BLOOMFIELD HILLS, Mich.,
Nov. 9, 2015 /PRNewswire/
-- Agree Realty Corporation (NYSE: ADC) & Meridian
Restaurants ("Meridian"), announced today that they have entered
into a partnership agreement to develop up to 10 Burger King
restaurants operated by Meridian in the regions in which they
currently operate. Meridian has previously executed an area
development agreement with Burger King to open such new locations.
Agree Realty will have the opportunity to acquire and provide
build-to-suit financing to Meridian for the construction of such
units.
In October 2014, Agree acquired a
portfolio of eleven Burger King restaurants in a $15.2 million sale-leaseback transaction with
Meridian. That portfolio consisted of 11 properties which are
subject to a 20-year absolute net master lease. Six stores
are located in North Dakota and
five stores are located in Minnesota.
"We are pleased to partner with Meridian on another strategic
transaction," said Joey Agree, President and CEO of Agree
Realty. "This transaction is representative of our unique
ability to provide value to our retail partners through both our
development, as well as our acquisition programs. We look
forward to working with Meridian on executing their growth
strategy."
David Harper, President of
Meridian added, "This was an important transaction for Meridian and
we are very happy to have collaborated with Agree Realty
again. The professionals at Agree were diligent and efficient
in their efforts, and worked seamlessly with our employees and
advisors to deliver a great transaction. We expect to
maintain a strong relationship with Agree as we continue to grow
our business."
Meridian Restaurants is a franchise operator of 80 Burger King
restaurants in Arizona,
Utah, Montana, Wyoming, North
Dakota, and Minnesota. The principals at Meridian have
over 30 years of experience managing multi-unit restaurant
portfolios in both franchisee and corporate operations.
GRS | Centaur served as the exclusive advisor in the
transaction.
About Agree Realty Corporation
Agree Realty
Corporation 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 264
properties located in 41 states and containing 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." For additional information, visit the Company's
home page at www.agreerealty.com.
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SOURCE Agree Realty Corporation