The average remaining lease term for the three acquisitions is 15 years. The aggregate cost of the three acquisitions was approximately $10,350,000. The Company assumed approximately $3,400,000 of debt in conjunction with one of the acquisitions. The assumed debt matures in February 2020 and carries a 6.24% interest rate.
"We are excited to add these properties to our expanding portfolio of net lease assets. Wawa, the most recent addition to our roster of tenants, is a highly respected convenience store operator with over 570 locations across the eastern United States," said Joey Agree (middle right photo), President and Chief Operating Officer of Agree Realty Corporation. "These acquisitions continue to diversify our portfolio of industry-leading retailers."
Agree Realty is primarily engaged in the ownership, management, acquisition and development of single tenant properties leased to industry leading retail tenants. Agree Realty owns and operates a portfolio of 87 properties, located in 21 states and containing approximately 3.6 million square feet of leasable space.
For additional information, visit the Company's home page on the Internet at http://www.agreerealty.com.
Contact: Hedley Williams, Chief Investment Officer, +1-248-737-4190
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