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7-Eleven sells three former Sunoco properties to California REIT

A California real estate investment firm has acquired three former Sunoco gas stations and convenience stores in Erie County, picking up two locations in West Seneca and a third in Amherst for nearly $5 million.

San Diego-based Realty Income Corp. paid $1.8 million for the store property at 5665 Seneca and $1.779 million for the property at 1440 Union Road, both in West Seneca, according to documents filed in the Erie County Clerk's Office. It also paid $1.34 million for the site at 5215 Sheridan Drive in Amherst.

All had gas stations with A-Plus stores, and they were purchased from Dallas-based 7-Eleven Inc., which in turn had just purchased the businesses from Dallas-based Sunoco, according to one store employee. 7-Eleven purchased 16 area Sunoco stations in all in March, as part of a $3.3 billion national deal.

The deals involve the real estate only, not the businesses, which are being converted over to 7-Eleven.

Realty Income, known as The Monthly Dividend Co., is a publicly traded real estate investment trust that buys single-tenant commercial properties nationwide, with leases of more than 10 years that provide "dependable income" for monthly dividend payments for its 90,000 shareholders. The 49-year-old company, which was founded in 1969 and went public in 1994, has acquired over 5,100 real estate properties.

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