BLOOMFIELD HILLS, MICH. — Agree Realty Corp. has acquired 10 retail properties for $17.5 million. Located in seven states, the properties are net leased to five different tenants operating in three retail sectors. The transactions were completed at a weighted-average cap rate of 8.3 percent and have a weighted-average remaining lease term of 17.8 years. The recently closed transactions include sale-leaseback transactions involving multiple Taco Bell and Wendy’s locations, as well the acquisition of a Jiffy Lube service center, a KFC restaurant and a Dollar General store. Bloomfield, Mich.-based Agree Realty currently owns and operates a portfolio of 233 properties located in 39 states and containing 4.7 million square feet of gross leasable space.
229