FARMINGTON HILLS, Mich., June 25, 2012 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced that it has acquired a newly constructed store leased to Dollar General Market in Cochran, Georgia as well as the fee interest in the land underlying its Walgreens store in Ann Arbor, Michigan. Dollar General Market has the full term of 15 years remaining. The aggregate cost for the two properties was approximately $6,000,000.
"These acquisitions continue our strategy of deriving additional value from both within our existing portfolio as well as externally via the acquisition and development of assets leased to industry leading tenants. Our team quickly redeployed the proceeds from our disposition of the Charlevoix Commons shopping center, while achieving our goals of upgrading credit quality and significantly increasing the remaining base term under the leases," said Joey Agree, President and Chief Operating Officer. "These acquisitions continue to diversify our asset base into high-quality net lease properties."
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 87 properties, located in 23 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