A New York-based investment group has acquired locally owned Brandi Inc. and Brandi Stations Inc., an independent retailer with 34 convenience stores and gasoline stations for $70.1 million.
Many of Brandi’s Pitt Stop locations contain nationally recognized food offerings such as Burger King, Subway and Blimpie, according to a press release. Headquartered in Lexington, Brandi also owns eight stand-alone Burger King quick service restaurants located within the Columbia area.
The buyer, Getty Realty Corp., is a publicly-traded real estate investment trust (REIT) headquartered in Jericho, N.Y. specializing in the ownership, leasing and financing of convenience store and gasoline station properties. Getty has 823 properties located in 24 states and Washington, D.C. that operate under a variety of brands including 76, Aloha, BP, Citgo, Conoco, Exxon, Getty, Mobil, Shell and Valero.
Getty said in the release that it had reached definitive agreements for an acquisition lease-back transaction with a U.S. subsidiary of Applegreen PLC. Under the terms of the transaction with Applegreen, the Getty, through a subsidiary, will acquire interests Brandi properties in 38 fee simple and four leasehold properties.
Simultaneously, Getty will enter into a unitary lease with Applegreen covering all of the properties. The unitary lease to be effective at closing provides for an initial term of 15 years, with four five-year renewal options, according to the release.
Applegreen is the largest convenience store and gasoline station operator in the Republic of Ireland, according to the release.
“This acquisition extends our reach into South Carolina, in the desirable and growing Columbia market, and further builds our presence in the Southeast,” Christopher J. Constant, Getty’s president and CEO, said in statement. “The properties we are acquiring are high-quality convenience stores and gasoline stations, many of which have significant co-branded fast-food offerings. The acquisition of stand-alone Burger King restaurants, which are a part of this portfolio, represents an added opportunity for us to expand our retail portfolio.”
The deal is expected to close before the end of the fourth quarter of 2017.
Brandi Companies was founded in 1974 by Bob Brandi after he returned home from military service. As Bob Brandi started out as a Texaco dealer, operating a two-bay gas station on Bush River Road in Columbia. He then built a small convenience store named, “Pitt Stop,” and opened it in 1980.
Brandi’s operations employ about 800 people.