Getty Realty Acquired 41 Convenience Stores for $261 Million

The deal with Refuel Operating Company involves long-term leases on properties across four states.

Updated on Sept. 23, 2026 in Commercial

Bold vector editorial illustration of a modern convenience store and fuel canopy in a suburban landscape, representing commercial real estate assets. — Getty Realty Corp. has acquired 41 convenience store properties from Refuel Operating Company for $261 million in a long-term net lease transaction. 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 involves 20-year net leases and expands Getty Realty's footprint in South Carolina, North Carolina, Texas, and Mississippi.

Why it matters

This move strengthens the relationship between the real estate firm and a major convenience store operator while diversifying Getty Realty's portfolio. The structured deal provides the operator with capital while securing long-term income for the landlord through newly established net leases.

The $260.9 million acquisition increases Refuel's share of Getty Realty's annualized base rent to 7.7%. Getty Realty also maintains a $125 million committed investment pipeline and has 6.6 million shares of common stock subject to forward agreements.

The players

Getty Realty Corp.

A real estate investment trust that owns and leases properties in the convenience store and gas station sector.

Refuel Operating Company

A convenience store and gas station operator that is now a major tenant for Getty Realty.

The details

Getty Realty acquired the properties and simultaneously entered into four long-term unitary net leases with Refuel. The sites, which average nearly 5,000 square feet on 2.5 acres, will continue to be operated by Refuel. To finance this acquisition, the company is utilizing forward equity sale proceeds, dispositions of other properties, and a new unsecured term loan.

September 22, 2026: Getty Realty Corp. finalized the acquisition of 41 properties.
October 2026: The company expects to close on a new $200 million unsecured term loan.
October 2028: The maturity date for the new unsecured term loan is scheduled.

Money Landscape

This acquisition follows the established pattern of sale-leaseback transactions, a common strategy for companies to unlock capital while maintaining long-term site operations. It marks a significant expansion for Getty Realty within the convenience store sector as part of a broader year-to-date investment push.

For households living near these locations, this transaction secures the long-term future of these retail sites through 20-year lease commitments. Readers should monitor local service changes at these 41 locations as ownership shifts to a long-term leasing structure.

The takeaway

Large-scale commercial real estate shifts like this provide stability for property operators but rarely impact day-to-day consumer pricing. Residents in affected states can watch for potential store branding or amenity updates as Refuel integrates these sites into its new long-term lease terms.