FARMINGTON HILLS, Mich., Nov. 3, 2011 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced it has closed on a parcel in Southfield, Michigan to be developed, for retail use.
The project, which is pre-leased under a twenty-year ground lease to the leader in the fast food industry, is expected to be completed by the third quarter of 2012. The project is conveniently located on Southfield Road between Twelve Mile Road and Thirteen Mile Road in Southfield, Michigan.
"We are extremely pleased to continue to expand our tenant relationships with another industry leader," said Joey Agree, President and Chief Operating Officer of Agree Realty Corporation. "This specific project was a high priority relocation of a successful, older facility. Our development team worked diligently over a two year period to secure an existing three-story office building, work with the former landlord to relocate tenants and then proceed to procure entitlements for our client who will be constructing a single story fast food outlet. This project is consistent with our strategy of continuing to diversify our portfolio by developing and acquiring properties for industry leaders in their respective retail sectors."
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 86 properties, located in 21 states and containing 3.9 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, 2010. 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