BLOOMFIELD HILLS, Mich.,
June 16, 2015 /PRNewswire/
-- Agree Realty Corporation (NYSE: ADC) announced today
that it recently closed on the acquisition of 11 retail properties
for an aggregate purchase price of approximately $26.5 million. The transactions were
completed at a weighted-average cap rate of 8.5% and have a
weighted-average remaining lease term of 10.4 years.
The recently closed acquisitions include a portfolio transaction
consisting of a BJ's Wholesale Club, an IHOP restaurant (ground
lease), a KeyBank (ground lease) and an asset net leased to
PetSmart, Staples and Party City. This was the second
component of a transaction that also included the H-E-B grocery
store previously announced by the Company. Other recent
acquisitions include retail assets net leased to Aaron's, Advanced
Auto, Dollar General and Sleepy's.
Aaron's, IHOP, KeyBank, Party City and Sleepy's are all new
tenants for the Company.
"We are pleased to announce these transactions as we continue to
expand our industry leading retail net lease portfolio," said Joey
Agree, President and CEO. "Our acquisition team continues to
do an excellent job of identifying opportunities that meet our
stringent investment parameters."
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 248 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".
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SOURCE Agree Realty Corporation