Agree Realty Corp. announced that it acquired a portfolio of three Wawa c-stores and fuel stores that are master leased by Wawa for $14,200,000.
The cost of the portfolio acquisition includes the assumption of $8,580,000 of non-recourse mortgage debt, which will mature in June 2016, carrying a 6.56% interest rate. The three stores are based in Clifton Heights, Pa., Newark, Del., and Vineland, N.J. The master lease has approximately 9.5 years remaining.
“We are extremely pleased to add these three assets to our portfolio,” said Joey Agree, president and chief operating officer of Agree Realty. “This strategic acquisition provides the company with a unique opportunity to further our relationship with Wawa in the mid-Atlantic, while continuing to partner in Wawa’s Florida expansion as a preferred developer.”
Agree Realty is engaged in the acquisition and development of single tenant properties net leased to industry leading retail tenants. It currently owns and operates a portfolio of 90 properties in 24 states.