Getty Realty Acquires 36 Properties In Northeast
Getty Realty Corp. of Jericho, N.Y. has acquired 36 properties located in the metro New York and Washington, D.C. Beltway regions for approximately $72.5 million in two sale/leaseback transactions with Capitol Petroleum Group, LLC.
The acquisition includes 16 Mobil branded properties in metro New York, and 13 Exxon and 7 Shell branded properties within the Washington, D.C. Beltway. All of the locations included in the acquisition are high volume locations that serve high density population centers.
David B. Driscoll, Getty's President and CEO, stated, "We are excited to complete our first portfolio acquisition since 2011. Building on our increased stability and utilizing our strengthened financial position, we completed the acquisition of 36 high quality Exxon/Mobil and Shell properties in highly desirable metro New York and Washington, D.C. Beltway markets." He added, "We are also pleased to expand our relationship with Capitol, a long-term tenant, which has a proven history of delivering reliable performance. With the accretive addition of these properties and the ongoing repositioning of our legacy portfolio, we believe that Getty has fortified its ability to generate additional cash flow for shareholders in the coming years." The company expects to receive approximately $6.1 million of annualized revenue from the investment.
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Cumberland Farms Saves Customers $1M With Smart Pay Check-Link
Cumberland Farms, Framingham, Mass. announced last week that its customers have saved $1 million on gas since the launch of its free SmartPay Check-Link payment program in January. The program lets customers pay for gas and in-store purchases using their mobile phones or with a payment card. Free to enroll, SmartPay Check-Link users automatically save 10 cents on every gallon of gas, every day.
"The response to the SmartPay Check-Link program has been incredible thus far, and we're so proud of the fact that our customers have saved such a significant amount in the short period of time since its launch," said Ari Haseotes, Cumberland Farms president. "With Memorial Day right around the corner and the summer travel season ahead, we hope even more customers will take advantage of this convenient new way to pay - and save - every time they fill up at our pumps."
SmartPay Check-Link also works inside any Cumberland Farms store, so users can pay with their phone or swipe their SmartPay payment card to purchase Farmhouse Blend coffee or snacks as well.
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VERC Milestone: Over Five Percent Of Staff Comes From Mass. Re-Entry Program
VERC Enterprises, Duxbury, Mass., an independent chain of gasoline stations/convenience store combinations with 26 locations throughout Massachusetts and New Hampshire, has set a new milestone for its workforce. The company has been working with the Massachusetts Department of Career Services to help find work for formerly incarcerated residents.
As of April 17, VERC has surpassed its goal of having 5 percent of its workforce comprised of this population. This accomplishment follows VERC’s previous milestone of having more than 20 percent of its workforce comprised of individuals who have developmental or intellectual disabilities.
Leo Vercollone, VERC president and chief executive officer, said that his company now has 13 employees who have come through the Mass. Re-Entry program. Working closely with the Department of Career Services, he said that the system has worked very well. These individuals work at different locations within the company's 26 stores, in roles that include cleaning and stocking, car wash attendants and other roles. One of the individuals who came from this program is now an assistant manager at a VERC location.
Mr. Vercollone noted that the program at his company has some additional expenses in the way of payroll but he feels that the investment is well worth it. "We believe that businesses should be leaders in the communities; we understand that people can fall upon hard times and providing employment can make a real difference in a person's life. We look to make a difference in the communities we serve."
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Latest Word in C-Store News...
• Thorntons of Louisville, Ky., announced the relaunch of its Gas Price Alert text program with new features hosted by GasBuddy. Participants will receive a text message before fuel prices are set to increase at the pump, with an alert sent each time Thorntons is notified of a confirmed increase. Customers can also sign up for the alerts by calling 1-866-473-0017. Matt Thornton, president and chief executive officer of Thorntons, said, "It's a significant money saver that allows them to receive the same 'insider information' we get when fuel prices fluctuate and allows our customers time to grab a few gallons or fill up just prior to any price increase."
• The National Confectioners Assn. sponsored Sweets & Snacks Expo will be held May 21-23 at Chicago's McCormick Place.
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