AT&T Retail Property Acquired by Agree Realty

January 28, 2011 / Albert Hamon, Mergers and Acquisitions Reporter

A retail property in Wilmington, North Carolina, which is net- leased to AT&T is recelty acquired by a real estate company— Agree Realty Corp. The retail property located at the northwest corner of South College Road and New Centre Drive was sold to Agree Realty for about $3.3 million. The newly built AT&T store branch at the retail property was opened for business on Nov.24, 2010 with a long-  term- base- leased of about 15 years.

AT&T Retail Property Acquired by Agree Realty

Agree Realty Corporation’s President and Chief Operating Officer, Joey Agree said, the relocation of a high- performing company like AT&T to its recently acquired retail property located at Wilmington’s substantial retail district, which is adjacent to University of North Carolina Wilmington, will continue to diversify the company’s retail real estate holdings.

The company is known to manage, develop, and own retail property and assets that are mainly consists of single- tenant properties, which are leased to major and national tenants and community shopping centers. It currently operates and owns 80 properties in its portfolio, which are located across 17 states in the country, with about 3.5 million square- foot of net- leasable space.

Other retail properties acquired by Agree last year and early this year that are leased to major tenants including Kohl’s Department Stores, CVS Caremark Corporation in Connecticut, Illinois, Ohio, and Kansas, JPMorgan Chase Bank, Lowe’s, PNC Bank, and two development projects in Florida.

Agree said that its recent retail property acquisition added another national and prime retailer company to its single- tenant net- leased portfolio.

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