net-lease transaction is consistent with our continuing focus on profitable growth through acquisitions of quality properties throughout the United States.
Getty Realty Corp. is the largest publicly traded real-estate investment trust in the United States, specializing in the ownership and leasing of retail motor fuel and convenience store properties and petroleum distribution terminals. The company owns and leases more than 1,050 properties in the Eastern United States. The company has acquired about 80 c-stores in past 18 months with plans for continued growth, according to Shea.
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