Agree Realty Corporation
), a real estate investment trust (REIT), has recently acquired
two premium assets - LA Fitness property in Illinois
and an AutoZone store in Minneapolis, Minnesota. The properties
were acquired at a combined purchase price of approximately $11.6
AGREE RLTY CORP (ADC): Free Stock Analysis
KIMCO REALTY CO (KIM): Free Stock Analysis
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Spanning 42,625 square feet, LA Fitness is located at the corner
of South Rand Road and West Deerpath Road in Lake Zurich with a
15 year lease remaining. The second asset, AutoZone store,
located on Clinton Avenue in Minneapolis, Minnesota, has
approximately 11 years remaining lease term.
Through this strategic initiative, Agree Realty expects to
enhance its portfolio quality, which in turn could be accretive
to earnings going forward. The current acquisition features
industry leading retailers as lessee. The median household income
in this region exceeds $92,000. Apart from the locational
advantage, the demographics of this area further boost the
Based in Farmington Hills, Michigan, 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 103 properties in 26
states, spanning approximately 3.2 million square feet of gross
leasable space. The company primarily emphasizes on strong
value-added development opportunities and acquisitions to
maximize shareholder value.
Agree Realty currently retains a Zacks #2 Rank, which translates
into a short-term Buy rating. We also have a long-term Neutral
recommendation on the stock. One of its competitors,
Kimco Realty Corporation
) holds a Zacks #3 Rank, which translates into a short term Hold