A boutique carwash, gasoline and convenience store operator has sold a portfolio of six Mobil-branded stations in L.A. for $24.5 million.
The seller plans now to lease back the properties from the new owner while continuing to operate the stations -- what's known as a sale-leaseback deal.
The Stan Johnson Co. Inc., which represented the seller, announced the deal July 1. The buyer, Getty Realty Corp., was self-represented. The deal was in escrow for nearly eight months.
A growing number of L.A. County businesses have done sale-leaseback deals recently, unloading assets that no longer hold tax benefits after last year's changes in federal tax laws. For property sellers, the sales provide a cash bump that can be invested back into the business or used to pay off debt.
For the new owner, a sale-leaseback means steady income right away with little work -- since the tenant generally is responsible for building upkeep.
“A highly sophisticated C&G [convenience and gasoline] real estate owner acquired six tremendously valuable properties with a long-term tenant in place,” Stan Johnson Co.'s Matt Lipson said in a statement.
Commercial real estate reporter Hannah Madans can be reached at firstname.lastname@example.org. Follow her on Twitter @HannahMadans
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