FARMINGTON HILLS — Agree Realty Corp. (NYSE: ADC) announced that it has closed on the sale of the Plymouth Commons shopping center and the Shawano Plaza shopping center in central Wisconsin. The 161,000 square foot Plymouth Commons shopping center is anchored by Kmart in 86,479 square feet and Pick’n Save in 39,352 square feet. The 193,000 square foot Shawano Plaza shopping center is anchored by Kmart in 86,479 square feet, Pick’n Save in 47,047 square feet and JCPenney in 22,204 square feet. The properties were sold for approximately $7,400,000.
“We are pleased to complete the sale of these two non-core shopping centers,” said Joey Agree, president and COO. “These centers, in addition to Charlevoix Commons which was sold in June 2012, had been identified as having limited future opportunities due to trade area dynamics as well as demographic trends. Together, these three dispositions have reduced our annualized base rental income attributable to Kmart by approximately 29 percent. We expect to redeploy the capital into the acquisition and development of single tenant properties net leased to industry leading retailers in order to improve asset quality and further diversify our portfolio.”
Agree Realty is primarily engaged in the acquisition and development of single tenant properties net leased to industry leading retail tenants. The company currently owns and operates a portfolio of 93 properties, located in 25 states and containing approximately 3.1 million square feet of gross leasable space.