BLOOMFIELD HILLS, Mich.,
Sept. 24, 2015 /PRNewswire/
-- Agree Realty Corporation (NYSE: ADC) today announced
it has sold North Lakeland Plaza, a 171,397 square foot shopping
center located in Lakeland,
Florida for $13,200,000. The
center is anchored by Bealls and Best Buy and was developed by the
Company in 1987. The Company has retained ownership of a newly
created outlot to the shopping center in anticipation of the
turnkey development of a free standing industry-leading coffee
store.
Upon the sale of North Lakeland Plaza, the Company's annualized
base rental income attributed to its shopping centers has been
reduced to approximately 2.7%. Portfolio occupancy remains a sector
leading 99.5%. Year to date the Company has disposed of
approximately $28.2 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 261 properties, located
in 41 states and containing approximately 4.7 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.
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SOURCE Agree Realty Corporation