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Thursday, July 1, 2010

Net Leased Property Sold For $4.2 Million

FARMINGTON HILLS, Michigan - Agree Realty Corp. has purchased a retail property Net-Leased to CVS/Caremark Corp. in Atchison, Kan., for $4.2 million. This purchase of the Commercial Real Estate property that is net leased to CVS, supplements their roster of national tenants and continues to diversify their Investment Property Portfolio of net leased retail properties.

A net lease is where the tenant normally agrees to pay for ownership expenses, including utilities, repairs, insurance and taxes. Also, NNN Properties with No Landlord responsibilities in a strong retail area with an above average household income and long term net leases are highly desirable. Net Lease Properties can be purchased individually or on a portfolio basis.

Agree Realty Corporation has an Investment Property Portfolio chock full of net lease properties. As recently as June, 2010, the Company's total assets were $270,353,000. Their Investment Property Portfolio consists of 74 Commercial properties located in 15 states and totaling 3,492,468 square feet of gross leasable space. The Investment Property Portfolio was 99.2% leased at the end of the quarter. Agree Realty Corporation's construction in progress balance totaled approximately $9,738,000 at June 30, 2010. Also the Company capitalized $111,519 of construction period interest during the second quarter of 2010.

Commercial Real Estate Financing Still Available

If a Multifamily Apartment Complex is of interest to you then contact us, HERE. We can also assist you with your Commercial Real Estate Mortgage and Net Lease Funding to purchase a CVS, Walgreens, Target, Publix or other Triple Net Lease property.

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