Michigan real estate trust buys Mavis store on Sheridan for nearly $1.2 million

By By Jonathan D. Epstein, The Buffalo News, N.Y.

A Detroit-area real estate investment trust specializing in retail properties has acquired a Mavis Discount Tire location on Sheridan Drive in Tonawanda, paying $1.19 million.

Agree Realty Corp. of Bloomfield Hills, Mich., through Agree Stores, bought the 0.58-acre site at 2593 Sheridan Drive from NLF TS Tonawanda.

Located at the southwest corner of Sheridan and Parker Boulevard, the 5,720-square-foot multipurpose commercial building was constructed in 1976, and has five overhead doors and 20-foot ceilings from its days as an auto shop. It last sold three years ago — for $350,000.

The building, which was a Meineke location for more than two decades, has also housed Auto Glass Xpress and Italia Kustoms.

The seller 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. The third-generation family-owned company — founded in 1976 but whose roots date back to 1922 — has more than $2.5 billion in assets under management in private funds for institutional and high net-worth investors, and owns 259 properties with more than 23 million square feet of space in 28 states.

Agree Realty is a REIT that focuses on developing and buying “net-lease” retail properties nationwide. The company 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.

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 owns seven Mavis Tire stores across upstate New York, plus two Walgreens Pharmacy stores and an L.A. Fitness center.

This article provided by NewsEdge.