Agree Realty Acquires Landmark Building on University of Michigan Campus
FARMINGTON HILLS, Mich., Jan. 3, 2013
FARMINGTON HILLS, Mich., Jan. 3, 2013 /PRNewswire/ --Agree Realty Corporation
(NYSE: ADC) today announced that it has acquired 317 South State Street for
redevelopment. The landmark building is on the northeast corner of State
Street and North University Avenue in the historic district in downtown Ann
Arbor. The 18,000 square foot building is located directly across from the
Diag on the central campus of the University of Michigan. Built in 1937, the
structure was formerly occupied by Kresge's department store and later
Michigan Book & Supply. The purchase price was $5.8 million.
The redevelopment, which is pre-leased under a twenty year agreement to the
industry leader in the retail pharmacy sector, is expected to be completed by
the second quarter of 2014.
"We are extremely pleased to announce the acquisition and redevelopment of 317
South State Street," said Joey Agree, President and Chief Operating Officer of
Agree Realty Corporation. "This is an exciting project, that once complete
will be a jewel in our portfolio of net lease assets and a fixture on the
University campus for many years."
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 109 properties, located in 27
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
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
SOURCE Agree Realty Corporation
Contact: Alan Maximiuk, Chief Financial Officer, +1-248-737-4190
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