Agree Realty Named Preferred Florida Development Partner For Wawa; Announces Pipeline Of Three Projects

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May 07, 2012, 04:15 ET

FARMINGTON HILLS, Mich., May 7, 2012 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced it has been named a Florida development partner for Wawa, Inc. Wawa is an industry leader in the convenience and fuel store space, currently operating more than 590 stores in Pennsylvania, New Jersey, Delaware, Maryland and Virginia.

Agree Realty has closed on the southwest corner of SR-535 and North Poinciana Blvd. in Osceola County and anticipates immediately commencing construction. In partnership with the Company, Wawa has executed a long term ground lease to operate a convenience store with fuel.

Additionally, the Company and Wawa have entered into two additional ground lease agreements on sites in central Florida.

"We are extremely pleased and tremendously excited to partner with Wawa on their expansion into Florida. Their pioneering approach to the convenience store and fuel station experience will offer Floridians additional choices and varieties that they have never had," said Joey Agree, President and Chief Operating Officer. "We look forward to continuing to work with Wawa in acquiring and developing sites to assist in their expansion."

Agree Realty Corporation is primarily engaged in the ownership, development acquisition and management of single tenant retail properties leased to industry leading retail tenants. Agree Realty owns and operates a portfolio of 85 properties, located in 21 states and containing 3.4 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, 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 on the Internet at http://www.agreerealty.com

SOURCE Agree Realty Corporation