Agree Realty Buys Portfolio of Applebee's Restaurants
Agree Realty Corporation (NYSE: ADC) today announced that it has acquired a portfolio of four Applebee's restaurants as well as an Advance Auto Parts in late December 2012. The aggregate cost of the acquisitions was approximately $10,100,000. These acquisitions bring the Company's 2012 total acquisition activity to approximately $81.5 million, compared to the Company's 2011 total acquisition volume of approximately $39 million.
Acquisition activity for 2012 totaled approximately 400,000 square feet, in 15 states, spanning 13 retail sectors with an average lease term of 14.5 years. Approximately 68% of the annualized base rents for these 2012 acquisitions are from investment grade retailers.
The recently acquired Applebee's assets are located in Harlingen, Texas, and Wichita Falls, Texas, as well as two properties in Pensacola, Florida. Each of the restaurants is on a new 20 year lease providing for fixed annual rental increases. The Advance Auto Parts is located on an outlot to a Walmart Supercenter in Lebanon, Virginia.
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