BLOOMFIELD HILLS, Mich.,
March 9, 2015 /PRNewswire/
-- Agree Realty Corporation (NYSE: ADC) announced today
that it recently closed on the acquisition of 15 retail properties
for an aggregate purchase price of approximately $42.1 million. The properties are net
leased to 12 different tenants operating in 9 diverse retail
sectors and located in 10 states. The transactions were
completed at a weighted-average cap rate of 8.08% and have a
weighted-average lease term of approximately 11.0 years.
The recently closed transactions include the Company's first Bed
Bath & Beyond, Old Navy and Dress Barn stores, as well as the
first Wendy's restaurants in the portfolio. Also acquired
were properties net leased to Sherwin
Williams, Family Dollar, Academy Sports + Outdoors and
Jo-Ann Fabric and Crafts.
"We are pleased to announce these transactions and excited about
the investment opportunities in our pipeline," said Joey Agree,
President and CEO. "We remain focused on investing in
properties net leased to leading retailers operating in e-commerce
resistant sectors and are on track to achieve our targeted 2015
acquisition volume of $175 to $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 224 properties, located
in 38 states and containing approximately 4.6 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