FARMINGTON HILLS, Mich., March 28, 2012 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced it has closed on a land parcel in northern California to be developed for a leading retail use.
The project, which is pre-leased under a twenty-five year agreement to the industry leader in the retail pharmacy sector, is expected to be completed by the first quarter of 2013. The site is strategically located at the northeast corner of Folsom Boulevard and Zinfandel Drive in Rancho Cordova, California. The site previously consisted of numerous structures, including a motel, a multi-family residential structure as well as a closed restaurant. Existing retailers in the immediate vicinity include Walmart, Safeway, Target, Grocery Outlet, Ross Dress for Less, and Kohl's.
"We are pleased to announce our third California development project in the past three years," said Joey Agree, President and Chief Operating Officer of Agree Realty Corporation. "This project is a testament to the commitment of our land acquisition team and their ability to source irregular parcels to be redeveloped as retail uses. Our team worked in conjunction with the City of Rancho Cordova to bring this exciting redevelopment to fruition."
Agree Realty is engaged in the development and acquisition of properties which are primarily single tenant net leased to industry leading retail tenants. The Company owns and operates a portfolio of 85 properties, located in 21 states and containing 3.4 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, 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 on the Internet at http://www.agreerealty.com.
SOURCE Agree Realty Corporation