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Saturday, July 10, 2010

REIT Buys Net Lease Property Leased to CVS

Farmington Hills, Michigan - Net Lease Properties News for the day is that Agree Realty Corp. acquired a retail property in Johnstown, Ohio. The purchase price was $3.5 million.

The Net Lease Property that was acquired is a 13,200 square-foot building. This property is leased to Rhode Island-based CVS Caremark Corp. and has 24 years remaining on the lease.

Agree Realty Corporation is a fully-integrated, self-administered and self-managed real estate investment trust (REIT) based in Farmington Hills, Michigan.
Purchasing Commercial Real Estate occupied by CVS has been diversifying the real estate investment trust’s group of tenants.

As of April, the company reported that 31 percent of its real estate is occupied by Deerfield, Il-based Walgreen Co., 27 percent by Ann Arbor-based Borders Group Inc. and 11-percent by Hoffman Estates-based Kmart Corp.

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If you feel this is the right time to invest in Commercial Real Estate, Multi-Family Apartment Buildings, or Triple Net Lease Properties then contact us, HERE. We can also assist you with your Commercial Real Estate Mortgage and Net Lease Funding to purchase a new property.
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