Agree Realty Announces $10,350,000 In Acquisitions
Agree Realty Corporation (NYSE: ADC) today announced it has acquired a Wawa convenience store and fuel station in Baltimore, Maryland as well as a Walgreens pharmacy in Fort Walton Beach, Florida, and a CVS pharmacy in Leawood, Kansas, during December 2011. The average remaining lease term for the three acquisitions is 15 years. The aggregate cost of the three acquisitions was approximately $10,350,000. The Company assumed approximately $3,400,000 of debt in conjunction with one of the acquisitions. The assumed debt matures in February 2020 and carries a 6.24% interest rate.
"We are excited to add these properties to our expanding portfolio of net lease assets. Wawa, the most recent addition to our roster of tenants, is a highly respected convenience store operator with over 570 locations across the eastern United States," said Joey Agree, President and Chief Operating Officer of Agree Realty Corporation. "These acquisitions continue to diversify our portfolio of industry-leading retailers."
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