Agree Realty Announces Recent Acquisition And Disposition Activity

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Feb 20, 2014, 04:01 ET

FARMINGTON HILLS, Mich., Feb. 20, 2014 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced that it has recently acquired two net lease properties for an aggregate purchase price of approximately $6,530,000 and sold the Ironwood Commons shopping center for approximately $5,000,000.

Recent acquisitions include:

A 43,000 square foot property located in Anderson, South Carolina and leased to PetSmart and Michaels. Adjacent retailers include Target and Lowe's.
An 8,500 square foot property in Tulsa, Oklahoma leased to Sherwin-Williams which represents the introduction of this investment grade retailer to the Company's portfolio.

Ironwood Commons is a 192,018 square foot shopping center located in Ironwood, Michigan that is anchored by Kmart and Miner's Super One Foods.

"We are pleased to have completed the sale of Ironwood Commons, a non-core asset, and redeployment of the proceeds into the acquisition of assets net leased to industry leading retailers," said Joey Agree, President and Chief Executive Officer. "We continue to diversify our holdings while improving asset quality through selective acquisitions and dispositions."

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 134 properties, located in 34 states and containing approximately 3.8 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".

SOURCE Agree Realty Corporation