Agree Realty Announces Kmart Lease Extensions

Agree Realty Corporation

today announced that pursuant to their existing lease agreements, Kmart has exercised five-year options at Central Michigan Commons in Mt. Pleasant, Michigan and Capital Plaza in Frankfort, Kentucky.  The Central Michigan Commons store is 80,399 square feet and the Capital Plaza store is 80,192 square feet.  The extended lease for the Mt. Pleasant store will expire on August 31, 2018 and for the Frankfort store will expire on September 30, 2018.  Kmart retains additional options at the tenant's election in both locations.  These option extensions represent 54% of gross leasable area and 33% of annualized base rents for leases expiring in 2013 as of December 31, 2012.