FARMINGTON HILLS, Mich.,
July 21, 2015 /PRNewswire/ --
Agree Realty Corporation (NYSE: ADC) today announced that it
recently closed on a parcel of land located in Salem, Oregon through its Joint Venture
Capital Solutions ("JVCS") program with Real Estate
Affiliates. Cash & Carry Smart Foodservice ("Cash &
Carry") has executed a 15-year net lease to occupy the 23,500
square foot store upon completion. The total project cost is
approximately $5.8 million.
Rent is anticipated to commence during the first quarter of
2016. The Company will own a 100% interest in the
project.
Additionally, construction has also commenced on the development
of a Hobby Lobby store in Springfield,
Ohio. Hobby Lobby has executed a 15-year net lease to occupy
the premises. The project has anticipated total costs of
approximately $5.0 million and is
expected to be complete by the end of the second quarter of
2016.
"We are pleased to announce both of these exciting projects. Our
JVCS project in Oregon once again
matches our balance sheet strength and development expertise with
our partner Real Estate Affiliates' (REA) long-standing
relationships and site selection capabilities," said Joey Agree,
President and Chief Executive Officer. "This is our third
successful project with REA and we look forward to working together
once again."
Both the Cash & Carry and the Hobby Lobby projects are
shadow anchored by Walmart.
About Agree Realty's JVCS Program
Agree Realty's JVCS program provides developers with the capital
and development expertise required to complete select net lease
retail projects with a commitment to purchase the project upon
completion.
About Agree Realty Corporation
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 253
properties located in 41 states and containing approximately 5.0
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".
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SOURCE Agree Realty Corporation