Agree Realty Pays $76M for Retail Portfolio

Agree Development, an affiliate of Agree Realty Corp., has acquired a 10-property, single-tenant net lease retail portfolio for $75.9 million. The properties are located across five states: Colorado, Illinois, Nevada, Texas and Wisconsin.

Kidder Mathews brokered the transaction and represented the undisclosed seller, a private investor who made their mark developing multifamily projects in Beverly Hills, Calif.

Totaling 322,304 square feet, the retail portfolio comprises five Albertsons-guaranteed grocery stores, four auto service centers and a Dutch Bros Coffee. The former five include three Jewel-Osco locations, one Safeway and one Tom Thumb. The auto service centers feature one AAA ground lease, one Firestone, one Sun Auto and one Jiffy Lube.

Kidder Mathews Senior Vice President & Shareholder Paula Danker arranged the deal and collaborated with Parasell Inc. Broker Scott Reid, as well as Designated Broker Solutions-affiliated Brokers Jon Nesbitt, Kristen Zimmerman and Remy Tams.

This year, the U.S. retail landscape seems to be realigning amid evolving trade policies and rising store fit-out costs. This has prompted many retailers to pause expansion plans. At the same time, leasing activity dropped by 20 percent in the first half of the year, with national net absorption turning negative for two consecutive quarters—a first since the pandemic—according to a recent Cushman & Wakefield retail report. Retail vacancy stood at 5.8 percent at the end of the first half of 2025, a 20-basis-point increase from the first quarter and a 50-basis-point from a year ago.