Agree Realty Announces Retenanting And Disposition Of Remaining Borders Assets
Agree Realty Corporation (NYSE: ADC) today announced that it has executed two leases and completed a disposition of the Company's remaining assets that were formerly leased to Borders. The three transactions will raise the Company's portfolio occupancy level to 99%.
The Company has executed a lease with HomeGoods for the building formerly occupied by Borders in Monroeville, Pennsylvania. HomeGoods, a subsidiary of The TJX Companies, Inc., is an industry leading home furnishing retailer with over 400 stores across the United States. The Company anticipates rent commencement during the third quarter of 2013. This is the Company's first lease with a TJX company.
The Company also has closed on the sale of a 21,000 square foot single-tenant property formerly leased to Borders located in Columbus, Ohio. The property was sold for approximately $1,700,000.
Additionally, the Company has entered into a lease with the City of Lawrence for the former Borders location in Lawrence, Kansas. Rent is anticipated to commence during the fourth quarter of 2012.
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