Agree Realty Announces Wawa Portfolio Acquisition For $14,200,000
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.
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