Agree Realty Sells North Lakeland Plaza Shopping Center In Florida For $13.2 Mln

(RTTNews) - Agree Realty Corp. (ADC) Thursday said it has sold North Lakeland Plaza, a 171,397 square foot shopping center located in Lakeland, Florida for $13.2 million.

The center is anchored by Bealls and Best Buy and was developed by the company in 1987.

The company has retained ownership of a newly created outlet to the shopping center in anticipation of the turnkey development of a free standing industry-leading coffee store.

Upon the sale of North Lakeland Plaza, the company's annualized base rental income attributed to its shopping centers has been reduced to approximately 2.7 percent.

Portfolio occupancy remains a sector leading 99.5 percent. Year-to-date, the company has disposed of around $28.2 million.