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Hawaii — A subsidiary of Realty Income Corp. has acquired a 21-property gas station/convenience store portfolio located throughout Hawaii. Par Pacific Holdings sold the portfolio in a fee-simple sale-leaseback transaction for $109.4 million.
The portfolio includes 12 properties in Oahu, two facilities on Kauai, four properties on Maui and three properties on the island of Hawaii. The transaction also included a new master lease agreement to lease back the sites on a triple net basis.
D. Andrew Ragsdale, Ken Hedrick, Jerry Hopkins, Kristian Neilson and John Curtis of Newmark’s Net Lease Capital Markets, in cooperation with Jackson Nakasone of NAI CBI Hawaii, represented the seller in the transaction.