Agree Realty Announces Harris Teeter Acquisition

News provided by

Nov 05, 2012, 04:01 ET

FARMINGTON HILLS, Mich., Nov. 5, 2012 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced that it has acquired a Harris Teeter supermarket in Charlotte, North Carolina. The 18,000 square foot store is located on the main floor of a mixed-use retail and residential building at the corner of West 6^th Street and North Pine Street in downtown Charlotte. The cost of the acquisition was approximately $3,000,000.

"We are pleased to add Harris Teeter to our growing roster of industry leading tenants," said Joey Agree, President and Chief Operating Officer. "This acquisition of one of the region's leading grocers adds a unique piece of uptown Charlotte real estate to our portfolio."

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 98 properties, located in 25 states and containing approximately 3.1 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