Par Pacific sells land under isle gas stations

A California-based real estate investment trust recently became the owner of land under 22 Hawaii gas stations sold and leased back by station operator Par Pacific Holdings Inc.

Par, which operates 34 gas stations under the Hele and 76 brands in conjunction with nomnom convenience stores, sold the real estate at 22 Oahu, Maui, Hawaii island and Kauai stations to raise cash that was partially used to repay debt.

Par sold the real estate for $116 million to a subsidiary of Realty Income Corp. The transaction closed last month, and allows Par to lease the property from Realty Income for an initial 15-year term that can be extended for an additional 20 years.

There are about 90 Hele and 76 gas stations in Hawaii, including independently owned stations that are supplied by Par. Texas-based Par also operates a fuel refinery on Oahu.