FARMINGTON HILLS, Mich., Aug. 20, 2012 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced that it has closed on the sale of the Plymouth Commons shopping center and the Shawano Plaza shopping center. The two shopping centers are located in tertiary markets in central Wisconsin. The 161,000 square foot Plymouth Commons shopping center is anchored by Kmart in 86,479 square feet and Pick'n Save in 39,352 square feet. The 193,000 square foot Shawano Plaza shopping center is anchored by Kmart in 86,479 square feet, Pick'n Save in 47,047 square feet and JCPenney in 22,204 square feet. The properties were sold for approximately $7,400,000.
"We are pleased to complete the sale of these two non-core shopping centers. These centers, in addition to Charlevoix Commons which was sold in June 2012, had been identified as having limited future opportunities due to trade area dynamics as well as demographic trends. Together, these three dispositions have reduced our annualized base rental income attributable to Kmart by approximately 29%," said Joey Agree, President and Chief Operating Officer. "We expect to redeploy the capital into the acquisition and development of single tenant properties net leased to industry leading retailers in order to improve asset quality and further diversify our portfolio."
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 93 properties, located in 25 states and containing approximately 3.1 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".
The Company considers portions of the information contained in this release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. These forward-looking statements represent the Company's expectations, plans and beliefs concerning future events. Although these forward-looking statements are based on good faith beliefs, reasonable assumptions and the Company's best judgment reflecting current information, certain factors could cause actual results to differ materially from such forward–looking statements. Such factors are detailed from time to time in reports filed or furnished by the Company with the Securities and Exchange Commission, including the Company's Form 10-K for the year ended December 31, 2011. Except as required by law, the Company assumes no obligation to update these forward–looking statements, even if new information becomes available in the future.For additional information, visit the Company's home page at www.agreerealty.com. SOURCE Agree Realty Corporation