Agree Realty Corporation (
a real estate investment trust (REIT), has recently acquired three
premium assets - a Family Dollar store in Spartanburg, South
Carolina; a USAA Financial Services Center in Jacksonville, North
Carolina; and an AutoZone store in Springfield, Illinois. The
properties were acquired at a combined purchase price of
approximately $5.3 million.
Recently, Agree Realty also closed on the sale of two shopping
centers - the Plymouth Commons and the Shawano Plaza shopping
centers, both located in the tertiary markets in central Wisconsin.
Agree Realty has continued to reposition its portfolio by divesting
assets that have limited opportunities and redeployment of capital.
Instead, the company focus is on acquisition and development of
properties which have the potential to generate higher returns.
Through this strategic initiative, Agree Realty expects to enhance
its portfolio quality, which in turn could be accretive to earnings
going forward. All three current acquisitions feature
single-tenant industry leading retailers, which further enhance the
quality of the company's portfolio.
Agree Realty is primarily engaged in the ownership, development,
acquisition, and management of retail properties, which are
primarily leased to national and regional retail companies in the
United States. Currently, the company owns a portfolio of 96
properties, located in 25 states containing approximately 3.1
million square feet of gross leasable space.
Agree Realty currently retains a Zacks #3 Rank, which translates
into a short-term Hold rating. We also have a long-term Neutral
recommendation on the stock. One of its competitors,
Kimco Realty Corporation
) holds a Zacks #2 Rank, which translates into a short term Buy
AGREE RLTY CORP (ADC): Free Stock Analysis
KIMCO REALTY CO (KIM): Free Stock Analysis
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