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Bloomfield Hills, Mich. — Agree Realty Corp. has recently closed on the acquisition of 15 retail properties for an aggregate purchase price of approximately $42.1 million.
The properties are net-leased to 12 different tenants operating in 10 states. The transactions were completed at a weighted-average cap rate of 8 percent and have a weighted-average lease term of approximately 11 years. The recently closed transactions include the Agree’s first Bed Bath & Beyond, Old Navy and Dress Barn stores, as well as the first Wendy’s restaurants in the portfolio. Also acquired were properties net-leased to Sherwin Williams, Family Dollar, Academy Sports + Outdoors and JoAnn Fabric and Crafts.