- Ferris Commons is a 173.6K square foot shopping center located in Big Rapids, Michigan developed by Agree Realty (NYSE:ADC) in 1990. With the sale, Agree's annualized base rental income attributed to its four remaining shopping centers is cut to 4.7% from 6.3%. Portfolio occupancy is boosted to 99.5%.
- Agree boosts its 2015 disposition guidance to $40M-$50M, with anticipated sales to include select net lease assets along with non-core shopping centers. Roughly $15M of property has been sold YTD (including this sale).
- Source: Press Release