Agree Realty Announces Acquisition of NTB Store in Dallas, Texas for ~$2.76M

Agree Realty Corporation ADC today announced it has acquired a retail property net leased to National Tire & Battery in Dallas, Texas. NTB is owned by TBC Corporation, which is a subsidiary of Sumitomo Corporation of America. The cost of the acquisition was approximately $2,767,000. The newly constructed store opened for business in May 2011. The base term of the lease is 25 years. "We are pleased to add National Tire & Battery to our portfolio of net leased assets," said Joey Agree, President and Chief Operating Officer of Agree Realty Corporation. "This acquisition continues to diversify our holdings and adds a web-resistant and recession-resistant national retailer to our growing net lease portfolio."