Agree Realty Closes Sale of Walgreens in Ypsilanti for $5.6M
Agree Realty Corporation (NYSE: 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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