Agree Realty Announces $22,400,000 In Acquisitions Walmart Becomes Company's Fourth Largest Tenant
FARMINGTON HILLS, Mich., June 24, 2013 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced that it has acquired two single tenant assets leased to Wal-Mart Stores and AutoZone. The Walmart asset, which operates as a Sam's Club, is a recently renovated 147,771 square foot store located in Brooklyn, Ohio. The Sam's Club is adjacent to a Walmart Supercenter, which was expanded to the Supercenter format in 2013. The AutoZone store occupies 7,840 square feet on South Kedzie Road in Chicago, Illinois.
"We are extremely pleased to announce these two high-quality additions to our portfolio. With the acquisition of this Sam's Club, Walmart has now become the fourth largest tenant in our portfolio by rental revenue," said Joey Agree, President and Chief Executive Officer. "Our acquisition team continues to source value-add, accretive opportunities leased to industry leading tenants."
Agree Realty is primarily engaged in the acquisition and development of single tenant properties net leased to industry leading retail tenants. The Company currently owns and operates a portfolio of 120 properties, located in 32 states and containing approximately 3.5 million square feet of gross leasable space. The common stock of Agree Realty Corporation is listed on the New York Stock Exchange under the symbol "ADC".
For additional information, visit the Company's home page at www.agreerealty.com.
SOURCE Agree Realty Corporation