Getty Realty to Buy 41 Convenience Stores in $260.9 Million Deal
The net-lease REIT added Refuel as its third-largest tenant through four long-term unitary leases on the acquired stores.
Getty Realty Corp. (GTY) acquired 41 convenience stores from Refuel Operating Company, LLC in a $260.9 million asset purchase and simultaneously entered into four long-term, unitary net leases with the operator, making Refuel the REIT’s third-largest tenant.
The net-lease REIT, which specializes in convenience, automotive and other single-tenant retail real estate, said the transaction was Refuel’s first portfolio sale-leaseback.
“[W]e are excited to partner with Refuel on its first portfolio sale-leaseback transaction and to further advance the relationship we have cultivated over the last several years,” stated Christopher J. Constant, Getty’s President & Chief Executive Officer.
The four unitary leases convert the 41 stores into long-term, single-tenant income streams rather than a single multi-tenant asset, matching Getty’s underwriting of freestanding convenience properties. The leases were long-term and unitary, and Refuel now ranks as Getty’s third-largest tenant.
Getty has been deploying capital into convenience and automotive retail throughout 2026. In the first quarter it invested $30.3 million across 29 properties at an 8.0% initial cash yield and expanded its committed pipeline to more than $125 million. In the second quarter it invested $128.3 million across 42 properties at a 7.4% initial cash yield, plus an additional $13.5 million at an 8.2% initial cash yield after quarter-end, and reported a committed pipeline of more than $95.0 million for 30 properties as of July 22, 2026. For full-year 2025 it invested $268.8 million at a 7.9% initial cash yield.
The Refuel purchase sits within that same convenience-retail investment program. As of June 30, 2026, Getty’s portfolio included 1,224 freestanding properties in 46 states and Washington, D.C. The $260.9 million asset purchase and the four concurrent leases are the latest addition to that convenience-store book.