Michigan REIT snags three Ohio restaurants for $11 million

Agree Realty Corp. (NYSE: ADC) of Bloomfield Hills, Michigan, just took another bite out of Westgate Shopping Center in Fairview Park by paying $11.3 million for three restaurants on the northwest corner of the open-air plaza.

Agree, which specializes in owning properties — primarily retail — that it leases back to the businesses, in 2019 bought the Sherwin-Williams Co. (NYSE SHW) paint store at Westgate for $1.4 million as it acquired more than 100 stores from the Cleveland-based paint and coatings maker.

In the last week of December 2021, Cuyahoga County land records show, Agree bought three more properties, all occupied by national eateries: an Applebee’s Grill + Bar, Chick-fil-A and, on the corner, a Longhorn Steakhouse.

The seller was Westgate SC LLC, the name that R.H. Johnson Co. of Kansas City, Missouri, used to buy Westgate for $39 millionlast July. The eateries were developed before Westgate Mall was demolished to create an open-air center on the bulk of the property.

Agree’s news releases and formal statements have not acknowledged the purchase.

However, it it is not material to the operation of a real estate investment trust with 1,404 properties, located in 47 states and about 29 million square feet of rentable selling space, so it might not be disclosed.