Agree Realty Announces Fourth Wawa Project In Florida

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Apr 08, 2013, 08:00 ET

FARMINGTON HILLS, Mich., April 8, 2013 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced that it closed on the acquisition of a parcel of land located at the southwest quadrant of 34^th Street and 38^th Avenue in St. Petersburg, Florida for the development of a Wawa convenience store with fuel. The project is pre-leased under a long-term ground lease agreement and is expected to be completed during the fourth quarter of 2013. This is the Company's fourth announced development for Wawa in the state of Florida.

Wawa is an industry leader in gas and convenience store retailing operating more than 600 stores in Pennsylvania, New Jersey, Delaware, Maryland, Virginia and Florida.

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 114 properties, located in 30 states and containing approximately 3.3 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".

For additional information, visit the Company's home page at www.agreerealty.com.

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, 2012. 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.

SOURCE Agree Realty Corporation