BLOOMFIELD HILLS, Mich.,
April 30, 2015 /PRNewswire/ --
Agree Realty Corporation (NYSE: ADC) announced today that it
recently closed on the acquisition of six retail properties for an
aggregate purchase price of approximately $35.4 million. The properties include an
H-E-B grocery store in Brenham,
Texas, a 24 Hour Fitness in Fort
Worth, Texas, a Golden Corral
restaurant in Springfield,
Illinois, Advanced Auto stores in Tallassee, Alabama and Lorain, Ohio, and a Dollar General in
Blacksburg, South Carolina.
In addition, the Company recently completed the sale of Marshall
Plaza, a Kmart-anchored shopping center in Marshall, Michigan, for gross proceeds of
approximately $5.5 million. Pro
forma for the previously announced Kmart lease expiration at Ferris
Commons, the Company's exposure to Kmart has been reduced to
approximately $880,000 of annualized
base rent, or less than 1.5% of total annualized base rent as of
April 30, 2015.
"We are pleased to announce these transactions which are
consistent with our strategy to invest in net lease retail
properties operating in e-commerce resistant sectors, while
opportunistically disposing of non-core assets," said Joey Agree,
President and CEO. "We continue to effectively scale and
diversify our portfolio while generating high quality rental income
from a roster of industry leading tenants."
About Agree Realty Corporation
Agree Realty is
primarily engaged in the acquisition and development of properties
net leased to industry leading retail tenants. The Company
currently owns and operates a portfolio of 239 properties, located
in 39 states and containing approximately 4.8 million square feet
of gross leasable space. The common stock of Agree Realty
Corporation is listed on the New York Stock Exchange under the
symbol "ADC".
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SOURCE Agree Realty Corporation