Agree Realty Announces Recent Development And Acquisition Activity

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Mar 27, 2014, 04:01 ET

FARMINGTON HILLS, Mich., March 27, 2014 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced that it recently closed on the acquisition of a parcel of land located on US Highway 17 in East Palatka, FL for the development of a McDonald's restaurant. The project is pre-leased under a long-term ground lease and is expected to be completed during the third quarter of 2014.

In addition, the Company recently closed on acquisitions with an aggregate purchase price of approximately $9.5 million, including a Buffalo Wild Wings in Indianapolis, Indiana; an O'Reilly Auto Parts and Family Dollar in Lincoln Park, Michigan; a Dollar General in Irvington, New Jersey; and a Goodyear Tire & Rubber Company in Forest, Virginia.

O'Reilly Auto Parts is a new tenant for the Company and the property in Indianapolis is the first freestanding Buffalo Wild Wings in the Company's portfolio.

"We are pleased to announce these transactions which represent a diverse range of retail sectors and industry-leading tenants, including both new and existing retailer relationships," said Joey Agree, President and Chief Executive Officer. "We continue to focus on investing in high-quality assets in e-commerce resistant sectors that are underweight in our portfolio."

Agree Realty is primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. The Company currently owns and operates a portfolio of 139 properties, located in 34 states and containing approximately 3.8 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".

SOURCE Agree Realty Corporation