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July 17, 2014
16:07 EDTADCAgree Realty announces Taco Bell sale leaseback transaction, other acquisition
Agree Realty Corporation announced that it recently closed on two acquisitions with an aggregate purchase price of approximately $24.7M, including a portfolio of 13 Taco Bell restaurants and a Giant Eagle grocery store. The Taco Bell portfolio was acquired via a $19.0M sale leaseback transaction with Charter Foods. Charter Foods is a franchise operator of 184 quick service and casual dining restaurants. The 13 Taco Bell properties acquired by the company are all subject to new 20 year absolute net leases with contractual rent increases of 1.5% per year. The company also acquired a Giant Eagle grocery store in Ligonier, Pennsylvania for approximately $5.7M. The 38,000 square foot store has been operating in this location for over 20 years and is the only full service grocer in the trade area.
News For ADC From The Last 14 Days
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July 27, 2015
16:04 EDTADCAgree Realty reports Q2 FFO 62c, consensus 60c
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July 21, 2015
16:20 EDTADCSeritage Growth Properties hires Brian Dickman as CFO
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16:19 EDTADCAgree Realty announces development, JV projects
Agree Realty announced that it recently closed on a parcel of land located in Salem, Oregon through its Joint Venture Capital Solutions program with Real Estate Affiliates. Cash & Carry Smart Foodservice has executed a 15-year net lease to occupy the 23,500 square foot store upon completion. The total project cost is approximately $5.8M. Rent is anticipated to commence during the first quarter of 2016. The Company will own a 100% interest in the project. Additionally, construction has also commenced on the development of a Hobby Lobby store in Springfield, Ohio. Hobby Lobby has executed a 15-year net lease to occupy the premises. The project has anticipated total costs of approximately $5.0M and is expected to be complete by the end of Q2 of 2016.

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