By: Barbra Murray, Contributing Editor<\/p>\n
A convenient method for property owners to secure a quick cash infusion, sale-leaseback transactions were plentiful just a couple of years ago, but now it is usually only the more financially burdened of sellers that resort to accepting lowball sale-leaseback offers. Whether White Oak Petroleum L.L.C. falls into the aforementioned category is unclear, but the Springfield, Va.-based company just sold 36 Exxon gasoline station and convenience store properties for $49 million in a sale-leaseback transaction with Jericho, N.Y.-based Getty Realty Corp.<\/p>\n
The majority of the properties involved are located in Prince George’s Count, Md., a suburb of Washington, D.C.<\/p>\n
The transaction was not the typical sale-leaseback deal; it was more of an acquisition-sale-leaseback deal involving three parties. In a simultaneous transaction, White Oak purchased the portfolio from ExxonMobil, and then immediately sold the properties to Getty and executed a 20-year triple net lease agreement with options for renewal.<\/p>\n
Sale-leaseback transactions in the U.S. have declined considerably over the last two years. According to global real estate research firm Real Capital Analytics’ September U.S. Capital Trends<\/em> report, in 2007, occupant-owners pocketed an aggregate $14 billion by relinquishing ownership of their homes in favor of leasing them. At that time, sale-leasebacks accounted for 30 percent of all single-tenant property sales. But what a difference a couple of years make. So far this year, single-tenant sale-leasebacks have totaled a paltry $1 billion, and represented only 10 percent of single-tenant property sales.<\/p>\n","protected":false},"excerpt":{"rendered":" A convenient method for property owners to secure a quick cash infusion, sale-leaseback transactions were plentiful just a couple of years ago, but now it is usually only the more financially burdened of sellers that resort to accepting lowball sale-leaseback offers. Whether White Oak Petroleum L.L.C. falls into the aforementioned category is unclear, but the Springfield, Va.-based company just sold 36 Exxon gasoline station and convenience store properties for $49 million in a sale-leaseback transaction with Jericho, N.Y.-based Getty Realty Corp. <\/p>\n","protected":false},"author":446,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11],"tags":[],"class_list":["post-17","post","type-post","status-publish","format-standard","hentry","category-midatlantic"],"acf":[],"yoast_head":"\n