Agree Realty Reports Illinois JV, Project Cost Expected at $8M

Agree Realty Corporation (NYSE: ADC) today announced that it has closed on a 4.5 acre parcel of land through its Joint Venture Capital Solutions program.  TJ Maxx, Ross Dress for Less and Petco have executed ten year net leases to occupy 62,450 square feet.  Agree will construct the project and be the sole owner of the property upon project completion.  The property is located within the New Lenox Town Center in New Lenox, Illinois.  New Lenox Town Center is a 450,000 square foot regional power center anchored by a Walmart Supercenter and Menards. The total project cost is estimated at $8 million.