MICHIGAN—Farmington Hills-based Agree Realty Corporation has acquired a 133,000-sq.-ft. retail property currently ground-leased to Lowe's Home Improvement in Portland, Ore. The cost of the acquisition was approximately $14.1 million. Lowe's has 17 years remaining on the base term of the ground.
Agree Realty assumed $9.64 million of debt in conjunction with the acquisition. The assumed debt matures in June 2014 and carries a 5.075 percent interest rate.
It is the second Lowe’s that Agree Realty has added to its portfolio.
Agree Realty is primarily engaged in the ownership, management, acquisition andof single-tenant properties leased to industry-leading retail tenants. The company owns and operates a portfolio of 86 properties, located in 22 states, totaling approximately 3.6 million sq. ft. of leasable space.