Agree Realty Acquires 10 Properties for $17.5 Million

by Scott Reid

Bloomfield Hills, Mich. — Agree Realty Corp. has closed on the acquisition of 10 retail properties for an aggregate purchase price of approximately $17.5 million. The properties are net leased to five different tenants and located in 7 states.

The transactions were completed at a weighted-average cap rate of 8.3 percent and have a weighted-average remaining lease term of 17.8 years. The recently closed transactions include sale-leaseback transactions involving multiple Taco Bell and Wendy’s locations, as well the acquisition of a Jiffy Lube service center, a KFC restaurant and a Dollar General store.

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