Farmington Hills, Michigan-based real estate investment trust
(REIT),
Agree Realty Corporation (
ADC
)
, recently added a Big Lots unit and a Dollar General Market unit
in its portfolio for an aggregate price of $5.3 million. With
these twin acquisitions, the company's portfolio now exceeds a
hundred properties.
The acquired 30,000 square foot
Big Lots Inc. (
BIG
)
store is located in The Shoppes at Lakestone Commons. The
shopping center in Fuquay-Varina town of North Carolina, also
anchors a
Kohl's Corp. (
KSS
)
department store.
On the other hand, the
Dollar General Corporation (
DG
)
unit, which spans 20,834 square foot, is situated in State Street
in Lyons, Georgia. The department store houses many world class
brands such as
Kellogg Company (
K
)
,
Hanesbrands Inc. (
HBI
)
and
Unilever plc (
UL
)
. As a matter of fact, both the acquired units have recently
opened for business.
Agree Realty is actively repositioning its portfolio by divesting
assets that have limited opportunities and acquiring properties
which have the potential to generate higher returns. Last month,
the company acquired a unit of Harris Teeter, Inc. - a
wholly-owned subsidiary of
Harris Teeter Supermarkets, Inc. (
HTSI
)
- for approximately $3.0 million. The company has acquired 37
premium assets across 20 states for roughly $135 million, since
the inception of its acquisition policy in 2010.
In addition, the company is also focused on potential ground
lease and build-to-suit opportunities for retailers under
long-term net leases, thereby guaranteeing a consistent source of
income. The company acquired seven single tenant retail
properties in third-quarter 2012 for roughly $22 million. The
acquired properties were net leased to some world-class tenants
such as
AutoZone Inc. (
AZO
)
and
Family Dollar Stores Inc. (
FDO
)
.
Agree Realty is primarily engaged in the ownership, management,
acquisition and development of single tenant properties leased to
industry leading retail tenants. Currently, it owns a portfolio
of 101 properties, spanning 3.2 million square feet, located
across 25 states.
We have a long-term Neutral recommendation on Agree Realty.
However, it holds a short-term Zacks #2 Rank (Buy).
AGREE RLTY CORP (ADC): Free Stock Analysis
Report
AUTOZONE INC (AZO): Free Stock Analysis
Report
BIG LOTS INC (BIG): Free Stock Analysis
Report
DOLLAR GENERAL (DG): Free Stock Analysis
Report
FAMILY DOLLAR (FDO): Free Stock Analysis
Report
HANESBRANDS INC (HBI): Free Stock Analysis
Report
HARRIS TEETER (HTSI): Free Stock Analysis
Report
KELLOGG CO (K): Free Stock Analysis Report
KOHLS CORP (KSS): Free Stock Analysis Report
UNILEVER PLC (UL): Free Stock Analysis Report
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