Agree Realty
Corporation ADC today announced that it has closed on the sale of the
Walgreens on Michigan Avenue in Ypsilanti, Michigan. The 13,650 square foot
store was developed by the Company in 2008. The property was sold for
approximately $5,600,000.
"We are pleased to complete the sale of this property. We are consistently
reviewing asset performance and portfolio composition and intend to
accretively redeploy these proceeds into our acquisition and development
pipelines," said Joey Agree, President and Chief Executive Officer.
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 108 properties, located in 27
states and containing approximately 3.2 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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