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.

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