FARMINGTON HILLS, Mich., July 19, 2012 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced that it has acquired a portfolio of three Wawa convenience and fuel stores. The stores are located in Clifton Heights, Pennsylvania, Newark, Delaware and 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 $14,200,000 including the assumption of $8,580,000 of non-recourse mortgage debt. The assumed debt matures in June 2016 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 Wawa in the mid- Atlantic while continuing to partner in Wawa's Florida expansion as a preferred developer."
Wawa 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 Pennsylvania, New Jersey, Delaware, Maryland, Virginia 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".