FARMINGTON HILLS, MICH.—Agree Realty Corporation has closed on the sale of the Plymouth Commons shopping center and the Shawano Plaza shopping center, both located in central Wisconsin. The properties were sold for approximately $7.4 million.
Plymouth Commons is a 161,000-sq.-ft. shopping center anchored by an 86,479-sq.-ft. Kmart and a 39,352-sq.-ft. Pick’n Save.
The 193,000-sq.-ft. Shawano Plaza shopping center is anchored by an 86,479-sq.-ft. Kmart; a 47,047-sq.-ft. Pick’n Save; and a 22,204-sq.-ft. JC Penney.
"We are pleased to complete the sale of these two non-core shopping centers,” said Joey Agree, president and chief operating officer. “These centers, in addition to Charlevoix Commons which was sold in June 2012, had been identified as having limited future opportunities due to trade area dynamics as well as demographic trends. Together, these three dispositions have reduced our annualized base rental income attributable to Kmart by approximately 29 percent.”
