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