Getty Realty Acquired 41 Convenience Stores

The company purchased properties across four states in a $260.9 million sale leaseback transaction.

Updated on Sept. 23, 2026 in Commercial

Bold vector editorial illustration showing a generic retail fuel canopy and pump area, representing commercial real estate investment. — Getty Realty Corp. has acquired 41 convenience store locations from Refuel Operating Company in a $260.9 million sale-leaseback transaction spanning four states. AI Illustration. Upload story photo >

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Getty Realty Corp. has completed the acquisition of 41 convenience stores from Refuel Operating Company for $260.9 million. The agreement includes entering into four long-term net leases for the sites.

Why it matters

The deal expands the presence of Getty Realty in the convenience store sector and creates a balanced mix of owned and leased real estate. Refuel now represents approximately 7.7% of the total annualized base rent for the company.

The acquired properties average 5,000 square feet across 2.5-acre sites, with initial lease terms set for 20 years. Getty Realty plans to fund the purchase using a mix of forward equity proceeds, property dispositions, and a $200 million term loan.

The players

Getty Realty Corp.

This is a real estate investment trust that specializes in owning and leasing convenience store and gas station properties.

Refuel Operating Company.

This entity operates a chain of convenience stores and fuel stations across multiple states in the Southeast and South.

The details

The transaction includes 17 stores in South Carolina, 12 in North Carolina, seven in Texas, and five in Mississippi. Refuel was already a tenant at six other properties previously held by the real estate company.

September 22, 2026: Getty Realty Corp. closed the Refuel transaction.
October 2026: The company expects to close a new $200 million unsecured term loan.
October 2028: The new term loan is scheduled to reach maturity.

Culture Shift

This deal reflects a broader trend of capital-intensive consolidation within the convenience retail sector as operators look to monetize physical assets. By shifting to a lease-based model, operators like Refuel gain liquidity while institutional investors secure long-term income.

While the ownership of these convenience stores has changed, daily operations for customers and staff are expected to remain consistent under the new long-term lease terms. Residents in the affected states should see no immediate changes to local store availability or service.

The takeaway

Sale leaseback transactions provide retail operators with immediate capital while allowing them to maintain operational control of their locations. This strategy is increasingly common for companies looking to optimize their balance sheets in high-value property markets.