Agree Realty Acquires 11 Properties for $26.5 Million

Bloomfield Hills, Mich. — Bloomfield-based Agree Realty Corporation has acquired 11 retail properties for approximately $26.5 million.

The transactions were completed at a weighted-average 8.5 percent capitalization rate with a weighted average remaining lease term of 10.4 years. Properties in the portfolio transaction include those tenanted by a BJ’s Wholesale Club in Portland, Maine, an IHOP restaurant and a KeyBank located in Elyria, Ohio, and a PetSmart, Staples and Party City located in Davenport, Indiana.

An earlier part of this transaction included the purchase of an H-E-B grocery store. Other recent acquisitions include retail assets net-leased to an Aaron’s in Elk City, Oklahoma, an Advanced Auto location in Freeport, Florida, a Dollar General located in Blacksburg, South Carolina, and a Sleepy’s located in Bloomsburg, Pennsylvania. 

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