FARMINGTON HILLS, Mich.
July 19, 2012
/PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced that it has acquired a portfolio of three
convenience and fuel stores. The stores are located in
Clifton Heights, Pennsylvania
Vineland, New Jersey
and are master leased by Wawa. The base term of the master lease has approximately 9.5 years remaining. The cost of the portfolio acquisition was approximately
including the assumption of
of non-recourse mortgage debt. The assumed debt matures in
and carries a 6.56% interest rate.
"We are extremely pleased to add these three assets to our portfolio," said Joey Agree, President and Chief Operating Officer. "This strategic acquisition provides the Company with a unique opportunity to further our relationship with
in the mid-
while continuing to partner in
expansion as a preferred developer."
is an industry leader in the convenience and fuel store space and one of the country's largest private companies, operating more than 590 stores in
and most recently announcing their expansion into the state of Florida.
Agree Realty is primarily engaged in the acquisition and development of single tenant properties net leased to industry leading retail tenants. The Company currently owns and operates a portfolio of 90 properties, located in 24 states and containing approximately 3.4 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".