Agree Realty Corporation (NYSE: ADC) today announced it has acquired a property ground leased on a long-term basis to Lowe’s. The 14.4 acre parcel is located at the intersection of Concord Mills Boulevard and Derita Road in Concord, North Carolina and contains a prototypical Lowe’s Home Improvement store. The cost of the acquisition was approximately $9,900,000. Lowe’s has 18 years remaining on the base term of the ground lease. The site is across the street from the Concord Mills Mall, which attracts millions of visitors per year and is the largest tourist attraction in North Carolina.
“We are extremely pleased to add this asset to our expanding portfolio of net lease properties,” said Joey Agree, President and Chief Operating Officer of Agree Realty Corporation. “This asset combines three fundamental elements we seek when acquiring net lease assets: superior real estate, a high-credit national retailer and a long-term leasehold interest.”
Agree Realty is engaged in the ownership, management and development of properties which are primarily single tenant properties leased to major retail tenants and neighborhood community shopping centers. Agree Realty owns and operates a portfolio of 78 properties, located in 16 states and containing 3.5 million square feet of leasable space.
The Company considers portions of the information contained in this release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. These forward-looking statements represent the Company’s expectations, plans and beliefs concerning future events. Although these forward-looking statements are based on good faith beliefs, reasonable assumptions and the Company’s best judgment reflecting current information, certain factors could cause actual results to differ materially from such forward-looking statements. Such factors are detailed from time to time in reports filed or furnished by the Company with the Securities and Exchange Commission, including the Company’s Form 10-K for the year ended December 31, 2009. Except as required by law, the Company assumes no obligation to update these forward-looking statements, even if new information becomes available in the future.
For additional information, visit the Company’s home page at http://www.agreerealty.com
Filed under: Real Estate