WORLD PROPERTY CHANNEL ®

(JERICHO, NY) -- Two big names in the nation's motor fuel industry have closed a $49 million deal involving 36 Exxon-branded gasoline stations and convenience stores in the Washington, DC metropolitan area.

Getty Realty Corp. of Jericho, NY bought  the properties in a sale/leaseback transaction with White Oak Petroleum LLC. Of Springfield, VA.

Getty says it is the largest publicly-traded real estate investment trust in the United States specializing in ownership and leasing of convenience store and gas station properties and petroleum distribution terminals. The company owns and leases about 1,100 properties nationwide.

 The 36 properties, primarily in Prince Georges County,  were acquired in a simultaneous transaction among ExxonMobil, White Oak Petroleum and Getty.   White Oak acquired the properties from ExxonMobil and immediately completed a sale/leaseback deal with Getty.

The unitary triple net lease for the properties between White Oak and Getty has an initial term of 20 years plus renewal options.

The properties will continue to be operated under the Exxon brand by the existing independent dealers. White Oak Petroleum is an affiliate of DAG Enterprises, Inc. of Falls Church, VA, led by  Eyob Joe Mamo, one of the largest motor fuel distributors in the DC, Virginia and suburban Maryland area.

Leo Liebowitz

Leo Liebowitz, Getty's Chairman and CEO, says his company is "pleased to be adding these high quality Exxon branded properties to our portfolio and to have Joe Mamo, a highly respected marketer, as our tenant.

"This transaction reflects our long-term commitment to profitable growth through strategic acquisitions of quality properties throughout the United States. We expect this acquisition to be immediately accretive to annual earnings."

IIn April of this year, Mamo, acting as president of DAG Petroleum Suppliers, completed the purchase of 19 Shell retail sites located in Arlington and Alexandria, Va. The sites were acquired through two newly formed and related companies, NOVA Petroleum Suppliers and Nova Properties.

DAG Petroleum Suppliers owns approximately 30 Shell franchises in the Washington, D.C., area.  

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