Agree Realty Announces Berkeley, California Project

News provided by

Jan 12, 2011, 09:00 ET

FARMINGTON HILLS, Mich., Jan. 12, 2011 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced it will redevelop the southeast corner of Shattuck Avenue and Cedar Street in Berkeley, California. The project, on behalf of a national leader in the chain drugstore industry, is expected to be completed during the third quarter of 2011. Agree will develop the project and oversee construction for a fee to be paid upon completion.

"This is the second such development that we have undertaken in northern California. This project exemplifies our flexibility and ability to execute on behalf of national retailers," said Joey Agree, President of Agree Realty Corporation.

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 81 properties, located in 17 states and containing 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