BLOOMFIELD HILLS, Mich.,
Sept. 2, 2015 /PRNewswire/ --
Agree Realty Corporation (NYSE: ADC) today announced it has
sold Ferris Commons, a 173,557
square foot shopping center located in Big Rapids, Michigan for $5,800,000. The center is anchored by MC Sports
and Peebles and was developed by the Company in 1990.
Upon the sale of Ferris Commons,
the Company's annualized base rental income attributed to its four
remaining shopping centers has been reduced from 6.3% to 4.7%.
Portfolio occupancy has improved to 99.5%.
The Company has increased its 2015 disposition guidance to a
range of $40 million to $50 million.
Anticipated dispositions include both non-core shopping centers as
well as select net lease assets. Including the sale of
Ferris Commons, the Company has
disposed of approximately $15 million
year to date.
"The sale of Ferris Commons and
the subsequent increase in our disposition guidance demonstrates
the continued execution of a critical component of our operating
strategy of proactive asset management and capital recycling that
seeks to divest non-core assets and maintain a best-in-class
portfolio while leveraging advantageous market conditions," said
Joey Agree, Chief Executive Officer.
Acquisition Update - As of September 2, 2015, the Company has acquired 57
net lease properties for an aggregate purchase price of
$143.3 million. The purchased
properties are leased to 33 retail tenants operating across 18
sectors and located in 21 states. The transactions were
completed at a weighted-average cap rate of 8.0% and have a
weighted-average remaining lease term of 12.7 years.
The Company is maintaining its 2015 acquisition guidance of
$175 million - $200 million.
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 262 properties, located
in 41 states and containing approximately 4.9 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 web page at
www.agreerealty.com.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/agree-realty-announces-sale-of-shopping-center-for-5800000-300137128.html
SOURCE Agree Realty Corporation