Agree Realty acquires building on University of Michigan campus for $5.8M Agree Realty announced that it has acquired 317 South State Street for redevelopment. The 18,000 square foot building is located directly across from the Diag on the central campus of the University of Michigan. The purchase price was $5.8M.
Agree Realty increases 2015 disposition forecast to $40M-$50M from $25M Agree Realty announced it has sold Ferris Commons, a 173,557 square foot shopping center located in Big Rapids, Michigan for $5.8M. Upon the sale of Ferris Commons, the company's annualized base rental income attributed to its four remaining shopping centers has been reduced from 6.3% to 4.7%. Portfolio occupancy has improved to 99.5%. The company has increased its 2015 disposition guidance to a range of $40M-$50M from $25M. Anticipated dispositions include both non-core shopping centers as well as select net lease assets. Including the sale of Ferris Commons, the company has disposed of approximately $15M year to date.