Monday, June 10, 2019

Agree Realty Corp. Buys Retail Spaces in Philadelphia's Public Ledger Building

Agree Realty Corp., a publicly traded real estate investment trust, has acquired two retail condo's in Philadelphia's Public Ledger Building for $24 million, or $1,122 per square foot. The seller was a joint venture between Carlyle Development Group and Atlantic Realty Group.

In December 2018, Wawa opened its 11,486-square-foot flagship store on the ground level of the building, which is located at 600 Chestnut St. in the Independence Square section of Center City. The convenience store chain signed a 10-year lease term with options for renewal. The transaction also included a 9,913-square-foot DaVita Dialysis which had signed a 10-year lease renewal prior to the sale.

Agree Realty Corp. President and Chief Executive Officer Joey Agree said in a statement, "We are extremely pleased to announce the addition of Wawa’s flagship store to our expanding portfolio. This acquisition demonstrates our differentiated capabilities to identify unique opportunities that further solidify our best-in-class net lease portfolio."

A source familiar with the deal said that the seller did not have plans to hold the assets long-term. Once they were able to secure strong tenancy and receive a good offer they decided to divest the properties.

Headquartered in Bloomfield Hills, Michigan, Agree Realty Corp. (NYSE: ADC) currently owns and operates a portfolio of 703 properties, located in 46 states and containing approximately 12.3 million square feet of gross leasable space, according to its website.
www.omegare.com

1 comment:

  1. Hi everyone, Are you into trading or just wish to give it a try, please becareful on the platform you choose to invest on and the manager you choose to manage your account because that’s where failure starts from be wise. After reading so much comment i had to give trading tips a try, I have to come to the conclusion that binary options pays massively but the masses has refused to show us the right way to earn That’s why I have to give trading tips the accolades because they have been so helpful to traders . For a free masterclass strategy kindly contact maryshea03@gmail.com for a free masterclass strategy. She'll give you a free tutors on how you can earn and recover your losses in trading for free..

    ReplyDelete