FARMINGTON HILLS, Mich., Dec. 19, 2012 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced that it has acquired a LA Fitness and an AutoZone. The one-story, 42,625 square foot LA Fitness is located at the corner of South Rand Road and West Deerpath Road in Lake Zurich, Illinois. Nearby retailers include Wal-Mart, Costco, Home Depot, and Target. Median household incomes in the trade area exceed $92,000. The recently opened LA Fitness has 15 years remaining on the base term of the lease. Additionally, the Company has also acquired its third AutoZone store, located on Clinton Avenue in Minneapolis, Minnesota. AutoZone has approximately 11 years remaining on the base term of the lease. The aggregate cost of the two acquisitions was approximately $11,600,000.
"We are extremely pleased to add LA Fitness to our growing portfolio of industry leading tenants. This location fulfills stringent site and demographic criteria and is a great addition to our portfolio," said Joey Agree, President and Chief Operating Officer. "The addition of our third AutoZone continues to build out our auto partsexposure with another asset leased to an investment grade retailer."
Agree Realty is primarily engaged in the acquisition and development of single tenant properties net leased to industry leading retail tenants. The Company currently owns and operates a portfolio of 103 properties, located in 26 states and containing approximately 3.2 million square feet of gross leasable space. The common stock of Agree Realty Corporation is listed on the New York Stock Exchange under the symbol "ADC".
For additional information, visit the Company's home page at www.agreerealty.com.
The Company considers portions of the information contained in this release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. These forward-looking statements represent the Company's expectations, plans and beliefs concerning future events. Although these forward-looking statements are based on good faith beliefs, reasonable assumptions and the Company's best judgment reflecting current information, certain factors could cause actual results to differ materially from such forward–looking statements. Such factors are detailed from time to time in reports filed or furnished by the Company with the Securities and Exchange Commission, including the Company's Form 10-K for the year ended December 31, 2011. Except as required by law, the Company assumes no obligation to update these forward–looking statements, even if new information becomes available in the future.
SOURCE Agree Realty Corporation