Par Pacific Holdings has sold a 21-property gas station/convenience store portfolio located throughout O’ahu (12 properties), Kauai (2 properties), Maui (4 properties) and the island of Hawaii (3 properties). The sales price was $109.4 million.
Realty Income Corp. was the buyer in the sale-leaseback acquisition.
“Throughout the COVID-19 pandemic, we have witnessed high demand for convenience store assets with a buyer pool that continues to be robust for commercial assets with essential use concepts,” said Andrew Ragsdale, senior managing director at Newmark, which represented the seller. “In combination with the asset quality and credit tenancy, the sites are incredibly well-located and provide long-term value for new ownership.”
