Bloomfield Hills’ Agree Development to Acquire 100+ Sherwin-Williams Retail Properties
Agree Realty Corp.'s Agree Development will acquire and lease back more than 100 retail properties from The Sherwin-Williams Co.
Photo courtesy of The Sherwin-Williams Co.
Bloomfield Hills-based Agree Realty Corp. Tuesday announced that through its subsidiary, Delaware-based Agree Development, it has entered into a purchase agreement for the acquisition of a portfolio of more than 100 retail properties in connection with a sale-leaseback transaction with The Sherwin-Williams Co.
The transaction is expected to close by the end of the year for a purchase price of more than $150 million.
“We are very pleased to have entered into this agreement with Sherwin-Williams,” says Joey Agree, president and CEO of Agree Realty Corp. “This unique transaction is incremental to our operating strategy, demonstrates additional differentiated capabilities, and further solidifies the strength of our first-class real estate portfolio.”
Agree Realty Corp. is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. It owns and operates a portfolio of 537 properties containing about 10.6 million square feet of gross leasable space across 45 states.
The Sherwin-Williams Co. is a global company specializing in the manufacture, development, distribution, and sale of paints, coatings, and related products. It is headquartered in Cleveland.