Agree Realty Closes $150M Sale Leaseback With Sherwin-Williams
The net lease REIT is acquiring a portfolio of more than 100 retail properties.
BLOOMFIELD HILLS, MI–Net lease REIT Agree Realty Corp. has agreed to purchase a portfolio of more than 100 retail properties in a sale-leaseback transaction with The Sherwin-Williams Co. Agree is paying more than $150 million for the portfolio and the transaction is expected to close on or before the end of this month.
As of September 30, 2018, the company’s portfolio consisted of 520 properties located in 45 states and totaled 10 million square feet. For its Q3 quarterly earnings, the REIT announced its total acquisition volume was approximately $150.6 million and included 43 assets net leased to retailers in the off-price retail, home improvement, convenience store, auto parts, and tire and auto service sectors.
For the nine months ended September 30, 2018, total acquisition volume was approximately $351.1 million and included 96 retail net lease assets.
The company’s outlook for acquisition volume in 2018 is was increased to a range of $425 million to $475 million, up from a previous range of $350 million to $ 400 million.