Farmington Hills, Mich. Agree Realty Corp. announced that pursuant to their existing lease agreements, Kmart exercised its two-year options in Grayling, Mich. as well as Oscoda, Mich. Both locations are free-standing stores which opened in 1984. The Grayling store is 52,320 sq. ft. and the Oscoda store contains 90,470 sq. ft. The extended leases will expire on September 30, 2014. Kmart retains additional options at the tenant's election.
Additionally, Best Buy extended their lease for three years at the company's North Lakeland Plaza in Lakeland, Fla. The new lease expiration date will be January 31, 2016. Best Buy occupies approximately 52,000 sq. ft. in the shopping center, which is also anchored by Beall's Department Store and JoAnn Fabrics. North Lakeland is the Company's only lease with Best Buy.
The company's remaining lease expirations in 2012 amount to 20,536 sq. ft. and $161,123 of annualized base rent, representing 0.6 percent of gross leasable area and 0.5 percent of annualized base rents as of March 31, 2012.