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Tuesday, Dec 6, 2022
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REIT Buys Convenience Stores for $248M

Escondido-based Realty Income Corp., which invests in retail and other commercial properties, has completed an acquisition of 135 SuperAmerica convenience stores and one support facility for approximately $248 million.

The company announced Dec. 1 that the properties, located in Minnesota and Wisconsin, were sold by Marathon Oil Corp. They will be leased back to newly formed companies owned and operated by Northern Tier Energy LLC, a portfolio company of Acon Investments LLC and TPG Capital.

Thomas A. Lewis, Realty Income’s chief executive officer, said the SuperAmerica stores and other properties to be acquired during the fourth quarter will bring the real estate investment trust’s 2010 acquisition activity to more than $700 million.

On Dec. 3, the company said it is upsizing a previously announced public offering of common stock, which is set to close on Dec. 8, from 5.9 million to 6.4 million shares.

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The stock has been priced at $33.70 per share, and the offering is expected to generate net proceeds of approximately $205 million.

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