NEW JERSEY—Agree Realty Corporation, based in Farmington Hills, Mich. has acquired a portfolio of three Wawa convenience and fuel stores, one of which is located in Vineland. The other stores are located in Clifton Heights, Pa. and Newark, Del.
The cost of the portfolio acquisition was approximately $14.2 million, including the assumption of $8.58 million of non-recourse mortgage debt. The assumed debt matures in June 2016 and carries a 6.56 percent interest rate.
Wawa is an industry leader in the convenience and fuel store space and one of the country's largest private companies, operating more than 590 stores in Pennsylvania, New Jersey, Delaware, Maryland, Virginia and most recently announcing their expansion into the state of Florida.
Agree Realty is primarily engaged in the acquisition and development of single-tenant properties net leased to industry leading retail tenants. The company currently owns and operates a portfolio of 90 properties, located in 24 states and containing approximately 3.4 million sq. ft. of gross leasable space.