A Michigan real estate investment trust that specializes in retail properties has acquired part of a five-acre development parcel across from the Walmart in Hamburg where one of its clients – Mavis Discount Tires – has opened a new store.
Agree Realty Corp., based in Bloomfield Hills, paid $1.8 million to buy a 1.67-acre piece of land at 5363 Southwestern Boulevard.
That's part of a larger five-acre property located across the street from Walmart that has been marketed for sale by several brokers and developers recently.
The seller, TS Hamburg, is owned by Hampshire Real Estate Cos. of Morristown, N.J., a privately held real estate investment fund manager that buys, develops, leases, restructures, manages, finances and sells real estate.
It's also the second transaction between Agree and Hampshire in recent months, after Agree bought a Mavis on Sheridan Drive in Tonawanda in October for $1.19 million.
Founded in 1971 by Executive Chairman Richard Agree as Agree Development Co., Agree Realty developed more than 40 community shopping centers in the Midwest and Southeast over 23 years before converting to a publicly traded REIT in 1994.
It currently owns 522 properties with 9.8 million square feet of space in 45 states, with national retailers such as Walgreens, McDonald's, Burger King, Wendy's, Applebee's, Taco Bell, Buffalo Wild Wings, Wawa, Camping World, Ross, Petco, TJ Maxx and Mister Car Wash. It owns seven Mavis Tire stores across upstate New York, plus two Walgreens Pharmacy stores and an L.A. Fitness center.
Michigan real estate trust buys Mavis store on Sheridan for nearly $1.2 million