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 lease.
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 and development of 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.