Getty Realty’s $100M Houston Convenience Store Deal

Getty Realty Corp., a New York City-based real estate investment company that focuses on convenience and automotive retail properties, has purchased 12 convenience stores in Houston for $100 million. The deal also includes a long-term lease with a subsidiary of Now & Forever, a privately-owned convenience store chain based in Houston.

The company says the new stores are “on key corners along major shopping areas in West and Southwest Houston.”

Each store averages more than 8,000 square feet and offers both branded and private-label made-to-order food. Now & Forever chose these locations in higher-income neighborhoods of Houston’s metro area.

Long-Term Lease with Now & Forever

The lease will last for an initial 15 years and includes multiple renewal options. Rent will increase every five years.

Getty Realty also reported that it has invested about $233 million in convenience and automotive retail properties so far this year. This includes the Houston deal and roughly $56 million spent in the third quarter alone.

The company says these investments deliver an initial cash yield of 7.9%.

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Saleem Mubarak: The writer is a real estate journalist specializing in all types of New York City properties, including luxury residences, commercial spaces, and homes.

He also writes humorous articles about real estate, investors, and realtors.