Agree Realty Buys Taco Bell Portfolio and Grocery Store for $24.7 Million

Farmington Hills, Mich. – The purchased properties are the first Taco Bell restaurants in Agree's portfolio.

Farmington Hills, Mich. – Agree Realty Corporation has closed on two acquisitions, a portfolio of 13 Taco Bell restaurants and a Giant Eagle grocery store, for a combined price of $24.7 million. The Taco Bell portfolio was acquired via a $19 million sale-leaseback transaction with Charter Foods. The 13 properties are all subject to new 20-year absolute net leases with contractual rent increases of 1.5 percent per year. Eleven stores are located in Ohio and two stores are located in western Pennsylvania. Agree Realty also acquired a Giant Eagle grocery store in Ligonier, Pennsylvania, for approximately $5.7 million. The 38,000-square-foot store has been operating in this location for more than 20 years.

  — Scott Reid

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