GPMI originally filed for bankruptcy protection in December. Getty obtained the right under bankruptcy law to take back the properties following a ruling by of the U.S. Bankruptcy Court for the Southern District of New York that voided the master lease between Getty and GPMI, effective April 30. The properties are primarily located in the Northeastern U.S.
"We are pleased to be able to regain full control of this portfolio in accordance with our expectations and the public statements we made in March," said David Driscoll, Getty Realty's president and CEO. "It is our intention to continue the repositioning process that we started at the beginning of the year."
However, Getty Realty noted that it is experiencing issues with former subtenants or sub-subtenants of GPMI in certain locations that may require further legal action.
"As a result, Getty and its new distributor tenants may experience temporary disruptions in the collection of rent receipts from these locations," the real estate investment trust said in a press release.
Despite the difficulties, Getty added that it, along with its new tenants, would continue to pursue the dispossession processas efficiently as possible.
Getty also announced new or expanding contracts with several petroleum enterprises in the New England area, as well as in New Jersey, New York and Pennsylvania. Further, Getty has announced the sale of five of the properties for $1.5 million, and developed a contract with Global Partners LP to provide fuel supply services for 254 locations in New York City and New Jersey.