FARMINGTON HILLS, Mich., Dec. 16, 2010 /PRNewswire-FirstCall/ -- Agree Realty Corporation (NYSE: ADC) today announced it has acquired a retail property ground leased on a long-term basis to Kohl's Department Stores, Inc. located at the intersection of Apalachee Parkway and Blair Stone Road in Tallahassee, Florida. The cost of the acquisition was approximately $2,200,000. Kohl's has approximately 17 years remaining on the base term of the lease.
"We are pleased to add Kohl's to our growing portfolio of national credit tenant retailers," said Joey Agree, President and Chief Operating Officer of Agree Realty Corporation. "We continue to acquire well-located credit tenant assets occupied by first rate retailers with the goal of expanding and diversifying our tenant base."
Agree Realty is engaged in the ownership, management and development of properties which are primarily single tenant properties leased to major retail tenants and neighborhood community shopping centers. Agree Realty owns and operates a portfolio of 80 properties, located in 17 states and containing over 3.5 million square feet of leasable space.
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, 2009. 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 on the Internet at http://www.agreerealty.com
SOURCE Agree Realty Corporation