Getty Realty Corp. (NYSE: GTY) said Monday it acquired 36 ExxonMobil (NYSE: XOM) gas stations and convenience stores in the Washington, D.C., area for $49 million, according to Associated Press.
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Getty said it bought the gas stations from ExxonMobil, immediately sold them to White Oak Petroleum LLC and then leased them back. The stations and stores will retain the ExxonMobil name and be run by their current independent dealers.
The leases have an initial term of 20 years, plus renewal options.
Getty is a real estate investment trust that specializes in gas station-convenience stores and petroleum distribution terminals. The company said it has about 1,100 properties around the U.S.
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