Consistent with its portfolio expansion plans,
Agree Realty Corporation
) disclosed the acquisition of Pa.-based BJ's Wholesale Club
outlet for $10.6 million. The move depicts the company's motive
to strengthen its tenant base of industry leading retailers.
Notably, with this high-end buyout, Agree Realty's
year-to-date acquisition volume totals about $70 million. BJ's
Wholesale Club, spanning 112,230 square feet, is positioned at
Airport Road South in Allentown.
The acquisition of BJ's Wholesale Club outlet, which is
serving the Airport Road South area over the past 20 years,
offers Agree Realty the scope to enjoy steady revenues, going
forward. Lately, Agree Realty has been on an acquisition spree.
Earlier this month, the company purchased an outlet of a
privately-owned American health club chain - LA Fitness - in
Rochester, N.Y. for approximately $10.3 million.
Moreover, last month, Agree Realty shelled out $6 million to
acquire four single tenant assets. Two of these are in
Madisonville, Texas and Forest, Miss. and are leased to
Tractor Supply Company
), which commands a large chain of retail stores. Among the other
two properties, one is occupied by
) in Sun Valley, Nev. and the other by
Mattress Firm Holding Corp.
) in Baton Rouge, La.
Such opportunistic deals are expected to help Agree Realty to
add tenants to its strong tenant base and extend ties with
existing tenants as well as drive earnings in the future.
Agree Realty - which specializes in the acquisition and
development of single tenant properties net leased to national
and regional retail companies in the U.S. - currently owns a
portfolio of 128 properties in 33 states, comprising roughly 3.8
million square feet of gross leasable space.
Agree Realty, at present, carries a Zacks Rank #3 (Hold).
AGREE RLTY CORP (ADC): Free Stock Analysis
AUTOZONE INC (AZO): Free Stock Analysis
MATTRESS FIRM (MFRM): Free Stock Analysis
TRACTOR SUPPLY (TSCO): Free Stock Analysis
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