Getty Realty Corp. has signed two long-term triple-net leases for 109 properties representing $9.1 million in annual triple–net GAAP revenue.
The first lease is with a subsidiary of Global Partners LP. It comprises 84 properties located throughout the New York metropolitan area, including New York City and Long Island.
The annual triple-net GAAP revenue from this lease is anticipated to be approximately $7.7 million. The second lease is with a subsidiary of Lehigh Gas Partners LP. It comprises 25 properties located mainly in northern New Jersey. The annual triple-net GAAP revenue from this lease is anticipated to be approximately $1.4 million. Both leases have 15-year initial terms with options for multiple renewal terms.
“We are excited to enter into a new long-term relationship with Global and expand our relationship with Lehigh,” said David Driscoll, Getty’s president and CEO. “We have worked well with both companies in the past and look forward to a long and beneficial relationship on these proprieties in the coming years.”