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Stock Market & Financial Investment News

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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.
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