Mark Olear on redevelopment
From Getty Realty CEO Says Acquisitions Offer Access to Southwest, Southeast · · Nareit1
“The most exciting part about redevelopment for Getty is that we're taking assets we've owned for a very long time and either completely razing and rebuilding convenience and gas locations or refreshing the location with an alternative retail use. This adds new tenants, extends the life of certain assets, and helps us diversify the company both in tenant type and new retail uses.”
On , Mark Olear, Executive Vice President, Chief Investment Officer & Chief Operating Officer at GETTY REALTY CORP, spoke about redevelopment during Getty Realty CEO Says Acquisitions Offer Access to Southwest, Southeast on Nareit1.
About Mark Olear
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.