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Agree Realty Buys 317 South State Street for Development

Related ADC
Agree Realty Reports Exercise of Underwriters' Option to Shares: Total Offering ~2.588M Shares for Gross Proceeds ~$76.8M
UPDATE: Agree Realty Announces 2.1M Common Stock Offering

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.

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