Agree Realty Announces Goodyear Acquisition
FARMINGTON HILLS, Mich., July 25, 2012 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced that it has acquired an auto service store in Fort Mill, South Carolina leased to Goodyear Tire & Rubber Company. The store is an outlot to a Harris Teeter anchored shopping center located at South Carolina Highway 160 and State Highway 22. The cost of the acquisition was approximately $2,400,000.
"We are extremely pleased to add this Goodyear Tire store to our expanding portfolio," said Joey Agree, President and Chief Operating Officer. "This acquisition complements our existing automotive service assets and continues our diversification strategy among industry leading net lease retailers."
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 92 properties, located in 25 states and containing approximately 3.4 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".
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.
For additional information, visit the Company's home page at www.agreerealty.com.
SOURCE Agree Realty Corporation