Executive Vice President, Chief Investment Officer & Chief Operating Officer, Getty Realty
Search every verified Mark Olear interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. In a September 2017 interview, Getty Realty CEO Christopher Constant discussed the company's recent acquisitions and expansion strategy. Constant stated that the company had acquired more than 100 properties for over $200 million in 2017, including the Empire Petroleum and Apple Green transactions. He described these acquisitions as significant entrances into the southwestern and southeastern US markets, adding two new tenants to the portfolio. Constant noted that the acquired properties were convenience and gas locations, with some in the Apple Green transaction featuring standalone or in-store quick service restaurants, a trend he said was growing in the industry. Constant also addressed the company's redevelopment pipeline, stating that Getty Realty had completed two redevelopment projects and expected to complete a third by the end of 2017. He said the company believed it could redevelop between 40 and 80 properties in its portfolio, describing the process as taking long-owned assets and either rebuilding them as convenience and gas locations or refreshing them with alternative retail uses. Constant added that this approach added new tenants, extended asset life, and helped diversify the company in terms of tenant type and retail uses.
“This year we've acquired more than a hundred properties for more than two hundred million thus far in 2017. Empire Petroleum and Apple Green specifically are very exciting for us for a number of reasons, including being two new tenants and significant entrances into the southwestern and southeastern US markets.”
“All of the stores have highly profitable convenience and gas locations, which is our sweet spot. Some specifically in the Apple Green transaction have either standalone or in-store quick service restaurants, a trend we're seeing more and more in the convenience and gas industry.”
“We're really focused on being in urban and suburban markets that are more densely populated or have strong demographic trends. We're comfortable in our core markets primarily the northeast and mid-Atlantic, and we're studying and would like to expand in markets where we have a smaller presence, specifically the west co...”
“We're very excited about redevelopment in general. To date, we've completed two projects and expect to complete a third before the end of the year. In total, we think we can redevelop somewhere between 40 and 80 properties in our own portfolio.”
CEO Christopher Constant sees growing popularity of stand-alone, quick-serve restaurants. To learn more about Getty Realty, ...
Sign in to search the full transcript archive, filter by topic, and access every quote from Mark Olear.