Getty Realty Acquired 41 Convenience Stores in $261M Deal

The commercial real estate firm purchased sites across four states, securing long-term leases with operator Refuel.

Updated on Sept. 23, 2026 in Commercial

A wide shot of a modern, low-rise retail building and parking lot during a bright day. — Getty Realty Corp. acquired 41 convenience store properties from Refuel Operating Company in a $260.9 million deal across four states. AI Illustration. Upload story photo >

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Getty Realty Corp. has completed a $260.9 million acquisition of 41 convenience store properties from Refuel Operating Company. The transaction includes long-term, 20-year net leases across sites in South Carolina, North Carolina, Texas, and Mississippi.

Why it matters

This move expands Getty Realty's footprint by solidifying a partnership with a major convenience store operator, helping the company manage a more balanced mix of owned and leased commercial assets. The expansion reflects a strategic effort to stabilize long-term rental income through these specific regional retail footprints.

The deal involves 41 stores, including 17 in South Carolina, 12 in North Carolina, seven in Texas, and five in Mississippi, with each site averaging 5,000 square feet on 2.5 acres. Refuel now accounts for approximately 7.7% of Getty Realty's annualized base rent.

The players

Getty Realty Corp.

A New York-based real estate investment trust specializing in owning and leasing properties for the convenience store and gasoline retail industry.

Refuel Operating Company

A regional operator of convenience stores and fuel stations that serves as a long-term tenant across multiple Getty Realty properties.

The details

Getty Realty structured the acquisition as a unitary net lease arrangement, shifting the ownership of the real estate to the firm while maintaining the convenience store operations under Refuel. To finance the purchase, Getty Realty is utilizing a mix of forward equity sale proceeds, a new $200 million unsecured term loan, and cash generated from disposing of other properties. The company aims to identify $50 million in additional property sales to support this capitalization strategy.

September 22, 2026: Getty Realty Corp. closed the Refuel transaction.
October 2026: Expected closing of the $200 million unsecured term loan.
October 2028: Maturity date of the new term loan.

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The Home Front

This transaction follows the established industry pattern of sale-leaseback agreements, which allow retail operators to unlock capital from real estate assets while maintaining long-term site control. Such moves often signal institutional efforts to consolidate regional retail footprints into larger, professionally managed portfolios.

Readers in the affected states should anticipate continued operation of these specific convenience stores under their existing brand. Local residents may observe site updates or signage changes over the coming months as the new ownership structure is implemented across these 41 locations.

The takeaway

Commercial real estate shifts often impact local retail continuity and services in your neighborhood. You can track major property acquisitions in your area through public property records or municipal commercial permit filings to stay informed about changes to your local retail landscape.