Agree Sells Former Borders in Omaha

OMAHA, NEB.— Agree Realty Corp. has sold a 30,000-sq.-ft. single-tenant property formerly leased to Borders Inc. located in Omaha, Neb. The property was sold for approximately $2.75 million.

Additionally, the company has two additional transactions pending on former Borders locations. These assets are located in Monroeville, Pa., and Columbus, Ohio.

Agree has executed a letter of intent to lease the property formerly occupied by Borders in Monroeville, Pa., to an industry-leading home fashion retailer. The property in Columbus, Ohio is currently under contract for sale. Closing of this transaction is subject to satisfactory completion of the purchaser's due diligence investigations and other customary closing conditions, and there is no assurance that the conditions will be satisfied or that the sale will occur as contemplated. Agree continues to market its Lawrence, Kan. property for sale or lease.

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